JAKARTA. PT Summarecon Agung Tbk (SMRA) managed to book current year’s net profit increase of 93.19% year-on-year (yoy) to IDR 625.38 billion in 2022, despite the shy climb of its revenue, only 2.69% higher from IDR 5.57 trillion to IDR 5.72 trillion.

Based on the financial report, SMRA’s net revenue in 2022 was accumulated from the revenue of the property development segment of IDR 3.53 trillion, the investment property segment of IDR 1.48 trillion, and other segments of IDR 709.83 billion.

Although the revenue grew ever so slightly, SMRA managed to cut down its costs of sales and direct expenses by 8,42% yoy from IDR 2.97 trillion to IDR 2.72 trillion. However, its selling expenses increased 5.01% yoy from IDR 306.22 billion to IDR 321.56 billion. Its general and administrative expenses recorded an even higher increment, 29.86% yoy shift from IDR 733.36 billion to IDR 952.35 billion in 2022.

In the end, SMRA managed to secure almost twofold increase in its net profit, from IDR 323.71 billion in 2021 to IDR 625.38 billion in 2022. Meanwhile, SMRA’s total assets until 2022 clocked up to IDR 28.43 trillion, 9,14% yoy higher than IDR 26.05 trillion in 2021. Lastly, its liabilities and total equity in 2022 were reported at IDR 16.68 trillion and IDR 11.75 trillion. (AM/ZH)