KIJA Financial Highlights 9M21
PT Jababeka Tbk (“KIJA”) recorded a total revenue of Rp 1,652.6 billion for the first three quarters of 2021, a decrease of 10% compared to the same period of 2020. This decrease in revenue was mainly the result of lower contribution from the Land for Development & Property Pillar.
The Company’s Land Development & Property pillar saw revenue decrease 35% to become Rp 644.5 billion in 9M21, from Rp 997.5 billion in 9M20. This decrease in revenue was mainly the result of a weak performance of developed land sales, which reduced from Rp 699.8 billion in 9M20 to become Rp 323.0 in the first nine months of 2021. Land sales from Cikarang contributed Rp 46.0 billion or 14% whereas land sales from Kendal contributed Rp 274.8 billion or 85% of the total developed land sales in 9M21. In the first three quarters of 2020 land sales from Cikarang contributed Rp 71.3 billion or 10% whereas land sales from Kendal contributed Rp 628.5 billion or 90% of the total developed land sales.
The Infrastructure Pillar revenue increased 22% to become Rp 938.8 billion, which was driven by a strong performance of all Infrastructure segments. Revenue from Power increased 26% due to more operations compared to 9M20, during which more days were spent in Reserve Shutdown. Dry Port revenue increased 20% compared to the previous year, mainly the result of an increase in TEU throughput in the Dry Port from 44,847 TEU as of 9M20 to 54,197 TEU in 9M21. Lastly, revenue from Infrastructure services (clean water, wastewater, and estate management) increased 15% year-on-year mainly due to the increase in revenue from water as a result of a 9% water volume increase.
KIJA’s Leisure & Hospitality pillar posted an increase in revenue to become Rp 69.3 billion in the first three quarters of 2021 from Rp 64.2 billion in the previous year. This increase in revenue was came from all segments in the pillar with Golf as the main contributor, which saw revenue increase to become Rp 44.8 billion in 9M21 from Rp 42.0 billion in the first three quarters of 2020.
The recurring revenue generated from the Infrastructure Pillar amounted to 57% from total revenue in the first three quarters of 2021, compared to 42% in the previous year. This higher contribution is mainly the result of significantly lower contribution from revenue of the Land Development & Property segment.
The Company’s gross profit decreased 16% to become Rp 634.7 billion in 9M21, in line with the reduction of revenue. At the same time, KIJA’s consolidated gross profit margin for the first three quarters of 2021 was recorded at 38%, down 3% compared to the previous year due to more relative contribution from the Infrastructure pillar business segments, which generate lower gross margins compared to Land Development & Property.
KIJA recorded a net loss of Rp 128.2 billion in the first three quarters of 2021 compared to a net loss of Rp 171.1 billion for the same period in 2020. 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 75.8 billion (translation loss) in 9M21 compared to a forex loss of Rp 255.4 billion in 9M20.
The Company’s EBITDA in 9M21 amounted Rp 448.0 billion compared to Rp 609.5 billion in 9M20. This decrease in EBITDA was mainly the result of the reduction in revenue as well as the gross profit.
In terms of Land Development & Property marketing sales the Company achieved Rp 981.3 billion in the first three quarters of 2021, an increase of 76% compared to previous year achievement with Rp 557.4 billion. Marketing sales from Cikarang contributed 59%, Kendal and others 41%. Sales from industrial products (land or land with standard factory buildings) contributed 77%, while the residential/commercial and others segments contributed the balance 23%.