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20240802_SSIA_Laporan Informasi dan Fakta Material_31690513_lamp1.pdf
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Press Release – 1 Aug 2024
ALL ENGINES OF SSIA WERE FIRING STRONG, 1H24
MARKETING SALES UP By 12,930%
Highlights
• SSIA forecasts that three primary businesses will perform exceptionally well in 2024,
particularly in industrial land sales, which exhibit a comparable upcycle to those of
2010-2011. The expectation is based on the positive outcomes of the 2024
Indonesian Election.
• In 1H24, PT Suryacipta Swadaya (SCS), the Company's primary business, achieved
marketing sales of 132.4 hectares valued at Rp1,553.2 billion, a significant increase
(by 12,930%) from 1.0 hectares valued at Rp18.1 billion in 1H23. The majority
marketing sales came from land sales to BYD totaling 108 hectares. The
establishment of an EV plant by BYD in Subang Smartpolitan marks an important
step in driving sustainable mobility in Indonesia and the Southeast Asia region.
• SSIA raised its FY24 marketing sales targets in 1Q24 for Suryacipta City of Industry
Karawang and Subang Smartpolitan from 65 hectares to 184 hectares (or Rp2.2
trillion in sales value). Assuming the marketing sales are achieved and booked this
year, SSIA’s consolidated FY24 revenue is expected to increase by ~23% to Rp5.6
trillion, with a net profit up by ~182% to Rp500 billion.
• On 21 June 2024, the Extraordinary General Meeting of Shareholders (EGMS) of SSIA
has approved the plan to sell part of the company's shares in PT Suryacipta Swadaya
to an investor and the issuance of new shares by PT Suryacipta Swadaya. At the EGMS,
SSIA also signed the Deed of Share Sale and Purchase and Deed of the Shareholders
Resolution of PT Suryacipta Swadaya (SCS), for the issuance of New Shares with a total
value of Rp3.1 trillion to PT Puri Bumi Lestari (PBL).
• With Subang Smartpolitan, SSIA's short and medium-term growth trajectory
continues to rely on global players in manufacturing, technology, and R&D
institutions. While in the long run, Subang Smartpolitan's infrastructure will
contribute to the Company's growth through the services it provides to its tenants
and the public, such as water, wastewater, waste management, energy, gas, toll
road, and telecommunications services, all of which will contribute significantly to
the Company's recurring revenue.
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PT Surya Semesta Internusa Tbk (“SSIA”) 1H24 Financial Highlights
• SSIA reported Rp2,341.7 billion in consolidated revenue for 1H24. Revenue grew by
27.4% from Rp1,838.2 billion booked in 1H23. This increase was driven primarily by
construction revenue increased by 29.4% (Rp364.2 billion), meanwhile revenue in
the SSIA property and hospitality business segments increased by 10.8% and 28.0%
(Rp27.6 billion and Rp111.3 billion, respectively).
• 1H24 gross profit increased by 36.4% YoY to Rp619.5 billion, up from Rp454.2 billion
in 1H23, driven by 48.6% increase in property gross profit (Rp44.7 billion) and 33.6%
increase in hospitality gross profit (Rp84.2 billion).
• 1H24 EBITDA increased by 56.0% YoY to Rp286.9 billion from Rp183.9 billion in
1H23, as result of increases in property EBITDA of 57.9% (Rp23.7 billion) and
hospitality EBITDA of 47.2% (Rp46.2 billion).
• SSIA's consolidated net profit in 1H24 was achieved at Rp105.6 billion (from net loss
in 1H23 of Rp51.2 billion). The rise was primarily due to SSIA shares and SCS new
shares were transferred to PT Puri Bumi Lestari for a total of Rp3,099.1 billion.
• The Company cash position in 1H24 was Rp3,712.6 billion, a 310.3% increase from
Rp904.9 billion in 1Q24.
• Interest-bearing debt was Rp2,059.0 billion in 1H24, a 14.3% decrease from
Rp2,403.5 billion in 1Q24 resulted the debt/equity (gearing) ratio was 27.3% (from
53.4%).
