PT Lippo Karawaci Tbk (LPKR) Q4 2024 earnings summary

Executive summary

• Achieved a significant turnaround in FY24 with NPAT of IDR 18.7tn, up from IDR 50bn in FY23, driven by operational improvements, Siloam deconsolidation, and strategic deleveraging.

• Underlying NPAT reached IDR 402bn, reversing a loss of IDR 68bn in FY23, supported by operational improvements and lower interest costs.

• Real estate, healthcare, and lifestyle segments all contributed to overall growth, with real estate and healthcare as primary revenue drivers and lifestyle rebounding on consumer activity.

• Real estate marketing sales hit IDR 6.01tn, exceeding the annual target by 12%.

• Business spans 56 cities in Indonesia, with total assets of IDR 53.8tn and equity of IDR 30.9tn.

Financial highlights

• Statutory revenue was IDR 11.5tn, down YoY due to Siloam deconsolidation; proforma revenue would have been IDR 18.6tn (+11% YoY).

• Statutory EBITDA was IDR 2.5tn (-38% YoY); proforma EBITDA reached IDR 4.3tn (+6% YoY).

• Net profit attributable to owners surged to IDR 18.7tn, mainly due to one-off gains from Siloam deconsolidation and bond buybacks.

• Cash holdings rose to IDR 5.32tn, supported by Siloam divestment proceeds and strong operating cash flow.

• Operating cash flow at IDR 1.7tn; investing cash flow at IDR 9.4tn, mainly from Siloam divestment.

Outlook and guidance

• FY25 marketing sales target set at IDR 6.25tn, up 4–16% from FY24, driven by new launches.

• Healthcare segment to add 1,124 new operational beds by 2027, focusing on specialty centers.

• Mall and hotel segments expect continued growth in occupancy and visitor numbers, with asset enhancement initiatives underway.

• Expecting close to 10% revenue growth in 2025, with continued focus on profitability.

• No dividend likely for 2024; decision still under discussion.