JAKARTA – PT Indonesian Paradise Property Tbk (INPP) continues to record performance improvements until the end of September 2024, even recording a 121% year-on-year (yoy) increase in profit for the current year.

In fact, based on the Financial Report until the end of Q3 2024, total revenue only increased 6% yoy, from IDR 831.5 billion to IDR 878.1 billion as of September (9M) 2024.

However, other operating income increased more than 40 times, from IDR 3.37 billion as of September 2023 to IDR 132.52 billion by the end of the third quarter of 2024. The share of profits of associated entities also skyrocketed 45 times, from IDR 3.59 billion to IDR 136.70 billion.

On the bottom line, INPP then recorded a net profit for the current period of IDR 342.6 billion at the end of September 2024, a 121% yoy jump from IDR 155.2 billion as of 9M 2024.

"One of the biggest contributors to this performance growth is recurring income which is at the level of 90%," admitted management in an official broadcast quoted today (1/11).

The hospitality segment is the company's main revenue contributor, generating IDR 424.4 billion at the end of Q3 2024, up 24% yoy. Meanwhile, the commercial segment also rose 6% yoy, providing revenue of up to IDR 365.3 billion.

"We are increasingly confident in targeting an increase in revenue of up to 20% by the end of 2024, because growth is maintained until the third quarter, especially as our project portfolio is now increasingly varied," said President Director of Indonesian Paradise Property, Anthony P. Susilo, via an official broadcast.

Please note, INPP still has several ongoing projects, such as the expansion of 23 Paskal Shopping Centers which are planned for completion in 2025, and 23 Semarang Shopping Centers which are planned to be operational in 2026.

Apart from that, INPP is also said to be targeting the construction of hotel and residential projects in Balikpapan and Makassar which are projected to run in 2027-2030. (ZH/LM)