JAKARTA. PT MNC Land Tbk (KPIG) booked IDR 328.4 billion of revenue in the first quarter of 2023, shifting 69% year-on-year (yoy).

KPIG’s revenue growth in Q1 2023 was supported by the hotel, as well as resort and golf sector that generated IDR 172.4 billion. The revenue from this business line proliferated 245.7% yoy and contributed 52.5% of the company’s total revenue.

Meanwhile, the security and other services covered another 29.9% of the total revenue, followed by the office space lease of 17%, as well as apartment and other properties of 0.6%.

With these impressive shifts, KPIG posted IDR 281.5 billion of net profit in Q1 2023, up by 128.8% yoy.

M. Budi Rustanto, President Director of KPIG, believes that the tourism industry this year will have good prospects. Even more so, Rustanto said, the Indonesian government has targeted twofold increase in international tourist visits this year. “This will surely grow our optimism in conducting our business activities, given most countries have lifted its border ban,” he added.

For the record, KPIG has officially managed the Special Economic Zone of MNC Lido City, and in the near future, it will conclude the Lido Music & Arts Centre project. (KR/ZH)