JAKARTA – The performance of PT Adhi Commuter Properti Tbk (ADCP) plummeted throughout 2024 compared to 2023. The company's revenue and net profit decreased by 53.93% and 63.15% year-on-year (yoy), respectively.

According to the 2024 Financial Report published on Thursday (6/3), Rizkan Firman, President Director of ADCP, reported that net profit fell to IDR 42.80 billion from the 2023 net profit of IDR 116.16 billion.

The net profit decline is in line with the revenue drop. In 2024, this subsidiary of PT Adhi Karya (Persero) Tbk (ADHI) recorded operating income of IDR 300.31 billion, down from IDR 651.95 billion.

The Property segment contributed the most to 2024 income, with IDR 147.41 billion, followed by Hotels at IDR 128.91 billion, Joint Operations at IDR 22.91 billion, and Leasing at IDR 1.06 billion.

In 2023, the Property segment contributed IDR 209.20 billion, Hotels IDR 115.36 billion, Joint Operations IDR 326.30 billion, and Leasing IDR 1.091 billion.

In 2024, gross profit margin stood at 30.76%, higher than the 2023 gross profit margin of around 26.32%. Operating profit plunged 61.91% to IDR 44.64 billion from IDR 117.23 billion.

As of Thursday evening (6/3), the company's shares rose 1.10% or IDR 2 to IDR 184 per share. The highest and lowest prices touched IDR 187 and IDR 183 per share, respectively. Over the past week, ADCP shares declined 1.66% or IDR 3 per share. (LK/ZH)