Jakarta. Pantai Indah Kapuk Dua (PIK2), a leading property developer associated with Agung Sedayu and the Salim Group, has reported a 274 percent surge in revenue in 2023, reaching Rp 2.1 trillion ($133.74 million) compared to the previous year's Rp 578 billion.

The primary catalyst for PIK2's real estate business remains the sales of landed houses, totaling approximately Rp 1.4 trillion. Following closely are commercial plot sales at Rp 566 billion and shop-house sales at Rp 105 billion.

By the end of 2023, PIK2, traded on the IDX under the symbol PANI, disclosed a net profit of Rp 273 billion, representing a 96.76 percent increase from the 2022 figure of Rp 136 billion, as the company shifted from cold storage and processed food to the property and real estate sector.

"As a developer with over 50 years of experience, we strive for innovation and the launch of products aligned with market demand," said Sugianto Kusuma, also known as Aguan, President Director of PIK2, in a written statement on Thursday.

The total assets of PIK2 reached Rp 33.7 trillion in 2023, reflecting a 20.4 percent increase from the corresponding period. A significant portion of these assets was acquired through PIK2's Rp 10.5 trillion rights issue last year.

Aguan revealed that the company's extensive land bank at the end of 2023 covers 1,607 hectares, valued at Rp 26.2 trillion. This vast land bank is owned by 12 PANI subsidiaries, including Bangun Kosambi Sukses, Mega Andalan Sukses, Bumindo Mekar Wibawa, and Sharindo Matratama.