1H20 Financial Highlights
PT Jababeka Tbk (“KIJA”) recorded a total revenue of Rp 1,251 billion for the first half of 2020, an increase of 41% compared to the same period of 2019. In addition, the total revenue recorded in the second quarter of 2020 on a stand-alone basis grew 64% compared to 1Q20.
The Company’s Land Development & Property pillar saw revenue increase 192% to become Rp 663.1 billion in 1H20, from Rp 227.3 billion in 1H19. This increase in revenue was mainly the result of a strong performance in Kendal, which saw land sales jump from Rp 2 billion in 1H19 to Rp 497.2 billion in the first half of 2020.
The Infrastructure Pillar revenue decreased 11% to become Rp 548.1 billion, which were mainly caused by the reduction in revenue derived from Dry Port and Bekasi Power, 26% and 13% respectively. A decrease in throughput of containers handled at the Dry Port was due to Covid-19 as well as overall reduced economic activity, and more Reserve Shutdown request by PLN for Bekasi Power in 1H20 compared to 1H19. On the contrary, revenue from Infrastructure Services increased 8% year-on-year.
KIJA’s Leisure & Hospitality pillar posted a slight decrease in revenue to become Rp 40.2 billion in the first half of 2020 from Rp 40.9 billion in the previous year. On a positive note, sales from villa and tourism showed an improvement with a revenue growth of 53% year-on-year and a growth of 60% from Rp 4.3 billion in 1Q20 to Rp 6.9 billion in 2Q20.
The recurring revenue generated from the Infrastructure businesses amounted to 44% from total revenue in the first half of 2020, compared to 70% in the first half of 2019. This lower contribution is mainly the result of a significant improvement in the revenue of the Land Development & Property segment.
The Company’s gross profit increased 35% to become Rp 495.6 billion in 1H20, in line with the rise of revenue. At the same time, KIJA’s consolidated gross profit margin for the first half of 2020 was recorded at 40%, slightly less compared to 42% in 2019.
KIJA recorded a net loss of Rp 12.4 billion in the first half of 2020 compared to a net profit of Rp 49.3 billion for the same period in 2019. The main reason for this difference is caused by the impact of foreign exchange (forex) movements as the Company booked a forex loss of Rp 66.1 billion (translation loss) in 1H20 compared to a forex gain of Rp 90 billion in 1H19.
The Company’s EBITDA in 1H20 reached Rp 374.4 billion compared to Rp 274.8 billion in 1H19. The recurring EBITDA from the Company’s infrastructure businesses amounted to Rp 200 billion in 1H20, compared to an interest expense of Rp 187.4 billion, translating to a recurring EBITDA to interest coverage of more than 1x.
In terms of Land Development and Property marketing sales the Company achieved Rp 255.6 billion in the first half of 2020. Sales from industrial products (land or land with standard factory buildings) contributed 36%, while the residential/commercial and others segment contributed the balance 64%. Compared to 1H19, the Company achieved about one third of the Rp 758.9 booked then as 1H20 is heavily affected by the Covid-19 pandemic and how it impacts the property market. On a positive note, 2Q20 saw an increase of 31% compared to 1Q20 as sales grew from Rp 110.8 billion to Rp 144.8 billion.
Thank you for your attention.
P.S. Please access our 1H20 financial statement sat IDXnet by accessing the following link: https://www.idx.co.id/StaticData/NewsAndAnnouncement/ANNOUNCEMENTSTOCK/From_EREP/202008/4440243447_1400e2e6c8.pdf
or via http://www.idx.co.id/en-us/home/listedcompanies/announcement.aspx and search for KIJA.
1H20 Financial Highlights