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20240801_BHIT_Laporan Informasi dan Fakta Material_31690341_lamp1.pdf
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First Half of 2024, MNC Land's
Net Profit Surged by 60.5%
Jakarta, August 1, 2024 - PT MNC Land Tbk (IDX: KPIG) or the Company
posted positive growth in its financial performance ending on June 30,
2024. KPIG's net revenues were recorded at Rp767.7 billion in H1-2024, a
7.9% year-on-year (yoy) increase from Rp711.7 billion in H1-2023. The
Company’s revenue was mainly derived from the hotel and resort segment
at 55.1% of total revenue, followed by property management and other
services at 33.2%, office space rental at 11.0%, and apartment and other
properties with 0.7%.
The Company recorded a 60.5% yoy surge in net profit, rising from Rp354.3
billion to Rp568.7 billion at the end of June 2024, with total net profit
attributable to owners of the parent entity amounting to Rp560.1 billion.
KPIG also successfully improved its net profit margin significantly to 73.0%
in H1-2024.
On a quarterly basis, the Company's net revenues jumped by 18.0% from
Rp352.1 billion in Q1-2024 to Rp415.6 billion in Q2-2024.
On the consolidated balance sheet, MNC Land recorded growth in total
assets to Rp34.3 trillion in H1-2024 from Rp33.5 trillion in FY-2023. Total
liabilities increased from Rp6.7 trillion at the end of 2023 to Rp7.0 trillion
at the end of June 2024, while total equity stood at Rp27.3 trillion in H1-
2024, up from Rp26.8 trillion as of December 31, 2023.
KPIG's current Price to Book Value (PBV) stood at 0.43x, indicating that the
stock remains highly undervalued despite MNC Land's high-value assets.
Meanwhile, KPIG's Debt to Equity Ratio (DER) is recorded at just 22.32% as
of June 2024, highlighting MNC Land's exceptionally low debt obligations,
especially when compared to other companies in the property sector.
These metrics reflect the substantial potential of numerous major projects
underway and forthcoming in the MNC Lido City SEZ. With a strong
fundamental base and a recent significant upward trend in the Company's
stock price, KPIG shares are increasingly attractive for investors.
PT MNC Land Tbk Page | 1
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H1-2024 FINANCIAL HIGHLIGHTS
in million Rupiah H1-2024 H1-2023 %
Profit and Loss
Net Revenues 767,702 711,666 7.9%
Gross profit 271,222 284,451
Net profit 568,731 354,285 60.5%
Total net profit attributable to:
- Owners of the company 560,098 344,551 62.6% H1-2024
REVENUES
- Non-controlling interests 8,633 9,734
BY SEGMENT
Total comprehensive income 568,695 343,237
Total comprehensive income attributable to:
- Owners of the company 560,062 333,503
- Non-controlling interests 8,633 9,734
Earnings per share (in full Rupiah) 5.74 3.88
in million Rupiah H1-2024 FY-2023 %
Balance Sheet
Total assets 34,328,178 33,475,139 2.5%
Total liabilities 7,005,573 6,721,228 4.2%
Total equity 27,322,605 26,753,911 2.1%
In July 2024, PT MNC Asia Holding Tbk (IDX: BHIT), as the controlling shareholder, has been actively
purchasing shares to increase its ownership stake in KPIG. As of July 31, 2024, BHIT has acquired an
additional 401,535,100 shares, representing 0.41%. Consequently, BHIT's total ownership in KPIG has
increased to 19.75% at the end of July 2024.
BHIT’s decision to add its ownership in KPIG is a strategic decision triggered by the a number of ongoing
developments in KPIG, such as Park Hyatt Jakarta, which have significantly contributed to MNC Land.
Meanwhile, the developments that will be completed this year, such as Trump International Golf Club-Lido,
Trump Residences Lido, Private Clubhouses, and Hyatt Regency Lido, are projected to boost KPIG's
performance further. PT MNC Asia Holding Tbk is targeting ownership in KPIG of up to 25%.
BUSINESS UPDATES
MNC Lido City Special Economic Zone (SEZ) encompasses 1,040 Ha out of KPIG's total 3,000 Ha of land in Lido,
West Java. As the closest Tourism SEZ to Jakarta, MNC Lido City SEZ develops world-class projects, including
residential, commercial, tourism destinations and integrated resorts. Located approximately 60 kilometers from
Jakarta, MNC Lido City SEZ can be directly accessed via the Bocimi Toll Road within an hour's drive. Surrounded
by the breathtaking views of Mount Salak, Gede, and Pangrango, MNC Lido City SEZ has a year-round cool and
pleasant climate of 22-25°C, thanks to its elevated position 600 meters above sea level.
PT MNC Land Tbk Page | 2
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As of the second quarter of 2024, the investment realization
of the MNC Lido City SEZ project reached Rp4.67 trillion and
absorbed 4,351 workers. With significant investments,
workforce, and project completion progress, MNC Lido City
SEZ has ranked second among all Tourism SEZs in Indonesia.
