PT Lippo Karawaci Tbk (LPKR) Q3 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance across real estate, healthcare, and lifestyle segments, with consolidated proforma revenue of IDR 13.2tn in 9M24, up 7% YoY.

• Underlying NPAT surged 491% YoY to IDR 411bn, and statutory NPAT soared 2,775% YoY to IDR 18.7tn, mainly from the Siloam divestment and improved operations.

• Operating cash flow improved 74% YoY to IDR 1.15tn, with ending cash more than doubling after significant debt repayment.

• Successfully executed strategic divestment of Siloam, resulting in significant one-off gains and a shift in healthcare segment reporting.

• Maintained disciplined execution and focus on affordable housing, innovative product launches, and operational efficiencies despite a challenging macro environment.

Financial highlights

• Proforma revenue up 7% YoY to IDR 13.2tn; statutory revenue at IDR 9.3tn, down 25% YoY due to Siloam deconsolidation.

• Underlying EBITDA (proforma) up 6% YoY to IDR 3.2tn; statutory EBITDA at IDR 2.2tn, down 27% YoY.

• Underlying NPAT improved from -IDR 105bn to IDR 411bn; statutory NPAT at IDR 18.7tn, driven by the Siloam divestment.

• Debt reduced by 62% compared to 2022; D/E ratio dropped from 0.92x to 0.28x; interest expenses reduced by 61% on a pro forma basis.

• Cash at end 9M24: IDR 6.9tn (+198% YoY); operating cash flow: IDR 1.15tn (+74% YoY).

Outlook and guidance

• On track to meet or exceed the full-year real estate marketing sales target of IDR 5.375tn, with continued focus on affordable housing and innovative launches.

• Siloam's "Next Gen" five-year plan aims to expand specialized services and drive growth in diagnostics and ambulatory care.

• Mall occupancy and visitor numbers expected to remain stable or improve, with ongoing asset enhancements.

• Hotels targeting further growth in family and business leisure segments.

• Management remains disciplined and focused on execution amid ongoing macroeconomic and sector-specific headwinds.