JAKARTA – PT Pantai Indah Kapuk Dua Tbk (PANI), the managing company of PIK 2, recorded a net profit that soared 2.3 times higher in 2024 compared to its net profit in 2023.

This significant increase in net profit can be attributed to robust revenue performance. With a year-on-year (yoy) growth of 31.2%, PANI’s revenue increased from IDR 2.2 trillion in 2023 to IDR 2.8 trillion by the end of December 2024.

Additionally, with the cost of revenue rising by only 15.5% yoy to IDR 1.3 trillion by December 2024, the company’s gross profit surged 46.9% yoy to IDR 1.6 trillion, boosting the gross profit margin from 50% to 56%.

Proportional increases in other expense items allowed PANI to post a net profit attributable to the parent entity of IDR 623.9 billion by the end of December 2024, a 2.3-fold or 131% yoy increase from IDR 273.2 billion at the end of 2023.

In 2024, PANI reported marketing sales reaching IDR 6.01 trillion. “With the solid achievements in 2024, we are optimistic about continuing this positive growth trend in the years ahead,” PANI’s management stated last January through a disclosure (24/1).

However, in terms of stock performance, PANI shares plummeted 35.06% year-to-date to IDR 11,250 as of 11.25 WIB today (4/3). The outstanding financial report has also yet to deliver a positive sentiment in the market today, as PANI’s shares fell 3.43%. (ZH)