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Press Release – 8 August 2023
Press Release - 7 August 2023
SSIA POSTED Rp1,838B REVENUE in 1H23, DRIVEN by
STRONG HOSPITALITY PERFORMANCE
PT Surya Semesta Internusa Tbk (“SSIA”) 1H23 Financial Highlights
• SSIA for the first semester of 2023 posted a consolidated revenue of Rp1,838.2
billion. The revenue increased by about 18.7% from Rp1,548.6 billion booked in
1H22. This increase was driven primarily by strong performance in hospitality and
construction revenue, which increase by 122.3% (Rp218.6 billion) and 7.2% (Rp82.6
billion) respectively. Revenue in the SSIA property business segment increased by
approximately 10.5% (Rp24.3 billion).
• 1H23 gross profit increased by 54.1% YoY to Rp454.2 billion, up from Rp294.8 billion
in 1H22, primarily due to a 166.0% increase in hospitality gross profit (Rp156.1
billion).
• 1H23 EBITDA increased by 100.7% YoY to Rp183.9 billion from Rp91.6 billion in
1H22, as a result of increases in hospitality EBITDA of 1,922.2% (Rp103.2 billion).
• SSIA's consolidated net loss in 1H23 was Rp51.2 billion, 164.4% decrease from the
net profit of Rp79.5 billion in 1H22. The decrease was primarily due to a 30.4% YoY
decrease in the property business segment. Compared to 1H22 net profit excluding
the divestment of SSIA warehousing business, 1H23 net profit increased by
approximately 60.1% to -Rp51.2 billion in 1H23 from -Rp128.2 billion in 1H22.
• The Company cash position in 1H23 was Rp818.6 billion, a 25.2% decrease from
Rp1,094.8 billion in 1Q23.
• Interest-bearing debt was Rp2,279.7 billion in 1H23, a 7.0% decrease from Rp2,451.3
billion in the previous quarter. The decrease was mostly due to a Rp116.9 billion
reduction in IFC loans. In 1H23, the debt/equity (gearing) ratio was 54.4%.
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Consolidated Financial Statements
(in billion Rp)
1H23 1H22 YoY
Revenues 1,838.2 1,548.6 18.7%
Property 254.6 230.3 10.5%
Construction 1,237.5 1,154.9 7.2%
Hospitality 397.3 178.7 122.3%
Others 11.4 0.4 2,927.8%
Gross Profit 454.2 294.8 54.1%
EBITDA 183.9 91.6 100.7%
Net Income -51.2 79.5 -164.4%
Comprehensive Income -58.6 128.8 -145.5%
EBITDA Margin 10.0% 5.9% 4.1 ppts
Net Income Margin -2.8% 5.1% -7.9 ppts
1H23 1Q23 QoQ
Cash and Cash Equivalents 818.6 1,094.8 -25.2%
Total Assets 7,891.4 8,113.6 -2.7%
Interest Bearing Debt 2,279.7 2,451.3 -7.0%
Total Liabilities 3,702.2 3,843.1 -3.7%
Non-Controlling Interest 407.6 433.0 -5.9%
Equity 3,781.6 3,837.4 -1.5%
Business Segment Analysis
1H23 Business Segments
in billion Rp Property Construction Hospitality Total
Revenues 254.6 1,237.5 397.3 1,838.2
Segment percentage 13% 65% 21% 100%
Gross Profit 91.9 136.4 250.2 454.2
Segment percentage 19% 29% 52% 100%
EBITDA 41.0 85.1* 97.8 183.9
Segment percentage 18% 38% 44% 100%
Gross Profit Margin 36.1% 11.0% 63.0% 24.7%
EBITDA Margin 16.1% 6.9% 24.6% 10.0%
*Includes income from JO Rp307 million
1H22 Business Segments
in billion Rp Property Construction Hospitality Total
Revenues 230.3 1,154.9 178.7 1,548.6
Segment percentage 15% 74% 11% 100%
Gross Profit 80.5 125.3 94.1 294.8
Segment percentage 27% 42% 31% 100%
EBITDA 45.6 83.2 -5.4 91.6
Segment percentage 37% 67% -4% 100%
Gross Profit Margin 34.9% 10.9% 52.6 19.0%
EBITDA Margin 19.8% 7.2% -3.0% 5.9%
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Property
• A report by Cushman & Wakefield for the second quarter of 2023 indicated that the
demand for industrial land in the greater Jakarta area had decreased by
approximately 23.9% YoY. Meanwhile, the sales rate has remained constant year on
year.
• The SSIA property unit, which includes industrial estate revenue, maintenance fees,
commercial rental, and residential, earned Rp254.6 billion in 1H23, a 10.5% increase
from Rp230.3 billion in 1H22.
• PT Suryacipta Swadaya (SCS), the Company's main business, reported revenue of
Rp150.1 billion in 1H23, down 29.7% from Rp213.6 billion in 1H22. Mostly due to a
89.6% decrease in land sales accounting booked (Rp7.8 billion in 1H23 vs Rp74.7
billion in 1H22).
• In 1H23, SCS reported 1 hectare of marketing sales from Suryacipta Karawang
inventory land, valued at Rp18.1 billion. SCS now has a 2.1-hectare backlog worth
Rp39.1 billion.
