Investor Presentaiton
9M23 Financial Highlights
PT Jababeka Tbk ("KIJA") recorded a total revenue of Rp 2,252.1 billion for the first nine months of 2023, an increase of 30% compared to the same period of 2022. The Company's Land
Development & Property pillar saw revenue increase 51% to Rp 1,121.6 billion in 9M23, from Rp 744.4 billion in 9M22. This was mainly the result of the increase in developed land plot sales,
which increased from Rp 328.6 billion in 9M22 to Rp 822.9 billion in 9M23, mostly because of a growth in land plot sales in Kendal from Rp 163.6 billion in 9M22 to Rp 800.9 billion in 9M23.
The Infrastructure Pillar revenue increased 14% to Rp 1,035.3 billion for the first nine months of 2023, from Rp 909.4 billion over the same period of 2022. The main reason for this growth was
due to an increase in revenue contribution from the power plant, from Rp 515.0 billion in 9M22 to Rp 607.0 billion in 9M23, mainly because of an increase in offtake from PLN and from industrial
end-users. In addition, the increase of the service and maintenance tariff since the beginning of 2023 also contributed to the growth, as revenue increased 12% to Rp 285.2 billion in 9M23, from
Rp 253.6 billion in 9M22, despite a reduction in water volume during the period. On the other hand, the dry port (CDP) saw a reduction in revenue on the back of fewer containers handled, from
Rp 155.6 billion in 9M22 to Rp 143.1 billion in 9M23.
KIJA's Leisure & Hospitality pillar posted an increase in revenue to Rp 95.2 billion in the first nine months of 2023, from Rp 83.2 billion in the previous year. This was the result of a better
performance of the golf and tourism segments, which saw revenue increase by 13% and 30% respectively, to Rp 62.8 billion and Rp 28.6 billion respectively in 9M23. The golf segment
contributed 66% to the total revenue of the Leisure & Hospitality pillar in 9M23.
The recurring revenue generated from the infrastructure businesses amounted to 46% from total revenue in the first three quarters of 2023, compared to 52% in the first three quarters of 2022.
This lower contribution is mainly the result of higher (relative) contribution from the Land Development & Property segment in 9M23 compared to the prior year.
The Company's gross profit increased 14% to Rp 981.0 billion in 9M23. At the same time, KIJA's consolidated gross profit margin for the first three quarters of 2023 was recorded at 44%
compared to 50% in 9M22. The main factor contributing to the decrease in gross profit margin is the relatively higher contribution from land sales in Kendal in 9M23.
KIJA recorded a net profit of Rp 231.9 billion in the first nine months of 2023 compared to a net loss of Rp 101.6 billion for the same period in 2022. The reason for this increase in profit is the
overall better performance this year compared to the same period last year as the revenue and the gross profit are up by 30% and 14% respectively in 9M23. The other reason for this is caused
by the impact of foreign exchange (forex) movements as the Company booked a net loss on forex and derivatives (call spreads) amounting to Rp 75.4 billion in 9M23 compared to a forex loss of
Rp 274.4 billion in 9M22.
The Company's EBITDA in 9M23 was recorded at Rp 819.9 billion, which is an increase of 18% compared to Rp 693.7 billion from the first three quarters of 2022, and largely in line with the
increase in revenue and gross profit.
The Company's total consolidated cash position at the end of September 2023 was recorded at Rp 1,238.2 billion, down 7% compared to Rp 1,326.1 billion at the end of 2022. The main factor
contributing to the decrease in cash position is because of a dividend payment made by PT Kawasan Industri Kendal ("KIK"), which is a Joint Venture between the Company and Sembawang
Corporation ("Sembcorp"). The total dividend payment amounted to Rp 259.4 billion and took place in the third quarter of 2023. As one of the shareholders of KIK, Sembcorp received a gross
amount of Rp 127.1 billion in dividend, while the Company received a gross amount of Rp 132.3 billion in dividend, which is now part of wholly owned cash as described below. As of 30
September 2023, cash at wholly owned level was recorded at Rp 661.1 billion, while cash held at Joint Venture Companies is recorded at Rp 577.1 billion, the majority of which is at KIK. In
addition, restricted cash and cash equivalents as per the end of 9M23 was recorded at Rp 248.9 billion, which includes interest and principal reserve funds amounting to Rp 113.9 billion, which is
required by the terms of the Mandiri loans.
In terms of Land Development and Property marketing sales the Company achieved Rp 1,727.1 billion in the first three quarters of 2023, equivalent to 86% from the Company's full year
marketing sales target of Rp 2,000 billion, and an increase of 18% compared to Rp 1,459.1 billion in 9M22. Marketing sales from Cikarang and others contributed 34%, whereas Kendal added
66%. Sales from industrial products (land and/or land with standard factory buildings) contributed 86%, while the residential/commercial and others segment contributed the balance 14%. The
Company's full year 2023 marketing sales target is Rp 2.0 trillion, which consists of Rp 1.0 trillion from Cikarang and others (both excluding JVs), and Rp 1.0 trillion from the Company's Joint
Venture companies.
Please contact us at tim [email protected] if you want to be included in the Company's distribution list
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