Jakarta. Property developer Pakuwon Jati (PWON) reported solid financial results in the first nine months of 2025, driven by strong recurring income from its integrated property portfolio and government home-purchase tax incentives.

The company booked net revenue of Rp 5.12 trillion ($310 million) for the January–September period, a 7 percent increase from Rp 4.79 trillion a year earlier. Gross profit rose 4 percent to Rp 2.84 trillion, while EBITDA climbed 5 percent to Rp 2.74 trillion. Adjusted net profit jumped 21 percent to Rp 2.28 trillion from Rp 1.88 trillion last year.

Director and Corporate Secretary Minarto Basuki said the results reflect the company’s robust business model and its reliance on recurring income from retail and hospitality assets.

“The nine-month performance demonstrates the resilience of our integrated property model, with shopping malls continuing to be the main driver of growth,” Minarto said on Tuesday.

Recurring revenue, which includes rental income from malls, offices, and hotels, rose 8 percent to Rp 4.1 trillion. Retail mall revenue surged 15 percent to Rp 2.92 trillion, offsetting a 23 percent decline in office leasing revenue to Rp 211 billion. The hospitality business remained stable at Rp 966 billion.

Development revenue increased 4 percent to Rp 1.02 trillion, boosted by the handover of two condominium towers in Bekasi. Retail leases contributed 57 percent of total revenue, followed by hotels and serviced apartments (19 percent), office leases (4 percent), condominium sales (13 percent), landed houses (6 percent), and office sales (1 percent).

Marketing sales reached Rp 903 billion by September, driven by strong demand for apartments in Pakuwon Residences Bekasi, Pakuwon Mall Surabaya, East Coast Mansion, and Tunjungan City, as well as landed homes in Grand Pakuwon and Pakuwon City Township. About 73 percent of sales were supported by the government’s value-added tax incentive program (PPN DTP), introduced in late 2023.

The company spent Rp 769 billion in capital expenditure during the period, mainly for the development of the Pakuwon Mall Bekasi Superblock and the third phase of Pakuwon City Mall Surabaya.