• Edenhaus Simatupang, a portfolio of PT TCP Internusa, is a luxury housing cluster
comprised of 41 units of garden home resort-inspired boutique homes valued at
approximately Rp300 billion. TCP successfully posted marketing sales of 40-unit
houses (Rp289.9 billion) until 30 June 2023. Since its inception in March 2020, TCP
has recorded accounting sales of 32 units (Rp228.9 billion).
Construction
• PT Nusa Raya Cipta Tbk ("NRCA"), SSIA's construction unit, reported consolidated
revenue of Rp1,241.0 billion for the first semester 2023. Its revenue increased by
7.2% YoY from Rp1,157.9 billion. It also earned Rp53.3 billion in net profit from
January to June 2023, up 21.5% from Rp43.9 billion in 1H22.
• NRCA booked new contracts totaling Rp1,686.5 billion for the first semester 2023, a
4.0% increase from the Rp1,620.8 billion achieved in 1H22. Main projects obtained
in 1H23 were Plant Package 1 & 2 PT Akebono Brake Astra Indonesia (AAIJ)
Karawang, Capital Cove BSD Tangerang, Nava Park BSD Tangerang, Power H2O2
Chemical Karawang, PM3 (Brawn Paper) & Warehouse Karawang, BCTMP Main
Building Karawang, East Vara BSD Tangerang, RS Dirgahayu Samarinda, Museum
Budaya, Sains, & Teknologi Surakarta, and Luxury Hotel Labuhan Bajo.
Hospitality
• The SSIA hospitality business unit generated a revenue of Rp397.3 billion in 1H23, a
122.3% increase compared to Rp178.7 billion in 1H22.
• According to the Colliers 2Q23 Jakarta hotel report - a substantial number of people
have traveled overseas since the removal of international border restrictions. This
was especially noticeable during the Eid holidays. As a result, the hotel industry in
Jakarta performed worse during the 2023 Eid holiday compared to the holiday
seasons from 2020 to 2022, when the pandemic restricted traveling. However,
increased commercial activity and preparations for the upcoming presidential
election are projected to increase occupancy.
• The Gran Melia Jakarta (GMJ) occupancy rate was 48.2% in 1H23, up from 41.8% in
1H22. While the average room rate (ARR) for 1H23 was around Rp1,137K, up from
Rp948K in 1H22.
• According to the Colliers 2Q23 Bali hotel report, Bali had a remarkable comeback in
tourism in Q2 2023, breaking from the shadow of the Covid-19 pandemic. As the
island gets increasingly crowded with both domestic and foreign guests, the tourism
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industry is steadily progressing. Surprisingly, hotel performance is on the rise as well.
Nonetheless, an alarming pattern of international visitor misbehavior has been
observed in Bali, pushing the government to discontinue the visa-free status in favor
of the Visa on Arrival (VoA) system. While this shift may raise concerns about a
potential drop in foreign visitor arrivals, the underlying goal is to implement a
refined filtration procedure aimed at protecting the tranquility of the region and
keeping Bali's esteemed image on a global scale. It is then expected that this
strategy shift would eventually contribute to the strengthening of Bali's attraction as
a preferred destination in the near future.
• The occupancy rate at Melia Bali Hotel (MBH) increased to 80.3% in 1H23 from
35.7% in 1H22. MBH ARR increased to Rp1,800K in 1H23 from Rp1,116K in 1H22.
• The occupancy rate at Jumana Bali (JBUR) was 15.3% in 1H23, up from 11.1% in
1H22. The ARR for 1H23 was Rp7,309K, up from Rp5,517K in 1H22.
• BATIQA Hotels' 1H23 occupancy rate was 60.6%, with an ARR of Rp357K. BATIQA's
ARR for 1H22 was Rp339K, with a 56.1% occupancy rate.
• SSIA’s digital platform, Travelio.com, an innovative online rental property company
that offers short, medium, and long-term rental options for apartments and houses
in 13 key cities around Indonesia. Supported by investment companies Temasek
Holding's Pavillion Capital in Singapore, Mirae Asset, Samsung Ventures and Gobi
Partners. In 1H23, Travelio achieved a 27% increase in Gross Merchandise Value
(GMV) YoY and aims to grow 58% by the end of 2023. Ending June 2023, Travelio, as
the largest private residence management platform in Indonesia, managing ~13,000
units and is expected to reach over 22,000 units by December 2023.
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About PT Surya Semesta Internusa Tbk (SSIA)
SSIA, previously known as PT Multi Investments Limited, was established on 15 June 1971. The
company name was later changed to PT Surya Semesta Internusa (SSIA) in 1995. SSIA's main
businesses are industrial estate & real estate development, construction, and hospitality.
SSIA's investment portfolio is diverse, including Suryacipta City of Industry, Subang Smartpolitan,
Edenhaus Simatupang, Graha Surya Internusa (to be rebuilt as SSI Tower), Hotel Gran Melia Jakarta,
Melia Bali Hotel, Jumana Bali (formerly Banyan Tree Ungasan Resort Bali), and BATIQA Hotels.
For more than 50 years in the business, SSIA has strengthened its recognition and brand position as
one of the strongest development companies in Indonesia. Cementing its status as a leading
company, SSIA listed its shares on the Indonesia Stock Exchange and became a public company on 27
March 1997. For more information, visit www.suryainternusa.com.
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For more information, please contact:
Erlin Budiman
VP Head of Investor Relations
erlin.budiman@suryainternusa.com
Office: +62215262121
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