Cikarang, March 22 , 2024 – PT Lippo Cikarang Tbk (“LPCK” or the “Company”) Noted pre-sales value of IDR 1,301 billion in FY23, or reaching 94.6 percent of the target for 2023 of IDR 1,375 billion.
The company also reported total revenue of IDR 1,075 billion in 2023, or a decrease of 15 percent from 2022 due to a decrease in handovers of residential houses and apartments, and industrial land when compared to the previous year.
In the 2023 financial year, the Company’s main revenue comes from the handover of landed houses, commercial units or shophouses, industrial land and non-property income from the management of the city of Lippo Cikarang. Housing projects handed over in FY23 include Waterfront Estates @Uptown, as many as 365 units and The Hive @Uptown as many as 36 units.
The company’s gross profit was also recorded positive at IDR 527 billion with a gross profit margin that could be maintained at a healthy level of 49 percent throughout 2023. Thus the 2023 financial statements ended on December 31, 2023 as announced by the Company.
EBITDA Remains Positive
The management of PT Lippo Cikarang Tbk explained that in 2023, the Company’s EBITDA can remain positive at IDR 297 billion or 28 percent of revenue. In addition, net profit was recorded at IDR 108.6 billion.
The company recorded a pre-sale value of IDR 1,301 billion in the 2023 financial year, a slight decrease compared to the 2022 financial year, and reached 94.6 percent of the target for 2023 of IDR 1,375 billion.
Pre-sales in FY23 were driven by strong demand for residential projects, especially landed house products as well as high demand for industrial land, with contributions of 45 percent and 24 percent, respectively. The remaining 21 percent consists of shophouses and commercial land. The Company’s main landed house products are Cendana Spark, Cendana Spark – North and Waterfront Estate Uptown cluster products. During 2023, the Company has successfully sold 1,127 units of the above residential, industrial and commercial projects.
Growth Opportunities in the Property Industry
President Director of LPCK, Ketut Budi Wijaya, stated that LPCK is optimistic that there are still many growth opportunities in the property industry.
“During 2023, the Company has achieved pre-sales in accordance with the set targets despite facing many challenges in the property sector such as rising benchmark interest rates and inflationary pressures. In facing 2024, we are confident that we will maintain growth momentum with the right product mix strategy. We are also committed to continuing development so that we can hand over on time to our customers,” he explained.
About Lippo Cikarang
LPCK has shown its reputation as an urban property developer with international standard facilities. Lippo Cikarang is located on an area of 3,250 hectares in the largest industrial area in Southeast Asia. LPCK has succeeded in building more than 19,516 houses with a population of 67,088 people. In the Lippo Cikarang industrial estate, there are around 661,408 people who work every day in 1,518 manufacturing facilities.
LPCK is a subsidiary of PT Lippo Karawaci Tbk (“LPKR”). LPKR is a leading real estate company and healthcare provider in Indonesia, which is present in 26 provinces and 56 cities throughout Indonesia and has total assets of USD 3.2 billion as of December 31, 2022. LPKR is supported by solid recurring income and supported by diverse land inventory. LPKR’s business consists of Real Estate development, Health Services, and Lifestyle.
For More Information:
Corporate Communication
T: 021-8972484 / 021-8972488
E: corporate.communication@lippo-cikarang.com
————————————————————————————————————————-
This press release is prepared by PT Lippo Cikarang Tbk (“LPCK”) and is circulated for general information purposes only. All opinions and estimates expressed in this press release are our assessments as of this date and are subject to change without prior notice. LPCK is not responsible for any claims or losses that may arise against or suffered by any person as a result of reliance on the whole or part of the contents of this Press Statement. Neither LPCK nor its affiliated companies, employees and agents are responsible for any errors and omissions in this Press Statement and any inaccuracies contained therein or that may arise.
Forward-looking statements
Certain statements in this release may be forward-looking. These statements usually contain words such as “will”, “expect” and “anticipate” as well as other similar words. By their nature, forward-looking statements are subject to risks and uncertainties so actual events could differ materially from those described in this press release.
