Pakuwon Jati Tbk (PWON) Q4 2024 earnings summary

Executive summary

• FY2024 revenue reached Rp 6.7tn (US$412.7m), with double-digit growth in recurring revenue and a resilient EBITDA margin of 54%.

• Net income margin stood at 39.3%, with 80% of EBITDA from recurring sources.

• Consolidated financials show continued growth in assets, equity, and profitability for 2024.

• The independent auditor issued an unqualified opinion, confirming fair presentation.

• Major project milestones included the opening of Pakuwon City Mall 3 and Pakuwon Mall Bekasi.

Financial highlights

• Revenue grew 8% year-over-year to Rp 6,671bn, driven by malls and recurring income.

• Total assets increased to Rp 35.37 trillion as of December 31, 2024.

• Gross profit increased 11% to Rp 3,769bn, with gross margin at 56.5%.

• EBITDA rose 7% to Rp 3,584bn; net income for the period up 14% to Rp 2,623bn.

• Cash and cash equivalents at year-end 2024 were Rp 9.15 trillion, up from Rp 7.60 trillion in 2023.

Outlook and guidance

• Strategy focuses on expanding recurring income streams and leveraging superblock developments.

• Sufficient land bank for over 10 years of development, with disciplined acquisition and land banking.

• Management expects adequate resources to continue operations and maintain a going concern basis.

• New and revised accounting standards adopted in 2024 had no material impact.