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PRESS RELEASE
Jakarta, 30 October 2024, PT Ingria Pratama Capitalindo Tbk (GRIA) successfully recorded a revenue increase of Rp26.5% YoY compared to the same period last year. This revenue growth was supported by a 15.2% YoY increase in housing and apartment unit sales through September 2024. Alongside revenue growth, GRIA also achieved a 29.2% YoY growth in gross profit, with a gross profit margin of 34.5%. In line with this growth in revenue and gross profit, GRIA also recorded a 6.6% YoY increase in net profit through September 2024.
Based on the location segment, the housing project located in East Kalimantan contributed the largest share to the Company’s total revenue, with a contribution of 72.2%. Revenue from this area grew by 18.8% YoY, supported by the Gria Mahakam City project, which spans 115 ha and with the construction plan of 5,311 housing units. In addition, GRIA also has a project area in West Java, which provided the second-largest contribution after East Kalimantan, accounting for 23.5% of the Company’s total revenue. Revenue from this segment also grew by 55.5% YoY, supported by projects such as Bukit Esma Cicalengka, Gria Panorama Cimanggung, The Valley of Esma, and Gria Panorama Sumedang. In total, GRIA has eight projects in the West Java segment, with a total land area of 45.6 ha and with the construction plan of 4,167 housing units.
The President Director of GRIA, H.K. Hakim Noor, stated that this significant increase in revenue came amidst positive property sentiment in the country. Despite still being in the investment phase, GRIA has managed to maintain sustainable performance growth through September 2024. "We are increasingly optimistic about delivering outstanding performance in the remainder of 2024 and beyond, with a sufficient landbank and our human resources. Currently, GRIA has a landbank of 160.6 ha and is planning the construction of 9,443 housing units on that land. The readiness of our landbank and human resources has been achieved in part through IPO funding executed last year," explained Hakim.
"With this investment strategy, GRIA can meet the demand for both subsidized and non-subsidized housing across the country, offering strategic locations and more comfortable facilities. GRIA's opportunities remain wide open with government policies aiming to build 3 million houses per year and increase the housing sector budget. With a budget of hundreds of trillions of rupiah, this program has the potential not only to boost the real sector but also to provide more opportunities for people to own decent housing, while also driving national economic growth. To support this, the Housing Financing Liquidity Facility (FLPP) quota has increased from the previous target of 200,000 to 334,000 units, along with the possibility of extending subsidized housing
loan terms from 20 years to up to 40 years. Opportunities are further expanded by the government’s plan to build houses on PT KAI land. Additionally, economic equalization through MSME strengthening and the completion of the Nusantara Capital City (IKN) under the new administration present additional opportunities for GRIA. Thus, GRIA views all these positive catalysts as increasingly bright opportunities for property developers in the future," explained Hakim.
On the same occasion, the Finance Director of GRIA, Hugofeber Parluhutan, also added that GRIA has also managed to maintain its financial ratios in accordance with credit terms agreed upon with creditors, with a debt-to-equity ratio (DER) of 0.08 times and a ratio of paid-in capital to debt of 4.89 times. With these healthy ratios, GRIA can still enhance its capacity to develop the existing landbank in the future, of course, by aligning with the demand and policies related to subsidized housing.
“To ensure the sustainability of the business, this year, GRIA will also begin to focus on developing the non-subsidized housing to target the market above the Low Income Communities (MBR), but who wish to have better homes. We see rosy opportunities for non-subsidized housing, driven by the catalyst of young population composition in the Indonesia demography,” concluded Hugo.
For further information:
Public Relations PT Ingria Pratama Capitalindo (“Ingria”)
Email: cosec@ingriagroup.com
