PT Pakuwon Jati, Tbk.
Code: PWON.IJ (Bloomberg), PWON.JK (Reuters)
PWON’s AGM Agree to Pay Dividend 21% of 2023 Net Profit

Press Release

JAKARTA, 12 June 2024 – In annual public expose hold after Annual General Meeting of Shareholder (“Meeting”) in Sheraton Grand Gandaria Jakarta, Minarto, Finance Director and Corporate Secretary of the Company expresses that the Meeting has agreed to dividend distribution of Rp 433 billion from 2023 result, equivalent to 21% of Rp 2,105 billion net profit attributed to parent company. 

Minarto further explained that dividend of Rp 9/share is Company’s commitment to shareholders. 

2023 Financial Performance

Company’s revenue in 2023 mainly came from recurring revenue which increased by 21% compared to 2022. Gross profit is recorded at Rp 3,401 billion, 6% increase compared to Rp 3,219 billion in 2022. While Net profit is recorded at Rp 2,382 billion or 30% increase compare to Rp 1,831 billion in 2022.


The Company achieved Rp 4,669 billion in Recurring revenue in 2023, a 21% increase compared to that of 2022 at Rp 3,870 billion. The breakdown for Recurring Revenue is retail mall at Rp 3,124 billion, 18% better than last year of Rp 2,641 billion, office leasing Rp 304 billion, 1% better than last year of Rp 300 billion and hospitality revenue of Rp 1,241 billion, 34% better than last year of Rp 929 billion.

Development revenue in 2023 amounting to Rp 1,531 billion, decreased by 28% compared to last year of Rp 2,118 billion.

Revenue per segment consist of revenue from retail leasing 50%, hotel dan serviced apartment 20%, office leasing 5%condominium 12%, landed houses sales 12% and office sales 1%.

Company’s Marketing Sales in 2023 is recorded at Rp 1,342 billion, mostly derived from the launching of the new Lancaster and Clayson Tower which are part of superblok Pakuwon Mall, as well as PPN DTP incentive from government in Q4 of 2023.

Sales in 2023 is composed of landed houses 35%, and condominium and office 61% and 4% respectively.

Throughout 2023, Company has spent Rp 1,890 billion to fund the construction of Pakuwon Mall Bekasi, Pakuwon City Mall, renovation of Pakuwon Mall Yogyakarta and Pakuwon Mall Solo Baru, the acquisition of hotel Four Points by Sheraton Bali, Kuta as well as the purchase of land bank in Semarang and Batam.


1Q2024 Financial performance

PT Pakuwon Jati (PWON) recorded net revenue in 1Q2024 at Rp 1,530 billion, 11% increase compared to same period last year amounting Rp 1,385 billion. Gross profit increase by 14% to Rp 852 billion in 1Q2024 compared to Rp 747 billion in 1Q2023. Meanwhile, EBITDA in 1Q2024 reaching Rp 833 billion, 8% increase compare to Rp 771 billion in 1Q2023.

In 1Q2024, Company’s has spent Rp 323 billion to fund the construction of Pakuwon Mall Bekasi, Pakuwon City Mall phase 3 as well as acquiring land in Pakuwon City sorrounding area.


Overview of PT Pakuwon Jati Tbk.

Pakuwon Jati is the owner, manager and property developer who, in 2024, has been in the field for 42 years. In 1989, Pakuwon Jati was the first property developer company to be listed on BEI and has been ever since. The Company adopted a well-diversified business concept through property investment, where Pakuwon Jati develops, owns and manages commercial shopping center, office buildings, hotels, as well as property development. Besides, Pakuwon Jati also develops office buildings, strata-title condominiums, and township-scale residential. 

Below is the Company’s portfolio: 

  • Gandaria City Superblock, Jakarta (retail shopping center, apartment, office, and hotel)
  • Kota Kasablanka Superblock, Jakarta (retail shopping center, apartment, and office)
  • Somerset Berlian, Jakarta (serviced apartment)
  • Blok M Plaza, Jakarta (retail shopping center)
  • Tunjungan City Superblock, Surabaya (retail shopping center, apartment, office, and hotel)
  • Pakuwon Mall Superblock, West Surabaya (retail shopping center, apartment, serviced apartment, and hotel)
  • Royal Plaza, Surabaya (retail shopping center)
  • Pakuwon City Superblock, East Surabaya, Pakuwon City Mall phase 3 (retail shopping center, hotel and apartment that is still under construction)
  • Pakuwon City township (landed residential) and Educity apartment in East Surabaya
  • Grand Pakuwon township (landed residential) and Food Junction (Hypermarket, culinary & leisure destination), in West Surabaya
  • Pakuwon City Mall, Bekasi Superblock (retail shopping center, apartment and hotel that are all under construction)
  • Pakuwon Mall Jogja dan Yogyakarta Marriott Hotel (retail shopping center and hotel)
  • Pakuwon Mall Solo Baru (retail shopping center)
  • 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