Multiple projects in the MNC Lido City SEZ are anticipated to
be concluded by the second half of this year. These projects
include the Trump International Golf Club-Lido, Trump
Residences Lido, Private Clubhouses, and Hyatt Regency Lido,
while continuing to complete ongoing projects such as
Movieland and Lido Music & Arts Center.
The Company aims to generate Rp200-300 billion in revenue
from Trump International Golf Club-Lido in 2025, primarily
through golf membership sales. These memberships grant
MNC Land, in collaboration with MNC Media & access to all Trump International Golf Club worldwide, which
Entertainment, proudly presents the world- currently has 28 courses. This will be a unique selling point
class music festival, LMAC Super Hitz Fest 2024. for Indonesian golf enthusiasts. In addition, KPIG will launch
Held on August 4, 2024, at the Lido Music & the first phase of 168 Trump Residences Lido units in October
Arts Center, this festival will pamper music 2024.
lovers with a unique and cozy outdoor concert
atmosphere. Lido Music & Arts Center, The Company is also finalizing the Hyatt Regency Lido in the
Indonesia's first amphitheater concert venue, Lido Lake area, which will be affiliated with Hyatt Hotels &
can accommodate up to 50,000 festival-goers, Resorts. By partnering with an international brand, the
providing an unforgettable concert experience Company is optimistic about expanding marketing
on a hill surrounded by beautiful mountain opportunities and enhancing competitiveness. The
panoramas. Company's experience opening the Park Hyatt Hotel in Kebon
Sirih has shown remarkable results, as evidenced by the
Following the success of last year's event, revenue generated from MICE and F&B businesses surpassing
which captivated a total crowd of 80,000, 54%. Furthermore, with Lido's status as a Special Economic
LMAC Super Hitz Fest 2024 will present a line- Zone, the Company is confident that the Hyatt brand will add
up of legendary Indonesian musicians. Fans will significant value to MNC Land.
be invited to reminisce with performances
from Kahitna, The Changcuters, Maliq &
D'Essentials, D'Masiv, /rif, Setia Band, T-Five,
and Winky Wiryawan.
PT MNC Land Tbk Page | 3
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MNC Land has achieved exceptional milestones in the second quarter of 2024. Two of the Company's hotels
have earned international accolades, demonstrating world-class quality and service standards. Park Hyatt
Jakarta secured the top position as the Best City Hotel in Asia Pacific for Indonesia at the Travel + Leisure
Luxury Awards Asia Pacific 2024. Meanwhile, The Westin Resort Nusa Dua, Bali, was recognized as one of
The Best Hotels & Resorts for Families 2024 by Travel Leisure Hotels 2024.
Additionally, the rapidly growing MICE and F&B businesses in Indonesia continue to serve as positive
catalysts for KPIG. As of June 2024, the Company’s revenue from Park Hyatt Jakarta and The Westin Resort
Nusa Dua, Bali, jumped by 20% year-on-year. This achievement is projected to rise further in the second half
of this year, driven by the growing demand and the numerous events already scheduled at these locations.
For further information, please contact: PT MNC Land Tbk
Natassha Yunita – Head of Investor Relations MNC Tower, 17/F, MNC Center
natassha.yunita@mncgroup.com Jl. Kebon Sirih No. 17-19, Menteng
investorrelations.mncland@mncgroup.com Central Jakarta 10340, Indonesia
Phone: +62 21 3927471
Fax: +62 21 3921227
www.mncland.com
DISCLAIMER
By accepting this Press Release, you agree to be bound by the restrictions set out below. Any failure to comply with these restrictions may
constitute a violation of applicable securities laws.
The information and opinions contained in this Press Release have not been independently verified, and no representation or warranty,
expressed or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of, the
information or opinions contained herein. It is not the intention to provide, and you may not rely on this Press Release as providing, a complete
or comprehensive analysis of the condition (financial or other), earnings, business affairs, business prospects, properties or results of
operations of The Company or its subsidiaries. The information and opinions contained in this Press Release are provided as at the date of this
presentation and are subject to change without notice. Neither The Company (including any of its affiliates, advisors and representatives) nor
the underwriters (including any of their respective affiliates, advisors or representatives) shall have any responsibility or liability whatsoever (in
negligence or otherwise) for the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein nor
for any loss howsoever arising from any use of this Press Release.
In addition, the information contained in this Press Release contains projections and forward-looking statements that reflect The Company's
current views with respect to future events and financial performance. These views are based on a number of estimates and current
assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may
change over time and in many cases are outside the control of The Company and its directors. No assurance can be given that future events
will occur, that projections will be achieved, or that The Company's assumptions are correct. Actual results may differ materially from those
forecasts and projected.
This Press Release is not and does not constitute or form part of any offer, invitation or recommendation to purchase or subscribe for any
securities and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in
relation thereto.
PT MNC Land Tbk Page | 4
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