JAKARTA – PT Indonesian Paradise Property Tbk (INPP) reported stagnation in its revenue in the first quarter of 2024, reaching IDR 262.6 trillion at the end of March 2024. However, its net profit skyrocketed nearly 400% year-on-year (yoy) due to its shares in associates.

INPP’s revenue that relatively did not budge in Q1 2024 was due to the decrease in property sales by up to 42% yoy, from IDR 52.5 trillion to IDR 30.23 trillion at the end of March 2024.

However, INPP remains confident in chasing the target of revenue growth of 20% this year, as property sales only contributed 12% to total sales in Q1 2024.

“Paradise Indonesia group is not too affected by market purchasing power since our biggest revenue does come from our recurring income,” Indonesia Paradise Property President Director, Anthony P. Susilo, explains.

Recurring income of INPP was indeed reported growing 10.6% yoy, particularly supported by commercial segment, with a portion of 44% to total revenue, followed by the portion of hotel segment of 43%. 

“Our projects are thriving and we remain optimistic for 2024,” added Susilo. Last February, INPP officially opened Hyatt Place Hotel in Makassar, integrated with 31 Sudirman Suite. In addition, there are also the extension of 23 Paskal in Bandung, as well as the development of 23 Semarang, which is projected for completion in 2025.

As mentioned by IDNFinancials before, in order to realise several scheduled projects, INPP has budgeted capital expenditure (capex) worth IDR 1 trillion.

“With allocations mostly for commercial projects and hospitality projects, then followed by another property development projects,” said the management in the press release quoted today (6/5). (ZH)