PT Pakuwon Jati (PWON) posted a net income of Rp 1,711 billion, up 4% from the previous year which amounted to Rp 1,647 billion. While comprehensive income was recorded at Rp 861 billion, up 35% from 2018 which amounted to Rp 640 billion.

          Rp billion

The composition of income in 2018 consists of 52% recurring revenue and 48% development revenue, consistent with the Company's strategy to grow with a balanced income composition between recurring and development revenue.

The Company's recurring revenue in 2019 reached Rp 887 billion, up 7.1% compared to 2018 which amounted to Rp 828 billion, supported by, among other things, increased organic income from retail shopping centers and existing hotels of the Company.

The Company's development revenue in 2019 reached Rp. 824 billion, up 0.7% compared to 2018 which amounted to Rp. 819 billion, due to recognition of income from the Benson Pakuwon Mall Phase 4 apartment.

The Company's quarterly capital expenditure for the first quarter of 2019 reached Rp 390 billion to finance the Kota Kasablanka Phase 2 construction projects, Tunjungan Plaza 6, Pakuwon Mall phase 3 & 4, and EastCoast Mansion and land purchases.

2019 Growth Base


The Company's recurring revenue, from retail and hotel shopping centers will still provide additional organic revenue in 2019, with the completion of the Blok M Plaza renovation in the second quarter of 2019 and with the operation of the phase 4 retail Pakuwon Mall shopping center and 2 hotels in Pakuwon Mall in the second half of the year 2019, will increase recurring revenue starting in 2019 and the following years.

The Company's development revenue will also continue to grow with the recognition of revenues from the sale of apartments in the Pakuwon Mall Superblock (Anderson, Benson and La Viz) and apartments at EastCoast Mansion namely Amor and recognition of Angelo, Bella and Chianti condominium sales at the Kota Kasablanka Superblock.

Overview of PT Pakuwon Jati Tbk.

Pakuwon Jati, is the owner, manager and property developer who entered his 37th year this year. The company has been listed on the IDX since 1989. The company has a well-diversified business concept through investment property, where Pakuwon develops, owns and manages commercial, office and hotel shopping centers and property development, besides Pakuwon Jati develops strata-tittle offices and condominiums. development of township for sale. Pakuwon Jati will continue to grow with a balanced growth strategy between recurring and development revenue.

The following is the Company's property portfolio:
• Superblock Gandaria City, Jakarta (retail shopping centers, apartments, offices and hotels)
• Kota Kasablanka Superblock, Jakarta (retail shopping centers, apartments and offices)
• Somerset Berlian, Jakarta (service apartment)
• Blok M Plaza, Jakarta (retail shopping center)
• Tunjungan City Superblock, Surabaya (retail shopping centers, apartments, offices and hotels)
• Superblok Pakuwon Mall, Surabaya (retail shopping centers, apartments, service apartments and hotels)
• Royal Plaza, Surabaya (retail shopping center)
• Pakuwon City township (landed residential), Eastcoast Center (retail shopping center), and Eastcoast Mansion (apartments that are under construction), as well as Educity apartments, in East Surabaya
• Grand Pakuwon township (landed residential) and Food Junction (Hypermarket, culinary & leisure destination), in West Surabaya