SMRA – Targets 12%-15% yoy growth in 2023' mall business

SMRA – Targets 12%-15% yoy growth in 2023' mall business Property company, Summarecon Agung (SMRA) projects that its revenue from shopping malls in 2023 will grow by 12%-15% yoy. The optimism stems from the recovery of SMRA's mall portfolio performance, with some malls experiencing visitor levels surpassing those of pre-Covid-19 times in 2019. Current mall occupancy rates have exceeded 90%, supported by continuous growth in visitor numbers. Additionally, SMRA plans to launch two new mall projects: Summarecon Villagio Outlets Karawang Timur on 4 October and Sumarecon Mall Bandung in January 2024. These openings are expected to strengthen the company's recurring income portfolio. While specific mall business revenue targets were not disclosed, it is projected to contribute approximately 25% to SMRA's total revenue in 2023. In 1H23, SMRA reported revenues of IDR2.96 tn (+8.6% yoy). Net profit attributable to the parent entity's owner also rose significantly, reaching IDR433.88 bn, up from IDR254.60 bn yoy. (Source : Kontan)