JAKARTA. PT Adhi Commuter Properti Tbk (ADCP) posted IDR 592.7 billion of revenue in 2022, increasing 5.1% year-on-year (yoy) or compared to the numbers seen in 2021.

Bayu Purwana, Corporate Secretary of ADCP, claimed that the gross profit margin at the end of 2022 was at 25.9%. Its operating cash flow clocked up to IDR 122.1 billion, while its gross profit reached IDR 105 bilion.

“Recurring businesses of ADCP made higher contribution, covering 16.8% of total revenue in 2022 compared to 11.8% in 2021,” Purwana mentioned in the information disclosure.

Purwana further explained that the contribution of recurring businesses mostly came from the management of GranDhika Hotel. For the record, this hotel chain is located in three different cities, including Jakarta, Semarang, and Medan.

“In the future, ADCP grows optimistic considering how Greater Jakarta Area LRT will soon initiate its operation in 2023. It is expected to be the momentum that will drive the sales performance of ADCP, especially for Transit-Oriented Development properties,” Purwana stated.

According to IDNFinancials data, ADCP is a business unit under PT Adhi Karya (Persero) Tbk (ADHI). ADCP has been listed on Indonesia Stock Exchange (IDX) since February 2022 after holding its initial public offering (IPO), raising fresh funds of IDR 288.8 billion. (KR/ZH)