PT Bumi Serpong Damai (BSDE) Q4 2023 earnings summary

Executive summary

• FY23 revenue rose to Rp 11.54T from Rp 10.24T; profit for the year fell to Rp 2.26T from Rp 2.66T, while basic EPS declined to Rp 93.02 from Rp 116.34.

• Real estate inventory sales contributed Rp 9.83T, or 85.15% of revenue; revenue recognition and inventory valuation were key audit matters.

Financial highlights

• Revenue Rp 11.54T vs Rp 10.24T; gross profit Rp 6.41T vs Rp 6.83T; operating income Rp 2.91T vs Rp 3.71T.

• Profit before tax Rp 2.27T vs Rp 2.66T; profit for the year Rp 2.26T vs Rp 2.66T; profit attributable to parent owners Rp 1.95T vs Rp 2.43T.

• Net other expenses were Rp 1.31T vs Rp 1.67T; interest and investment income was Rp 497.1B vs Rp 332.4B.

• Cash and cash equivalents totaled Rp 9.43T at Dec. 31, 2023 vs Rp 9.73T; total assets were Rp 66.83T vs Rp 65.00T.

Outlook and guidance

• Buildings under construction at Dec. 31, 2023 were expected to complete during 2024–2026; investment-property construction was expected to complete in 2024.

• In Jan. 2024, partial bank-loan repayments totaled Rp 181.25B to PT Bank Mandiri and Rp 25B to PT Bank Tabungan Negara.