JAKARTA. PT Kawasan Industri Jababeka Tbk (KIJA) posted IDR 775.7 billion of revenue in the first quarter of 2023, shifting 55% year-on-year (yoy).

KIJA’s revenue surge was supported by the land development & property segment that grew 78% yoy to IDR 380 billion in Q1 2023. Furthermore, the revenue from the infrastructure business line also increased 41% yoy to IDR 367.9 billion, as did its leisure & hospitality segment by 9% yoy to IDR 27.7 billion.

Muljadi Suganda, Corporate Secretary of KIJA, said that the revenue from the land development & property significantly improved because plenty of power plants have begun their operations since the first quarter of this year. Meanwhile, the drive behind the leisure & hospitality segment growth is significant surge in golf.

In Q1 2023, the land development and marketing sales of KIJA reached IDR 662.4 billion, approximately 33% of the company’s total target for this year.

With this impressive jump in revenue, KIJA turned the tables around, recording a net profit of IDR 322.3 billion in Q1 2023 after the loss it faced in Q1 2022 of IDR 28.8 billion. (KR/ZH)