Pakuwon Jati Tbk (PWON) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024 reached Rp 4.79 trillion, up 4.7% year-over-year, driven by growth in rental, hotel, and real estate sales.

• Net income attributable to owners was Rp 1.66 trillion, a 11.8% increase compared to the same period last year.

• Total assets grew to Rp 34.51 trillion as of September 30, 2024, from Rp 32.71 trillion at year-end 2023.

• The company maintained a strong cash position with cash and cash equivalents of Rp 8.77 trillion.

• A strategic partnership was announced post-period with The Ascott Limited for the Ascott Batam project.

Financial highlights

• Revenue increased to Rp 4.79 trillion for the nine months ended September 30, 2024, from Rp 4.57 trillion in 2023.

• Gross profit rose to Rp 2.72 trillion, up from Rp 2.51 trillion year-over-year.

• Net income for the period was Rp 1.96 trillion, up from Rp 1.71 trillion in 2023.

• Basic earnings per share increased to Rp 34.52 from Rp 30.88 year-over-year.

• Total equity attributable to owners reached Rp 20.32 trillion, up from Rp 19.10 trillion at year-end 2023.

Outlook and guidance

• Ongoing development of Pakuwon City Mall phase 3 and Pakuwon Mall Bekasi, expected to complete in 2024.

• Remaining performance obligations from real estate projects are expected to be recognized within one to five years.

• The company continues to pursue expansion in hospitality and mixed-use developments, including new hotel projects in Batam and Nusantara.