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    Agung Podomoro Receives IDR 4.95 Trillion Income

    BeritaBaru.id
    30 April 2021, 10.26 WIB Last Updated 2021-04-30T03:26:33Z

    NEW NEWS ■ In 2020, the property issuer PT Agung Podomoro Land Tbk. (APLN) posted sales and operating revenues of IDR 4.95 trillion, an increase of 30.7% compared to IDR 3.79 trillion in 2019. This information was conveyed by the company in its press release in Jakarta yesterday.

    Agung Podomoro Land's Corporate Secretary, F Justini Omas said, the company recorded sales recognition of IDR 3.91 trillion, which was recorded in 2020, up 58.8% from IDR 2.46 trillion in 2019. 

    "Sales increased in large part due to sales of Karawang industrial land and sales. part of Central Park Mall, "he said.

    Meanwhile, operating revenues of Rp1.04 trillion fell 21.5 percent compared to 2019 which amounted to Rp1.32 trillion due to the ongoing pandemic. The company posted a gross profit of Rp2,201.3 billion in 2020 with a gross profit margin of 44.4% compared to Rp1,961.1 billion with a gross profit margin of 51.7% in 2019. The company booked marketing sales or marketing sales excluding VAT IDR 3.48 trillion, an increase of 79% compared to IDR 1.94 trillion in 2019.

    Then as much as 89% contributed from the sale of 280 hectares of industrial land in Karawang, Podomoro Park Bandung, Podomoro Golf View and Podomoro City Deli Medan. Meanwhile, the company's net profit for the current period increased to Rp180.1 billion, up 49.1% compared to 2019 which amounted to Rp120.8 billion. However, comprehensive income attributable to owners of the parent company experienced a loss of IDR 225.3 billion, an increase from the loss in 2019 of IDR 135.8 billion.

    APLN has 40 subsidiaries, 13 entities with indirect ownership through subsidiaries, and 2 associated entities in the property sector in Jakarta, Bogor, Karawang, Bandung, Bali, Balikpapan, Batam, Makassar and Medan. Armed with more than 40 years of experience as part of the Agung Podomoro Group, Agung Podomoro Land has a strong foundation to become a leading developer in working on the property market in Indonesia.

    This year, APLN is optimistic that the pre-sales performance or marketing sales will grow higher than the realization of marketing sales in 2020 which has already reached the target. Tax incentives from the government for the property sector are the key to driving performance. According to M. Nafan Aji Gusta Utama, an analyst with Binaartha Sekuritas, APLN's marketing sales performance continues to grow amid the pandemic, because it is supported by the trend of low interest rates.

    The property sector is strongly supported by the trend of low interest rates. Until now, interest rates are still low, as a result, Nafan projects that APLN's performance will have the potential to grow even better this year. APLN's performance is also supported by tax incentives in the property sector. The government exempts value added tax (PPN) or government borne VAT (DTP) for landed houses and apartment housing units. With the condition, the maximum selling price is Rp. 2 billion. In addition, the government also provides a VAT discount of 50% or 50 percent VAT DTP for the categories of landed houses and flats, with selling prices of more than Rp. 2 billion to Rp. 5 billion.

    According to Nafan, investors can take advantage of this policy to immediately invest in the property sector. Nafan assessed that the occupancy rate of the mall is likely to increase in the future. Domestic economic recovery and optimal vaccine distribution could revive domestic economic centers. As a result, he projects that APLN's recurring income will also have the potential to increase.

    "I think people will tend to carry out their consumption action in malls," Nafan said.

    In addition, even though the PPKM is still being extended, Nafan observes that the restrictions on visits to malls are now more relaxed. Overall, with APLN's marketing sales performance exceeding the target in 2020, Nafan is optimistic that APLN's financial performance in 2021 will be better than the previous year. Nafan assessed that APLN is still attractive for accumulated purchases with a target price of IDR 256 per share. Meanwhile, Achmad recommended buying with the closest target price of IDR 194 per share.

    Likewise, Achmad Yaki, an analyst at BCA Sekuritas, also said that tax incentives in the property sector and the omnibus law could be a positive catalyst to boost APLN's performance, both in the residential business and industrial areas. He also assessed that APLN's shopping center business will not increase significantly. The level of mall visits may increase but it is not significant, because Achmad assessed that the government has reduced the joint holiday to welcome Ramadan. In addition, the PPKM is still being extended.
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