JAKARTA – After scoring significant increase in its performance in 2023, PT Indonesian Paradise Property Tbk (INPP), a property developer and manager, now aims to score performance growth of 20%-30% this year.

Until the end of Q3 2023, INPP scored revenue of IDR 831.5 million, increasing 53.8% year-on-year (yoy). At the bottom line, the company managed to score IDR 155.24 billion.

INPP’s revenue was supported by hotel and commercial segments, each of which has contributed 43% and 42% to total revenue of INPP in Q3 2023.

“The remaining portion (15%) came from property sales,” said Surina, CFO of INPP, during the Press Conference of 2024 Performance Outlook of Paradise Indonesia today (29/1).

The strong contribution of hotel and commercial business lines has allowed INPP, now widely known as Paradise Indonesia, to record recurring income of 85% until the end of September 2023.

However, this year, due to normalisation, INPP projects moderate growth in hotel and mall segments.

“For 2024, our [performance] growth may not reach 50%; possibly only 20%-30%, because performance growth of hotels and malls will be back to normal, around 10% to 15%,” added Surina.

Meanwhile, property sales from Antasari Place project will only be consolidated in December 2024, after the handover process took place.

“The performance record of property companies is quite unique; only after being handed over and paid off, can we record the number. Therefore, as of December 2024, we project to record some of the sales (from Antasari Place) in 2024, while the remainder will be consolidated in the next years. This is what will drive property sales’ target in 2024,” explained Surina further.

Surina also claimed that in the future, the director aims for the property sales to cover 20% to 30% of total revenue of the company.

It is worth mentioning that Paradise Indonesia now managed 13 hotels in Jakarta, Bali, Batam, and Yogyakarta, as well as 6 shopping centres in Jakarta, Bandung, and Bali. (ZH)