KIJA Announces Q3 2019
PT Jababeka Tbk (“KIJA”) recorded a total revenue of Rp 1,413 billion for the first three quarters of 2019, a decrease of 11% compared to the same period of 2018. The Company’s Land Development & Property pillar saw revenue increase 15% to become Rp 439 billion as per 9M19, with most sub-segments in this pillar posting growth year-on-year.
The Infrastructure Pillar revenue decreased 18% to become Rp 912 billion, which was mainly caused by a 27% reduction in revenue derived from the power segment, which was subject to more time in Reserve Shutdown in 9M19 compared to 9M18 as well as downtime in the third quarter of 2019 due to a scheduled maintenance of one of the gas turbines. Revenue from Infrastructure Services and Dry Port increased a combined 2% year-on-year.
KIJA’s Leisure & Hospitality pillar posted a 24% decrease in revenue to become Rp 63 billion in the first nine months of 2019. This decrease was mainly caused by a reduction in contribution from Tanjung Lesung, which saw tourist numbers reduce drastically following the devastating tsunami that hit Java’s west coast in late 2018.
Recurring revenue from the Infrastructure pillar contributed 65% to total revenue in the first three quarters of 2019, compared to 71% in the previous year.
The Company’s gross profit decreased just 2% to become Rp 582 billion as of 30 September 2019. At the same time, KIJA’s consolidated gross profit margin for the first nine months of 2019 was recorded at 41%, higher compared to 38% in same period of 2018, mainly the result of higher margins generated from the Real Estate & Property pillar (70% gross profit margin in 9M19 versus 60% in 9M18) on the back of product mix.
KIJA recorded a net profit of Rp 64 billion in the first nine months of 2019 compared to a net loss of Rp 386 billion for the same period in 2018. The main reason for this turnaround is because of the impact of foreign exchange (forex) gains and losses as the Company recorded a forex gain of Rp 102 billion in 9M19 compared to a forex loss of Rp 384 billion in 9M18. These amounts are the sum of forex gains/losses and mark to market gains/losses on our hedging contracts, which can be found in the other income/expense section of our 9M19 financial report.
The Company’s EBITDA in 9M19 reached Rp 450 billion compared to Rp 470 billion in 9M18. Based on the Company’s recognition schedule for the remaining part of 2019 the Company expects that the fourth quarter of 2019 will be its strongest in terms of the Real Estate & Property pillar and should hence provide positive growth for the Company’s EBITDA.
KIJA recorded Rp 1,084 billion in real estate marketing sales in the first nine months of 2019, equivalent to 68% of the FY19 target of Rp 1.6 trillion and an increase of 16% compared to the same period of 2018. Given the Company’s pipeline and hot prospects, the Company is very confident that the full year target
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