Selling Out TOD, profit of Urban Jakarta May Reach IDR 183 M

Selling Out TOD, profit of Urban Jakarta May Reach IDR 183 M

  • April 5, 2019
  • in News

PT Urban Jakarta Propertindo Tbk (URBN) targets its net profit this year to IDR 183 billion. In other words, this year’s bottom line growth of the company will rocket to 296% compared with the realized net profit last year of IDR 46,22 billion.

Independent Director Tri Batara Rachman said that with such growth of net profit, this year the company’s revenue derived from the marketing sales or pre-sales expected to exceed IDR 900 billion.

This amount is generated from the proceeds from the current four transit oriented development (TOD) Project of the company.

“We expect this year to achieve IDR 183 billion net profit to generate such amount, expect to sell IDR 900 billion,” Tri said at Graha Niaga, Jakarta, Friday (5/4).

He explained, the four projects located at Cikunir, Jati Cempaka, and Ciracas are presently in the development stage. They will be completed in stages in the coming 2021.

To support the development, the company budget capital expenditure (capital expenditure/capex) worth IDR 800 billion. Besides intended for the completion of the four projects, capex also will also be used for financing the land purchase of commercial areas covering an area of 36.000 square meters worth up to IDR 600 billion.

“The commercial areas will serve as a multi-year project and the potential for recurring income after completion in 2022-2023,” he remarked.

Capex fund will be derived from internal cash of the company including the proceeds from the initial public offering/IPO, plus bank loan from PT Bank Tabungan Negara Tbk (BBTN) worth IDR 94 billion.

Last year, financial statement showed that the Urban’s revenue soared 809% to IDR 332,65 billion from 2017 totaling IDR 36,60 billion.

The soaring revenue increased the company’s net profit to IDR 46,22 billion from the previous amount of IDR 10,38 billion.

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