PWON – Net profit grew 17% yoy in 1Q24

PWON – Net profit grew 17% yoy in 1Q24 Pakuwon Jati' (PWON) revenue grew 11% yoy to IDR1.53 tn in 1Q24; which came from its recurring revenue at IDR1.20 tn (+11% yoy) and its development revenue at IDR329 bn (+9% yoy). For PWON' recurring revenue, it came from; its retail mall' revenue at IDR826 bn (+11% yoy), office leasing revenue at IDR84 bn (+5% yoy) and hospitality revenue at IDR291 bn (+12% yoy). Based on its business segments, PWON' 1Q24 revenue was contributed by retail leasing (54%), hotel and service apartment (19%), office leasing (5%), condominium (11%), landed houses' sales (9%) and office sales (2%). PWON also recorded a IDR385 bn marketing sales in 1Q24, on the back of the house sales in the Grand Pakuwon & Pakuwon City areas, unit sales in the Pakuwon Bekasi superblock, Bella tower in Pakuwon City Surabaya, Clayson tower in Pakuwon Mall and sales of One Icon tower units in Tunjungan Plaza 6. Moreover, in 1Q24, PWON has spent around IDR323 bn of its 2024' capex for the construction project of Pakuwon Mall Bekasi, Pakuwon City Mall phase 3 and the land acquisition in the Pakuwon City area. All in all, PWON' net profit grew 17% yoy to IDR549 bn in 1Q24. (Source : Kontan)