KONTAN.CO.ID - JAKARTA. PT Ciputra Development Tbk (CTRA) reported a business revenue and sales of IDR 2.31 trillion in the first quarter of 2024. The company's revenue increased by 8.69% year on year from the previous IDR 2.13 trillion.

The cost of goods sold and direct expenses amounted to IDR 1.13 trillion in the first quarter of 2024, up from IDR 1.09 trillion in the first quarter of 2023. As a result, the gross profit stood at IDR 1.17 trillion at the end of March 2024, a 14.01% YoY increase from IDR 1.03 trillion. Ciputra recorded a net profit attributable to the parent entity of IDR 483.39 billion in the first quarter of 2024, up 17.08% YoY from IDR 412.86 billion.

CTRA's total assets were recorded at IDR 45.06 trillion in the first quarter of 2024, up from IDR 44.11 trillion at the end of 2023. CTRA had total liabilities of IDR 22 trillion at the end of March 2024, up from IDR 21.49 trillion at the end of 2023. Meanwhile, total equity in the first quarter of 2024 was IDR 23.06 trillion.

As of March 31, 2024, cash and cash equivalents at the end of the period amounted to IDR 10.65 trillion. CTRA's cash amount increased from IDR 9.13 trillion on December 31, 2023.

CTRA's Head of Investor Relations, Aditya Ciputra, stated that the growth in Ciputra Development's revenue was driven by both business segments. These include the property development segment, which covers house and shop sales, and the investment property segment, which largely includes shopping centers and health facilities.

CTRA also successfully bagged pre-sales revenue, or marketing sales, of IDR 3.3 trillion in the first quarter of 2024. CTRA's marketing sales reached 30% of the total target for 2024, which is IDR 11.1 trillion.

"This happened despite some potential impacts from the presidential election activities and the fasting month," he told Kontan on Friday (3/5).

According to Aditya, the main projects driving marketing sales in the first quarter of 2024 were CitraLand Sampali Deli Megapolitan City, CitraLand Surabaya, and CitraGarden City Jakarta.

CTRA's plan for the coming months is to launch new clusters in the CitraGarden Serpong, CitraLand Gama City Medan, and Citra City Sentul projects.

"The financial report and marketing sales performance of CTRA in the first quarter of 2024 show that our strategy to maintain our position as a property developer with the widest diversification in Indonesia, focusing on residential and commercial products, is going well," he explained.

Editor: Syamsul Azhar