JAKARTA - PT Indonesian Paradise Property Tbk (INPP) booked net profit of IDR 184.90 billion at the end of 2023, scoring 166% year-on-year (yoy) surge from IDR 69.5 billion in 2022.

The net profit increase resulted from revenue growth of up to 16% yoy to IDR 1.10 trillion. According to IDNFinancials data, this number is the highest revenue ever recorded by INPP in the last 10 years.

As seen in its Financial Statement 2023, commercial and hotel segment of INPP contributed 42% and 43% to total revenue of the company. Both segments also showed rapid growth, in which commercial segment reported 15.6% yoy jump to IDR 449 billion, while hotel segment soared 49% yoy to IDR 473.18 billion.

These two segments also promoted INPP's revenue through recurring income, which managed to support 85% of the revenue, generating IDR 934.91 billion. "The recurring income reported growth of 31% yoy in 2023," added the management of INPP in the press release quoted today (2/4).

On the other hand, property sales as of December 2023 were seen declining 29.4% yoy to only IDR 169.8 billion. However, the company remains optimistic in its growth. "One of the driving factors is the sale of Antasari Place, which just completed the topping-off construction of its first tower last May 2023, with an estimated handover schedule at the end of 2024," said the management.

Along with the economy that has been indicated improving, as well as the increasing number of tourism visits in Indonesia, INPP will continue to boost its hotel performance in tourism areas, as well as its property sales, that are projected to grow more this year. (ZH)