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20240510_SSIA_Laporan Informasi dan Fakta Material_31637724_lamp1.pdf
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Press Release – 2 May 2024
Press Release - 10 May 2024
SSIA POSTED 1Q24 EARNINGS RESULTS ALONG with A
RAISED FY24 SALES FORECAST
Highlights
• SSIA three main businesses are expected to perform exceptionally well in 2024,
following a recovery from the COVID-19 pandemic in 2020 – 2022 and the positive
results of Indonesian Election in 2024, particularly in Industrial land sales, which
show a similar upcycle to 2010-2011 levels.
• SSIA is seeing tremendous interest, particularly from China, in Suryacipita City of
Industry, Karawang as well as Subang Smartpolitan, SSIA’s most recent Industrial
Green City development.
• These interests drove the Company to raise its FY24 marketing sales targets 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 30 April 2024, Subang Smartpolitan “Green, Smart, and Sustainable City”, an
integrated township for industrial and commercial areas in Indonesia is proud to
welcome BYD, one of the global pioneers in the electric vehicle (EV) industry, as its
newest anchor tenant. 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. BYD became the first largest tenant in the estate by
occupying an area of over 108 hectares. This marks a monumental achievement for
Subang Smartpolitan, especially in industrial land sales.
• 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”) 1Q24 Financial Highlights
• SSIA reported Rp1,091.6 billion in consolidated revenue for 1Q24. Revenue grew by
13.8% from Rp959.0 billion booked in 1Q23. This increase was driven primarily by
hospitality revenue increased by 28.0% (Rp51.1 billion), meanwhile revenue in the
SSIA property and construction business segments increased by 24.5% and 9.6%
(Rp31.4 billion and Rp62.2 billion, respectively).
• 1Q24 gross profit increased by 34.4% YoY to Rp307.0 billion, up from Rp228.3 billion
in 1Q23, driven by 71.2% increase in property gross profit (Rp33.3 billion) and 32.7%
increase in hospitality gross profit (Rp36.7 billion).
• 1Q24 EBITDA increased by 39.7% YoY to Rp147.1 billion from Rp105.3 billion in
1Q23, as result of increases in property EBITDA of 95.3% (Rp27.5 billion) and
hospitality EBITDA of 40.1% (Rp16.6 billion).
• SSIA's consolidated net loss in 1Q24 was Rp14.9 billion (from net loss in 1Q23 of
Rp9.3 billion). The rise was primarily due to an increase in other expenses,
particularly share-based compensation expenses (Management Employee Stock
Option Plan / MESOP program) of Rp35.5 billion (or 47,057,700 MESOP shares). This
is a one-time expense; if we remove this share-based compensation expenses, 1Q24
net profit becomes Rp20.6 billion.
• The Company cash position in 1Q24 was Rp904.9 billion, a 25.8% decrease from
Rp1,219.0 billion in FY23.
• Interest-bearing debt was Rp2,403.5 billion in 1Q24, a 4.9% decrease from
Rp2,526.4 billion in the 1Q23. In 1Q24, the debt/equity (gearing) ratio was 53.4%.
