PT Lippo Cikarang Tbk (LPCK or the Company) recorded a pre-sales value of IDR 325 billion in Quarter I/2024, or reached 23% of the Company’s target for 2024 of IDR 1,435 billion.
The company also reported that total revenue reached IDR 435 billion in Quarter I/2024, or an increase of 175% from Quarter I/2023, which was supported by an increase in handovers of landed houses and shophouses to consumers as well as higher income from industrial land.
In Quarter I/2024, the Company’s main income will come from the handover of landed houses, commercial units or shophouses, industrial land as well as non-property income from Lippo Cikarang city management. Housing projects handed over in Quarter I/2024 include Waterfront Estates @Uptown, with 230 units and The Hive @Uptown shophouse.
The Company’s gross profit was also recorded as positive at IDR 168 billion with a gross profit margin that might be maintained at a healthy level of 39% throughout Quarter I/2024. This is the financial report for Quarter I/2024 ending March 31 2024 as announced by the Company.
PT Lippo Cikarang Tbk management explained that in Quarter I/2024, the Company’s Ebitda can remain positive at IDR 103 billion or 24% of revenue. Apart from that, net profit was recorded at IDR 60 billion. The Company recorded a significant increase in net profit compared to Quarter I/2023 when the Company recorded a loss of IDR 7 billion.
The company recorded a pre-sales value of IDR 325 billion in the first quarter of 2024 or reached 23% of the target for 2024 of IDR 1,435 billion.
Also read: Targeting First Home Buyers, LippoLand Launches Q Livin in Park Serpong
Pre-sales in Quarter I/2024 were driven by strong demand for residential projects, especially landed house and shophouse residential products with contributions of 77% and 15% respectively. The Company’s main landed house residential products are the XYZ Livin, Cendana Spark, Cendana Spark – North and Waterfront Estates @Uptown cluster products. During Quarter I/2024, the Company has succeeded in selling 441 units from housing projects, industrial and commercial land.
In February 2024, Lippo Cikarang introduced a new product, namely XYZ Livin, as well as a new concept, namely Lippo Cikarang Cosmopolis (LCC), which is located in a strategic location and is equipped with complete infrastructure. The XYZ Livin product consists of three types, namely Type
LPCK President Director, Ketut Budi Wijaya, stated that LPCK is optimistic that there are still many opportunities for growth in the property industry. “The company has succeeded in achieving pre-sales of 23% of the pre-sales target in 2024. Due to the increasing demand for affordable housing, we introduced the XYZ Livin product which is suitable for the younger generation. We will continue to introduce new products in the next quarter to meet market demand “We are also committed to continuing development so that we can carry out timely handover to our customers,” he explained.
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