PT Lippo Karawaci Tbk (LPKR) Q4 2023 earnings summary

Executive summary

• FY23 revenue rose 15% YoY to IDR 16.99tn and EBITDA grew 28% to IDR 4.20tn; attributable NPAT turned positive at IDR 50bn from a IDR 2.69tn loss in FY22.

• Underlying NPAT was IDR 76bn versus a IDR 1.125tn loss in FY22; operating cash flow improved to IDR 2.06tn from an outflow of IDR 235bn.

• In 4Q23, revenue rose 5% QoQ to IDR 4.56tn, EBITDA was stable at IDR 1.11tn, and underlying NPAT increased 43% QoQ to IDR 48bn.

Financial highlights

• FY23 revenue was IDR 16.99tn, gross profit IDR 7.66tn and EBITDA IDR 4.20tn.

• Profit for the period was IDR 654bn; attributable NPAT was IDR 50bn versus a loss of IDR 2.693tn in FY22.

• Underlying NPAT was IDR 76bn versus a loss of IDR 1.125tn in FY22; underlying margin improved to 0.4% from -8%.

• Year-end cash was IDR 2.65tn, compared with IDR 2.63tn at FY22-end.

• Interest expense fell 1% YoY to IDR 1.12tn, while tax expense rose 33% to IDR 754bn.

Outlook and guidance

• FY24 marketing-sales target is IDR 5.375tn, 10% above the FY23 target; planned launches include Park Serpong, Lippo Cikarang, Gowa Makassar and Jabodetabek.

• Further Park Serpong launches are planned for 2024, with a continued focus on affordable housing for first-home buyers.

• 2024 priorities include sustaining growth momentum and prudent financial management to support long-term stability amid challenging economic conditions.

• Healthcare priorities include higher-complexity Cardiology, Oncology, Neurology, Gastroenterology and Orthopedics programs; five hospitals are under construction.

• Mall occupancy was 79.0%; asset enhancement work was under way at eight malls, including major refurbishment at Plaza Semanggi.