Consolidated Financial Statements
(in billion Rp)
1H24 1H23 YoY
Revenues 2,341.7 1,838.2 27.4%
Property 282.2 254.6 10.8%
Construction 1,601.7 1,237.5 29.4%
Hospitality 508.5 397.3 28.0%
Others 16.7 11.4 45.9%
Gross Profit 619.5 454.2 36.4%
EBITDA 286.9 183.9 56.0%
Net Income (Loss) 105.6 (51.2) 306.2%
Comprehensive Income (Loss) 88.6 (58.6) 251.0%
EBITDA Margin 12.3% 10.0% 2.3ppts
Net Income (Loss) Margin 4.5% (2.8)% 7.3ppts
1H24 1Q24 QoQ
Cash and Cash Equivalents 3,712.6 904.9 310.3%
Total Assets 11,454.9 8,203.5 39.6%
Interest Bearing Debt 2,059.0 2,403.5 -14.3%
Total Liabilities 3,917.1 3,700.1 5.9%
Non-Controlling Interest 2,203.2 452.7 386.6%
Equity 5,334.6 4,050.6 31.7%
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Business Segment Analysis
1H24 Business Segments
in billion Rp Property Construction Hospitality Total
Revenues 282.2 1,601.7 508.5 2,341.7
Segment percentage 12% 67% 21% 100%
Gross Profit 136.5 159.7 334.4 619.5
Segment percentage 22% 25% 53% 100%
EBITDA 64.7 102.3* 144.0 286.9
Segment percentage 21% 33% 46% 100%
Gross Profit Margin 48.4% 10.0% 65.8% 26.5%
EBITDA Margin 22.9% 6.4% 28.3% 12.3%
*Includes income from JO Rp20 million
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
Property
• The SSIA property unit, which includes industrial estate revenue, maintenance fees,
commercial rental, and residential, earned Rp282.2 billion in 1H24, a 10.8% increase
from Rp254.6 billion in 1H23.
• PT Suryacipta Swadaya (SCS), the Company's main business, reported revenue of
Rp257.2 billion in 1H24, up 71.4% from Rp150.1 billion in 1H23. Mostly due to a
1,172.2% increase in land sales booked (Rp99.2 billion in 1H24 vs Rp7.8 billion in
1H23).
• In 1H24, SCS closed 12.7 hectares (Rp99.2 billion) of accounting sales from
Suryacipta Karawang and Subang Smartpolitan inventory land. SCS now has a 132.9
hectares hectare backlog of Rp1,555.5 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 39-unit
houses (Rp283.1 billion) until 31 Dec 2023. Since its inception in March 2020, TCP
has recorded accounting sales of 37 units (Rp269.0 billion).
• Edenhaus Simatupang, a portfolio of PT TCP Internusa, is a luxury housing cluster
comprised of 41 units of garden home resort-inspired boutique. TCP successfully
posted marketing sales of 41 unit houses (Rp 299.3 billion) until 30 June 2024. Since
its inception in March 2020, TCP has recorded accounting sales of 37 units (Rp 269.0
billion).
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Construction
• PT Nusa Raya Cipta Tbk ("NRCA"), SSIA's construction unit, reported consolidated
revenue of Rp1,606.4 billion for the first half 2024. Its revenue increased by 29.4%
YoY from Rp1,241.0 billion in 1H23. It also earned Rp59.6 billion in net profit
(increased by 11.8%) from January to June 2024 compared to Rp53.3 billion in 1H23.
• NRCA, for the first half of 2024 period booked new contracts of Rp2,267.8 billion,
increased by 34.5% than new contracts achieved in 1H23 of Rp1,686.5 billion. Main
projects obtained in 1H24 were RS Mayapada IKN East Kalimantan, Hampton Square
South Tangerang, JSI Hotel Megamendung Bogor, Daimler Cikarang Bekasi, Ellipse
Project SAS Phase-1 Karawang, Dipo Center Jakarta, Infrastruktur Subang
Smartpolitan Package 2, Shopping Arcade Town Center 3 Kota Baru Parahyangan
Padalarang Bandung, Tempo Logistik Bekasi, Design & Build Housing Townsite West
Nusa Tenggara, Condotel Cihampelas Walk Bandung, and Creativo Bintaro
Tangerang.
Hospitality
• The SSIA hospitality business unit generated a revenue of Rp508.5 billion in 1H24, a
28.0% increase compared to Rp397.3 billion in 1H23.
• The Gran Melia Jakarta (GMJ) occupancy rate was 61.7% in 1H24, up from 48.2% in
1H23. While the average room rate (ARR) for 1H24 was around Rp1,094K, down
from Rp1,137K in 1H23.
• The occupancy rate at Melia Bali Hotel (MBH) increased to 81.6% in 1H24 from
80.3% in 1H23. MBH ARR was Rp2,227K in 1H24 from Rp1,800K in 1H23.
• The occupancy rate at Umana Bali, LXR Hotels & Resorts (LXR) was 39.5% in 1H24,
up from 15.3% in 1H23. The ARR for 1H24 was Rp9,049K, up from Rp7,309K in 1H23.
• BATIQA Hotels' 1H24 occupancy rate was 66.9%, with an ARR of Rp364K. BATIQA's
ARR for 1H23 was Rp357K, with a 60.6% 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 1H24, Travelio achieved a c.20% increase in Gross Merchandise Value
(GMV) YoY and aims to grow c.20% by the end of 2024. Ending June 2024, Travelio,
as the largest private residence management platform in Indonesia, is exclusively
managing c.15,000 apartment units and is expected to reach over 16,000 units by
December 2024.
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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, Umana Bali, LXR Hotels & Resorts, 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 & Corporate Communications
erlin.budiman@suryainternusa.com
Office: +62215262121
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PT Suryacipta Swadaya
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PT Puri Bumi Lestari
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PT TCP Internusa
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Indonesia Stock Exchange
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