Despite an Increase, PTPP's 2021 Profits Have Not Yet Recovered to Pre-Pandemic Levels

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Reza Pahlevi 11/03/2022 15:30 WIB

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PTPP recorded revenue of Rp16.76 trillion with a net profit of Rp265.98 billion in 2021.

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Despite an Increase, PTPP's 2021 Profits Have Not Yet Recovered to Pre-Pandemic Levels

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PT PP Income Statement (2017-2021)

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PTPP (Pembangunan Perumahan (Persero) Tbk), a state-owned construction company, recorded revenue of Rp16.76 trillion (approximately US$1.15 billion) and a net profit of Rp265.98 billion (approximately US$18.2 million) in 2021.

This state-owned enterprise (SOE) successfully increased its profit by 62% year-on-year. In 2020, PTPP recorded revenue of Rp15.83 trillion (approximately US$1.09 billion) and a net profit of Rp164.05 billion (approximately US$11.2 million).

Although PTPP's revenue and profit increased, its performance has not yet returned to pre-pandemic levels.

Before the pandemic, the company consistently recorded revenue above Rp20 trillion (approximately US$1.37 billion) during the 2017-2019 period: Rp21.5 trillion (approximately US$1.47 billion) in 2017, Rp25.12 trillion (approximately US$1.72 billion) in 2018, and Rp24.66 trillion (approximately US$1.69 billion) in 2019.

PTPP also recorded net profits of Rp1.45 trillion (approximately US$99 million) in 2017, Rp1.5 trillion (approximately US$103 million) in 2018, and Rp930 billion (approximately US$63.7 million) in 2019.

In 2022, PTPP plans to sell 19 property assets of its subsidiary, PP Properti Tbk. The company projects that these sales will generate Rp5 trillion (approximately US$342 million).

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Despite an Increase, PTPP's 2021 Profits Have Not Yet Recovered to Pre-Pandemic Levels

Despite an Increase, PTPP's 2021 Profits Have Not Yet Recovered to Pre-Pandemic Levels

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Despite an Increase, PTPP's 2021 Profits Have Not Yet Recovered to Pre-Pandemic Levels

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