Pakuwon Jati Tbk (PWON) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024 reached Rp 3.26 trillion, up 12.6% year-over-year, driven by higher rental, hotel, and property sales income.

• Net profit attributable to owners was Rp 846.3 billion, down from Rp 1.10 trillion in the same period last year, mainly due to higher foreign exchange losses and lower property sales margin.

• Total assets increased to Rp 34.24 trillion as of June 30, 2024, from Rp 32.71 trillion at year-end 2023.

• The company distributed a cash dividend of Rp 433.4 billion in June 2024.

Financial highlights

• Gross profit rose to Rp 1.85 trillion, up 14.1% year-over-year, with gross margin at 56.6%.

• Operating profit before tax was Rp 1.05 trillion, down from Rp 1.24 trillion, impacted by a Rp 297.8 billion foreign exchange loss and higher operating expenses.

• Earnings per share for the period was Rp 17.57, compared to Rp 22.82 in the prior year.

• Cash and cash equivalents increased to Rp 8.91 trillion from Rp 7.60 trillion at year-end 2023.

• Total equity rose to Rp 23.35 trillion, with non-controlling interests at Rp 3.89 trillion.

Outlook and guidance

• The company continues to focus on ongoing real estate development projects in Surabaya, Jakarta, and Bekasi, with significant advances from customers and unrecognized revenue tied to these projects.

• Management expects continued growth in recurring income from malls, hotels, and offices, supported by new project completions and stable occupancy.