KIJA published 1H21 Consolidated Report
PT Jababeka Tbk (“KIJA”) recorded a total revenue of Rp 1,116.5 billion for the first half of 2021, a decrease of 11% compared to the same period of 2020. The Company’s Land Development & Property pillar saw revenue decrease 34% to become Rp 436.3 billion in 1H21, from Rp 663.1 billion in 1H20. This decrease was mainly caused by a reduction of sales of industrial products, which includes developed land plots and land with factory buildings, from Rp 528.9 billion and Rp 30.8 billion respectively in 1H20 compared to Rp 217.5 billion and Rp 19.1 billion respectively in 1H21. In addition, the sales of developed land plots from Cikarang and Kendal were Rp 31.6 billion and Rp 495.4 billion respectively in the first semester of 2020 compared to Rp 37.8 billion and Rp 185.2 billion in 1H21.
The Infrastructure Pillar revenue increased 15% to become Rp 630.4 billion for the first semester of 2021, compared to Rp 548.1 billion over the same period of 2020. All infrastructure segments saw an increase in 1H21 compared to 1H20, and the main contributor to this increase was Bekasi Power, which saw revenue increase by Rp 53.8 billion as the power plant operated more in 1H21 compared to 1H20.
Furthermore, there was an increase in throughput of containers handled at the dry port, up 17% from 31,506 TEU in 1H20 to 36,717 TEU in 1H21. In addition, clean water volume provision from Company’s infrastructure services saw an increase of 5% from 6.6 million cubic meter in 1H20 to 6.9 million cubic meter in 1H21, whereas treatment of wastewater volume decreased by 2% over the same period, however showing positive momentum.
KIJA’s Leisure & Hospitality pillar posted an increase in revenue to become Rp 49.7 billion in the first half of 2021, from Rp 40.3 billion in the previous year. 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 1H21.
The recurring revenue generated from the infrastructure businesses amounted to 56% from total revenue in the first half of 2021, compared to 44% in the first half of 2020. This higher contribution is mainly the result of less contribution from the Land Development & Property segment in 1H21 compared to the prior year.
The Company’s gross profit decreased 12% to become Rp 435.9 billion in 1H21, in line with the reduction of revenue. At the same time, KIJA’s consolidated gross profit margin for the first half of 2021 was recorded at 39%, slightly less compared to 40% in 1H20.
KIJA recorded a net loss of Rp 105.6 billion in the first half of 2021 compared to a net loss of Rp 12.4 billion for the same period in 2020. The main reason for this loss is caused by the impact of foreign exchange (forex) movements as the Company booked a forex loss of Rp 112.5 billion (translation loss) in 1H21 compared to a forex loss of Rp 66.1 billion in 1H20.
The Company’s EBITDA in 1H21 was recorded at Rp 330.5 billion, down 12% compared to Rp 375.2 billion in the first semester of 2020, largely in line with the reductions in revenue and gross profit.
In terms of Land Development and Property marketing sales the Company achieved Rp 526.0 billion in the first half of 2021, more than double compared to Rp 255.5 billion in 1H20. Marketing sales from Cikarang contributed 74%, Kendal and others 26%. Sales from industrial products (land and land with standard factory buildings) contributed 73%, while the residential/commercial and others segment contributed the balance 27%.
Thank you for your attention,
P.S. Please access our 1H21 financial report sat IDXnet by accessing the following link https://www.idx.co.id/Portals/0/StaticData/ListedCompanies/Corporate_Actions/New_Info_JSX/Jenis_Informasi/01_Laporan_Keuangan/02_Soft_Copy_Laporan_Keuangan//Laporan%20Keuangan%20Tahun%202021/TW2/KIJA/FS%20KIJA%20Q2%202021.pdf
or via http://www.idx.co.id/en-us/home/listedcompanies/announcement.aspx and search for KIJA.
KIJA published 1H21 Consolidated Report