JAKARTA – Management of PT Suryamas Dutamakmur Tbk (SMDM) projects that the company's (unaudited) revenue could reach IDR 650-700 billion in 2024, with potential profits reaching IDR 150-160 billion.

This projection was put forward by Hendri Somadinata, Corporate Secretary of SMDM, at the Incidental Public Expose today (11/2).

In 2023, SMDM reported revenue of IDR 496.5 billion. If this projection is realized, SMDM will record a revenue jump of around 30% year-on-year (yoy) as of December 2024. "But this is not final, it is still in the audit process," stressed Somadinata.

SMDM has shown a significant increase in performance since the end of Q3 2024. Based on management's explanation, SMDM's revenue skyrocketed 62% yoy to IDR 556.5 billion as of September 2024.

"This is driven by the 100% incentive for VAT until June, and 50% until December," claimed Somadinata. Real estate projects were recorded bringing in the largest contribution to SMDM revenue growth until September 2024, increasing 87.3% yoy to IDR 449.13 billion.

Thanks to this surge, SMDM's net profit also almost doubled by the end of Q3 2024, rising 94.86% yoy to IDR 120.95 billion.

In the future, SMDM will intensify marketing activities for various clusters in its housing projects, such as Royal Tajur, Rancamaya and Harvest City. Somadinata also claimed that the company would start working on Rancamaya 2 with a total area of ​​around 200 hectares (Ha).

“We will not develop everything in one go; it will be gradual, because in Rancamaya 1 we still have a lot of landbank," he explained. He added that the development of this extension project is still in the feasibility study stage by the new SMDM management.

For the record, SMDM has been officially acquired by PT Bumi Serpong Damai Tbk (BSDE) with an ownership portion of up to 98.97% in October 2024.

Since the beginning of the year, SMDM has shown a positive trend, and has now skyrocketed to 174.04% year-to-date (ytd) and touched the level of IDR 1,425 per share at stock closing last Friday (7/2). This significant increase was also the reason why SMDM share transactions were suspended by the Indonesian Stock Exchange, yesterday (10/2).

Responding to this, management views that the volatility in SMDM share prices is solely due to the dynamics of supply and demand on the stock exchange. "The company is always committed to providing transparent and accurate information to investors so they can make the right investment decisions," said Somadinata. (ZH/LM)