Consolidated Financial Statements
(in billion Rp)
1Q24 1Q23 YoY
Revenues 1,091.6 959.0 13.8%
Property 159.7 128.3 24.5%
Construction 713.1 650.9 9.6%
Hospitality 233.2 182.1 28.0%
Others 0.0 0.0 0.00%
Gross Profit 307.0 228.3 34.4%
EBITDA 147.1 105.3 39.7%
Net Income (Loss) (14.9) (9.3) 59.4%
Comprehensive Income (Loss) (13.2) (2.8) 374.3%
EBITDA Margin 13.5% 11.0% 2.5ppts
Net Income (Loss) Margin (1.4)% (1.0)% 0.4ppts
1Q24 FY23 QoQ
Cash and Cash Equivalents 904.9 1,219.0 -25.8%
Total Assets 8,203.5 8,416.8 -2.5%
Interest Bearing Debt 2,403.5 2,526.4 -4.9%
Total Liabilities 3,700.1 3,973.3 -6.9%
Non-Controlling Interest 452.7 436.4 3.7%
Equity 4,050.6 4,007.0 1.1%
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Business Segment Analysis
1Q24 Business Segments
in billion Rp Property Construction Hospitality Total
Revenues 159.7 713.1 233.2 1,091.6
Segment percentage 14% 64% 21% 100%
Gross Profit 80.1 78.3 149.1 307.0
Segment percentage 26% 25% 48% 100%
EBITDA 56.4 49.5* 57.9 147.1
Segment percentage 34% 30% 35% 100%
Gross Profit Margin 50.1% 11.0% 63.9% 28.1%
EBITDA Margin 35.3% 6.9% 24.8% 13.5%
*Includes income from JO Rp14 million
1Q23 Business Segments
in billion Rp Property Construction Hospitality Total
Revenues 128.3 650.9 182.1 959.0
Segment percentage 13% 68% 19% 100%
Gross Profit 46.8 71.5 112.4 228.3
Segment percentage 20% 31% 49% 100%
EBITDA 28.9 50.5* 41.3 105.3
Segment percentage 24% 42% 34% 100%
Gross Profit Margin 36.5% 11.0% 61.7% 23.8%
EBITDA Margin 22.5% 7.8% 22.7% 11.0%
*Includes income from JO Rp20 million
Property
• The SSIA property unit, which includes industrial estate revenue, maintenance fees,
commercial rental, and residential, earned Rp159.7 billion in 1Q24, a 24.5% increase
from Rp128.3 billion in 1Q23.
• PT Suryacipta Swadaya (SCS), the Company's main business, reported revenue of
Rp146.8 billion in 1Q24, up 85.8% from Rp79.0 billion in 1Q23. Mostly due to a
1,192.2% increase in land sales accounting booked (Rp67.6 billion in 1Q24 vs Rp5.2
billion in 1Q23).
• In 1Q24, SCS closed 3.6 hectares (Rp67.6 billion) of accounting sales from Suryacipta
Karawang inventory land, (no accounting sales booked in 1Q23 from Suryacipta
Karawang inventory land). SCS now has a 3.5 hectare backlog of Rp59.3 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).
Construction
• PT Nusa Raya Cipta Tbk ("NRCA"), SSIA's construction unit, reported consolidated
revenue of Rp715.0 billion for the first quarter 2024. Its revenue increased by 9.6%
YoY from Rp652.2 billion. It also earned Rp28.8 billion in net profit from January to
March 2024 compared to Rp28.8 billion in 1Q23.
• NRCA, for the first quarter of 2024 period booked new contracts of Rp1,351.1 billion,
increased by 92.5% than new contracts achieved in 1Q23 of Rp701.7 billion. Main
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projects obtained in 1Q24 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, and Design & Build Housing Townsite
West Nusa Tenggara.
Hospitality
• The SSIA hospitality business unit generated a revenue of Rp233.2 billion in 1Q24, a
28.0% increase compared to Rp182.1 billion in 1Q23.
• The Gran Melia Jakarta (GMJ) occupancy rate was 62.6% in 1Q24, up from 47.9% in
1Q23. While the average room rate (ARR) for 1Q24 was around Rp1,067K, down
from Rp1,196K in 1Q23.
• The occupancy rate at Melia Bali Hotel (MBH) increased to 80.0% in 1Q24 from
75.0% in 1Q23. MBH ARR was Rp2,070K in 1Q24 from Rp1,709K in 1Q23.
• The occupancy rate at Umana Bali, LXR Hotels & Resorts (LXR) was 29.0% in 1Q24,
up from 11.4% in 1Q23. The ARR for 1Q24 was Rp9,191K, up from Rp7,684K in 1Q23.
• BATIQA Hotels' 1Q24 occupancy rate was 63.7%, with an ARR of Rp356K. BATIQA's
ARR for 1Q23 was Rp349K, with a 59.4% 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 1Q24, Travelio achieved a >15% increase in Gross Merchandise Value
(GMV) YoY and aims to grow c. 40% by the end of 2024. Ending March 2024,
Travelio, as the largest private residence management platform in Indonesia, is
exclusively managing >14,500 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 TCP Internusa
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PT Multi Investments Limited
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