JAKARTA. Annual General Meeting of Shareholders of PT PP Properti Tbk (PPRO) agreed not to distribute dividend to shareholders following a loss recorded in 2023 of IDR 1.28 trillion.

PPRO’s performance in 2023, in general, saw decline, both in terms of balance sheet and profit/loss. In terms of assets, it declined 9.72% year-on-year (yoy) to IDR 19.69 trillion from IDR 21.81 trillion in 2022.

This decline resulted from a decrease in cash and cash equivalent by 47.77% yoy to IDR 774.12 billion compared to IDR 1.48 trillion in 2022. It is due to payment of payables and interests due 2023, according to Deni Budiman, Director of Finance, in AGMS earlier today (5/6).

In terms of revenue, it also reported quite a significant downturn of 42.31% yoy to IDR 983.51 billion from IDR 1.70 trillion. It is caused by poor realty sales due to national political agenda, macroeconomic condition, as well as global situation that affected the property industry in Indonesia. These factors also contribute to low property sales, although malls and hotels reported revenue increase.

AGMS further approved the reshuffle of the board of commissioners and directors, dismissing President Commissioner Tomi Wiranata Anwar, replaced by Fakhrul Ulum, as well as President Director Daniel Rinsani Pakpahan by Andek Prabowo.

Therefore, the board of commissioners consists of Fakhrul Ulum (President Commissioner), Aryanto Sutadi (Independent Commissioner), and Budiyono (Independent Commissioner).

Then, the board of directors consists of Andek Prabowo (President Director), Deni Budiman (Director), and Dyah Rahadyannie (Director). (AM/ZH)