Jakarta. Jababeka (IDX: KIJA), an industrial complex developer, announced a 47 percent increase in revenue for the first nine months of 2024, reaching Rp 3.37 trillion compared to Rp 2.29 trillion during the same period last year.

The land development and property division experienced a significant revenue boost of 65 percent, totaling Rp 1.85 trillion. This growth was primarily driven by increased land plot sales, which soared to Rp 1.47 trillion from Rp 822.9 billion year-over-year. Notably, sales from the industrial complex in Kendal, Central Java, surged from Rp 800.9 billion to Rp 1.27 trillion.

Additionally, revenue from land and factory buildings jumped 142 percent, rising from Rp 29.8 billion to Rp 72 billion. The remaining real estate segments, including housing and rental properties, contributed Rp 311.4 billion, marking a 16 percent increase from Rp 268.8 billion in the previous year.

In the infrastructure division, Jababeka recorded a 32 percent revenue increase to Rp 1.4 trillion, up from Rp 1.07 trillion. This growth was largely attributed to a boost in power segment revenue, which rose from Rp 643.2 billion to Rp 911.2 billion, driven by higher off-take from state utility PLN and industrial users.

The service and maintenance segment also experienced growth, generating Rp 317 billion compared to Rp 285.2 billion last year, reflecting an 11 percent increase. Revenue from the dry port rose from Rp 143.1 billion to Rp 186 billion, fueled by an 18 percent increase in container throughput.

In the leisure and hospitality sector, revenue climbed to Rp 99.1 billion, reflecting modest growth in the golf and tourism segments, which contributed 65 percent and 31 percent of total revenue in this division, respectively.

"Overall, recurring revenue from infrastructure businesses constituted 42 percent of total revenue in the first nine months of 2024, down from 47 percent in the same period last year," said Budianto Liman, Deputy CEO of the company.

Jababeka's gross profit increased by 39 percent to Rp 1.41 trillion, although the gross profit margin decreased to 42 percent from 44 percent in the previous year. Contributing factors to this decline included lower margins from land sales in Kendal, rising gas prices, and fluctuations in power margins.

"The company achieved a net profit of Rp 769.7 billion for the first nine months of 2024, a 232 percent increase from Rp 231.9 billion in the same period last year. This growth was supported by a foreign exchange gain of Rp 73.6 billion," Budianto said.

Jababeka's consolidated cash position stood at Rp 1.95 trillion at the end of September 2024, marking a 78 percent increase from the previous year.

Marketing sales in the land development and property sector reached Rp 2.39 trillion, achieving 96 percent of the company’s full-year target of Rp 2.5 trillion.

"With support from diversified property products, including industrial estates, residential, and commercial developments, along with new government policies promoting the property sector, we are revising our 2024 marketing sales target to Rp 3 trillion from Rp 2.5 trillion previously," Budianto said.

Jababeka Bizpark's New Project

Jababeka Bizpark has recently launched a new complex that integrates various business activities within a single area, offering multi-purpose buildings suitable for warehouses, offices, and retail spaces.  This project is designed to help businesses streamline expenses and enhance productivity.

The Bizpark features three building types: Standard, Standard II, and Two View. With ceiling heights of up to 9 meters, these structures can be modified into three floors, accommodating diverse uses such as storage, offices, or showrooms. Its location is surrounded by over 2,000 national and international companies.

Ivonne Anggraini, Senior Managing Director of Jababeka Residence, said, “Market enthusiasm for Jababeka Bizpark is high, with more than 200 units sold in the initial phase. The project offers easy access to toll roads, international facilities, and proximity to Cikarang Dry Port, as well as routes to Tanjung Priok Port.”

Units are available starting from Rp 1.4 billion, with delivery expected in 2025.