Jakarta. Property giant Lippo Karawaci has recorded a growth in revenue by 15 percent year on year amounting to Rp 17 trillion ($1.07 billion) in 2023. The company also saw its gross profit rise to Rp 7.7 trillion, marking an 18 percent year-on-year increase, while EBITDA soared by 28 percent to Rp 4.2 trillion in 2023. Listed on the Indonesia Stock Exchange with the ticker symbol LPKR, the company achieved a net profit of Rp 50 billion.

"We have achieved our first positive net profit after tax since 2018. Moving forward, LPKR's management priority is to maintain the current growth momentum and continue to manage finances wisely to achieve long-term financial stability amidst challenging economic conditions," John Riady, CEO of Lippo Karawaci, said in his statement on Thursday.

In the real estate segment, LPKR successfully recorded pre-sales amounting to Rp 5.12 trillion, up by 5 percent from the 2023 target of Rp 4.9 trillion. This performance was supported by the successful launch of the residential product, Park Serpong.

Furthermore, LPKR's real estate revenue in 2023 also increased by 10 percent to Rp 4.5 trillion. This was driven by timely handovers of launched products, land sales, cemetery land sales in San Diego Hills, and improved city management performance.

For 2024, LPKR has set a pre-sales target of Rp 5.375 trillion, representing a 10 percent increase from the previous year's target. This target achievement will continue to be driven by new residential and commercial products in Lippo Village and Lippo Cikarang, as well as in other areas designated as the company's reserve land.

In the healthcare services segment, LPKR's subsidiary, Siloam International Hospitals (SILO), recorded a revenue increase of 18 percent year on year to Rp 11.2 trillion and EBITDA growth of 31 percent year on year to Rp 2.9 trillion.

SILO also experienced sustainable growth in its key operational metrics, including a 26 percent increase in inpatient admissions to 302,463, a 16 percent increase in inpatient days to 939,877, and a 23 percent increase in outpatient visits to 3,949,341.

Meanwhile, in the lifestyle segment primarily derived from mall and hotel businesses, the company booked a revenue growth of 9 percent to Rp 1.3 trillion. Gross profit also increased by 6 percent to Rp 854 billion, while EBITDA decreased by 5 percent to Rp 289 billion due to increased operating expenses to support post-pandemic recovery.
 

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