economy

APLN's Dirty Profit For The First Semester Of 2024 Jumped By 10.3%, Reaching Rp 730 Billion, Thanks To Improved Efficiency

PT Agung Podomoro Land Tbk (stock code: APLN) reported a comprehensive profit of Rp62.2 billion in the first half of 2024, bouncing back from a comprehensive loss of Rp53.2 billion during the same period last year. Their marketing sales surged by 38% to reach Rp796.3 billion (excluding VAT), compared to Rp578.5 billion in the previous year, and operational efficiency across all business lines has strengthened APLN's fundamentals significantly by mid-year.

The impressive growth in marketing sales this semester has allowed the company to maintain its sales and revenue, hitting Rp1.89 trillion, a slight increase from Rp1.87 trillion in the same period of 2023. Thanks to efficiency measures, APLN's gross profit grew by 10.3%, rising from Rp662.0 billion in the first half of 2023 to Rp729.8 billion in the first six months of 2024.

Corporate Secretary Justini Omas noted that the improved performance in the first half of 2024 was also supported by optimized sales across all business segments, including residential homes, apartments, shophouses, hospitality, and shopping centers. Sales of apartments and shophouses, which had seen a decline last year, experienced a significant rebound this year.

APLN's housing projects include Podomoro Park Bandung, Bukit Podomoro Jakarta, and Parkland Podomoro Karawang, while their apartment segment features Podomoro City Deli Medan and Podomoro Golf View. “The sales and revenue achieved this year are a result of positive growth across all APLN business segments,” Justini stated in an official release on Tuesday (July 30).

In the hospitality segment, Justini revealed that the performance of APLN's hotels continues to show strong growth. In the first half of 2024, hotel revenue reached Rp439.7 billion, marking a 10% increase from Rp399.8 billion during the same period last year.

While the revenue from the shopping center rental business reached Rp 268.7 billion, almost the same as the previous year of Rp 267.0 billion.

"Our recurring revenue from the hotel and shopping center segments continues to grow in line with the positive domestic economy. We are confident that by the end of the year, these two segments will contribute more significantly to the company's revenue," he said.

The company currently manages a number of premium hotels including Pullman Ciawi Vimala Hills, Pullman and Ibis Styles Bandung Grand Central, Harris and Pop! Festival CityLink Bandung, and Indigo Bali Seminyak. Meanwhile, APLN's lineup of shopping centers includes Central Park, Neo Soho, Kuningan City, Senayan City, Emporium Pluit, Deli Park Medan, Baywalk, Festival CityLink Bandung, and Plaza Balikpapan.

Justini added that financially, in the first half of 2024, APLN was able to repay all the Senior Notes loans of its subsidiary in Singapore, APL Realty Holdings Pte. Ltd., amounting to USD 300 million issued in 2017. On June 3, 2024, APLN paid the remaining loan of US$ 131.96 million. Previously, in July 2023, APL Realty had conducted a Tender Offer and successfully repurchased some Senior Notes amounting to US$ 168.04 million.

"The repayment of US dollar bond debt with a conversion to loans in rupiah aligns all financing with APLN's revenue sources. The company's liquidity is also strengthening as the pressure from increased foreign currency debt interest expenses diminishes," Justini added.

Tag: Agung Podomoro Land APLN Bukit Podomoro Jakarta Justini Omas Park Bandung Parkland Podomoro Karawang