JAKARTA – Following the ease of the pandemic crisis, PT Esta Multi Usaha Tbk (ESTA), a hotel management, as well as vehicle and property rental service provider, recorded revenue of IDR 43.5 billion at the end of the fiscal year 2022.

 

According to the Annual Financial Report of ESTA, the 22% year-on-year (yoy) revenue surge in 2022 brought the company to a net profit of IDR 3.17 billion. It was highly significant, shifting up over 450% yoy from IDR 574.9 million seen at the end of December 2021.

It aligns well with the increased occupancy level in all hotels owned by ESTA and its subsidiary, PT Esta Prima Investama (EPI). The most significant shift was seen in Hotel Amaris Pakuan Bogor, which recorded occupancy level of 69.26% at the end of 2022, jumping far from 47.79% in 2021.

In 2023, ESTA plans to raise the hotel’s occupancy level by 3% to 6% yoy in 4 of its hotels. The company also set the capital expenditure budget to IDR 53 billion, which will be allocated to the construction of an additional ballroom in Hotel Amaris Gorontalo, as well as the purchase of new rental vehicles.

Based on the explanation of Melvin Wangkar, President Director of ESTA, during the Online Annual Public Expose of ESTA earlier today (10/5), the company aims to secure 20% yoy performance growth in 2023, which will be comminated by the hotel segment. “It is a target that is obtainable, given the subsided pandemic,” he concluded.

However, looking at the Q1 2023 Financial Report, ESTA seems to have a lot of homework to do. Although its revenue almost tripled from IDR 2.9 billion to IDR 10.61 billion at the end of March 2023, ESTA suffered a loss of IDR 966.9 million, worsening from minus IDR 566.2 million seen in Q1 2022 due to high financial expenses. (ZH)

Fantastic growth in 2022, ESTA stumbled in Q1 2023

JAKARTA – Following the ease of the pandemic crisis, PT Esta Multi Usaha Tbk (ESTA), a hotel management, as well as vehicle and property rental service provider, recorded revenue of IDR 43.5 billion at the end of the fiscal year 2022.

According to the Annual Financial Report of ESTA, the 22% year-on-year (yoy) revenue surge in 2022 brought the company to a net profit of IDR 3.17 billion. It was highly significant, shifting up over 450% yoy from IDR 574.9 million seen at the end of December 2021.

It aligns well with the increased occupancy level in all hotels owned by ESTA and its subsidiary, PT Esta Prima Investama (EPI). The most significant shift was seen in Hotel Amaris Pakuan Bogor, which recorded occupancy level of 69.26% at the end of 2022, jumping far from 47.79% in 2021.

In 2023, ESTA plans to raise the hotel’s occupancy level by 3% to 6% yoy in 4 of its hotels. The company also set the capital expenditure budget to IDR 53 billion, which will be allocated to the construction of an additional ballroom in Hotel Amaris Gorontalo, as well as the purchase of new rental vehicles.

Based on the explanation of Melvin Wangkar, President Director of ESTA, during the Online Annual Public Expose of ESTA earlier today (10/5), the company aims to secure 20% yoy performance growth in 2023, which will be comminated by the hotel segment. “It is a target that is obtainable, given the subsided pandemic,” he concluded.

However, looking at the Q1 2023 Financial Report, ESTA seems to have a lot of homework to do. Although its revenue almost tripled from IDR 2.9 billion to IDR 10.61 billion at the end of March 2023, ESTA suffered a loss of IDR 966.9 million, worsening from minus IDR 566.2 million seen in Q1 2022 due to high financial expenses. (ZH)