PT Alam Sutera Realty (ASRI) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2024 reached Rp 1.88 trillion, up 17.8% year-over-year, driven by higher real estate and recurring income.

• Net profit attributable to owners was Rp 18.7 billion, down from Rp 167.3 billion in the same period last year, mainly due to higher operating and financial expenses.

• Gross profit increased to Rp 973.6 billion, with a gross margin of 51.8%, compared to 51.5% in the prior year.

• Cash and cash equivalents declined to Rp 760.8 billion as of 30 June 2024 from Rp 1.18 trillion at year-end 2023.

• The company fully repaid its remaining 2025 Senior Secured Notes in July 2024, reducing future foreign currency debt exposure.

Financial highlights

• Revenue rose to Rp 1.88 trillion for H1 2024 from Rp 1.60 trillion in H1 2023, with real estate sales and recurring income as main contributors.

• Net profit for the period was Rp 23.7 billion, sharply lower than Rp 168.8 billion in H1 2023, reflecting higher operating and financial costs.

• Operating cash flow for H1 2024 was Rp 297.5 billion, down from Rp 607.8 billion in H1 2023.

• Total assets stood at Rp 21.91 trillion as of 30 June 2024, slightly down from Rp 22.24 trillion at year-end 2023.

• Total liabilities decreased to Rp 10.61 trillion from Rp 10.97 trillion at year-end 2023.

Outlook and guidance

• The company completed the full repayment of its 2025 Senior Secured Notes in July 2024, significantly reducing USD-denominated debt and future interest expenses.

• Management continues to focus on maintaining a healthy capital structure and optimizing debt costs through refinancing and prudent capital management.