PT Pakuwon Jati, Tbk.
Code: PWON.IJ (Bloomberg), PWON.JK (Reuters)
Q3 2023, Net Profit PWON Surge 24%


Press Release

Financial Performance 3rd Quarter 2023

PT Pakuwon Jati (PWON) recorded net revenue in Q3 2023 Rp 4.569 billion, an increase of 1,6% from last year of Rp 4.495 billion. Gross Profit this year is at Rp 2.511  billion, 6,3% better than last year of Rp 2.364 billion. In line, EBITDA Rp 2.507 billion is 2,7% higher compared to Rp 2.441 billion last year. Net Income is at Rp 1.708 billion, up by 23,6% compared to last year Rp 1.382 billion. Meanwhile, Net Income excluding gain(loss) from foreign exchange and gain on sale of subsidiary is Rp 1.654 billion which is 9,1% higher than last year of Rp 1.516 billion.


Company’s Recurring revenue in Q3 2023 amounting to Rp 3.421 billion, 22,7% higher than last year of Rp 2.788 billion which consist of revenue from retail mal Rp 2.319 billion, 20% higher than last year of Rp 1.930 billion, revenue from office leasing Rp 234 billion up 2% from last year of Rp 230 billion and revenue from hospitality of Rp 867 billion, up 38% compared to last year of Rp 628 billion.

Company’s Development revenue in Q3 2023 amounting to Rp 1.149 billion decrease 32,7% compared to last year of Rp 1.707 billion, the decrease in revenue is off set with the increase in recurring revenue, so in total Company’s revenue still grows. 

Based on revenue per segment consists of revenue from retail leasing 51%, hotel and serviced apartment 19%, office leasing 5%condominium 11%, landed houses sales 12% and office sales 2%.


Marketing Sales Q3 2023

Company’s Marketing Sales until Q3 2023 is recorded at Rp 1.021 billion, where contribution of marketing sales in July – September of Rp 420 billion is 39% higher quarter on quarter – and this is the highest quarterly marketing sales in the last 2 years and is mainly supported by launching of two new towers Lancaster and Clayson Tower in superblock Pakuwon Mall Surabaya. 

Sales breakdown up to Q3 2023 is landed houses 38% and condominium and office 58% and 4% respectively.


Capital Expenses

Q3 2023 capital expenses amounting to Rp 1.437 billion to fund the construction of Pakuwon Mall Bekasi, Pakuwon City Mall, Pakuwon Mall Jogja and Solo Baru renovations, and acquisition of Four Points by Sheraton Bali, Kuta as well as land in Semarang and Batam.


Overview of PT Pakuwon Jati Tbk.

Pakuwon Jati, is the owner, manager, and property developer who has been in the field for 41 years. Pakuwon Jati is the first property developer to be listed on BEI in 1989 and is still listed until today. The Company has business concept that is diversified through property investment, where Pakuwon Jati develops, owns, and manages commercial shopping centers, office buildings, hotels, as well as property development. Besides, Pakuwon Jati also develops office buildings, strata-title condominiums, and township-scale residential. Pakuwon Jati strives to continue growing with balanced recurring and development revenue.


Below is the Company’s portfolio:

  • Superblok Gandaria City, Jakarta (pusat perbelanjaan ritel, apartemen, perkantoran dan hotel)
  • Superblok Kota Kasablanka, Jakarta (pusat perbelanjaan ritel, apartemen dan perkantoran)
  • Somerset Berlian, Jakarta (apartemen servis)
  • Blok M Plaza, Jakarta (pusat perbelanjaan ritel)
  • Superblok Tunjungan City, Surabaya (pusat perbelanjaan ritel, apartemen, perkantoran dan hotel)
  • Superblok Pakuwon Mall, Surabaya (pusat perbelanjaan ritel, apartemen, apartemen servis,  dan hotel)
  • Royal Plaza, Surabaya (pusat perbelanjaan ritel)
  • Pakuwon City township (landed residential), Pakuwon City Mall (pusat perbelanjaan ritel), Amor Tower,  Pakuwon City Mall tahap 3 dan East Coast Mansion tahap 2  (pusat perbelanjaan ritel dan apartemen yang sedang dalam masa pembangunan), serta apartemen Educity, di Surabaya Timur
  • Grand Pakuwon township (landed residential) dan Food Junction (Hypermarket, culinary & leisure destination), di Surabaya Barat
  • Superblok Pakuwon Mall, Bekasi (pusat perbelanjaan ritel, apartemen, dan hotel yang seluruhnya sedang dalam masa pembangunan)
  • Pakuwon Mall Jogja dan Yogyakarta Marriot Hotel (pusat perbelanjaan ritel dan hotel)
  • Pakuwon Mall Solo Baru (pusat perbelanjaan ritel)
  • Four Points by Sheraton Bali, Kuta (hotel)



For further information, please contact :

Minarto Basuki (Director and Corporate Secretary) 
PT Pakuwon Jati, Tbk.

Pakuwon City Mall 5th Floor 
Jl. Kejawan Putih Mutiara No. 17, Surabaya
Phone : (6231) 58208788