Property issuer PT Pakuwon Jati Tbk recorded revenue of Rp5.71 trillion with a net profit of Rp1.38 trillion in 2021. This issuer, with the stock code PWON, recorded good growth in both revenue and profit.
PWON's revenue increased by 44% from Rp3.98 trillion in 2020. Net profit also increased by 49% from Rp930 billion in 2020.
By segment, retail rental contributed 33.8% to revenue and condominium sales contributed 32.6%. Next, landed houses contributed 17.9%, hotels and serviced apartments 8.8%, office rentals 4.6%, and office sales 2.3%.
Despite the increase, Pakuwon's net profit has not yet returned to pre-pandemic levels. The company recorded net profits of Rp2.54 trillion in 2018 and Rp2.72 trillion in 2019.
Pakuwon Jati has developed housing, apartments, offices, shopping malls, and hotels in and around Jakarta, Surabaya, Yogyakarta, and Solo. In Jakarta, Pakuwon owns Blok M Plaza, Kota Kasablanka, and Gandaria City malls.