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1Q21 Financial Highlights

PT Jababeka Tbk (“KIJA”) recorded a total revenue of Rp 640.6 billion for the first quarter of 2021, an increase of 35% compared to the first quarter of 2020.
The Company’s Land Development & Property pillar saw revenue increase 116% to become Rp 257.8 billion in 1Q21, from Rp 119.6 billion in 1Q20. This increase in revenue was mainly the result of a strong performance of developed land plot sales, which jumped from Rp 35.1 billion in 1Q20 to Rp 154.8 billion in 1Q21.
The Infrastructure Pillar revenue increased 7% to become Rp 357.6 billion for the first three months of 2021, compared to Rp 333.5 billion over the same period of 2020. All Infrastructure segments saw an increase in 1Q21 compared to the same quarter of 2020, the main contributor to this increase was from Bekasi Power which saw revenue increase by Rp 17.7 billion as the power plant operated more in 1Q21 compared to 1Q20.
KIJA’s Leisure & Hospitality pillar posted a 22% increase in revenue to become Rp 25.1 billion in the first quarter of 2021. This was the result of a better overall performance of most subsegments within the pillar, including golf and tourism. The golf segment contributed 65% to the total revenue of the Leisure & Hospitality pillar in 1Q21.
Recurring revenue from the Infrastructure pillar contributed 56% to total revenue in the first quarter of 2021, compared to 70% in 1Q20. This lower contribution is mainly the result of significantly more revenue contribution from the Land Development & Property segment.
The Company’s gross profit increased by 47% to become Rp 238.4 billion in 1Q21, versus Rp 162.6 billion a year earlier. At the same time, KIJA’s consolidated gross profit margin for the first quarter of 2021 was recorded at 37%, compared to 34% in the same period of 2020. The slight increase in gross profit margin is mainly due to an increase in contribution from the Land Development & Property Pillar in 1Q21.
KIJA booked a net loss of Rp 53.5 billion in the first quarter of 2021, a significantly better performance compared to the net loss of Rp 759.8 billion in 1Q20. The main reason for the huge difference is the impact of foreign exchange (forex) movements as the Company booked a forex loss of Rp 82.1 billion (translation loss) in 1Q21 compared to a forex loss of Rp 699.1 billion in 1Q20.
The Company’s EBITDA for the first quarter of 2021 was recorded at Rp 207.2 billion, up 74% from 1Q20 when the Company recorded Rp 119.1 billion in EBITDA.
In terms of Land Development and Property marketing sales the Company achieved Rp 230.8 billion in the first quarter of 2021, more than 2x compared to Rp 110.5 billion in the first quarter of 2020. Marketing sales from Cikarang and others contributed 94%, Kendal 6%. Sales from industrial products (land or land with standard factory buildings) contributed 73%, while the residential/commercial and others segment contributed the balance 27%. The Company’s full year 2021 marketing sales target is set at Rp 1.4 trillion, which consists of Rp1.0trillion from Cikarang and others, and Rp400bn from Kendal.
Thank you for your attention.
P.S. Please access our FY20 audited financial statement sat IDXnet by accessing the following link:
https://www.idx.co.id/StaticData/NewsAndAnnouncement/ANNOUNCEMENTSTOCK/From_EREP/202105/20210504160626-24582-0/FS%20KIJA%20Q1%202021.pdf
or via http://www.idx.co.id/en-us/home/listedcompanies/announcement.aspx
and search for KIJA.
 
Tim Beekelaar
Investor Relations
 
1Q21 Financial Highlights
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