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20240328_SSIA_Laporan Informasi dan Fakta Material_31620638_lamp2.pdf
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Press Release – 28 March 2024
SSIA POSTED SURPRISING and IMPRESSIVE FY23
EARNINGS RESULTS with A POSITIVE 2024 OUTLOOK
Highlights
• We are very pleased to announce that SSIA posted strong accomplishments in FY23
across all three key business segments (property, construction, and hospitality).
• SSIA Q4 2023 net income increased by 627.5% QoQ to Rp200.3 billion from Rp27.5
billion in Q3 2023. Driven by property net income improved by 2,796.7% to Rp233.6
billion from Rp8.1 billion in Q3 2023.
• PT Suryacipta Swadaya (SCS), the Company's main business, experienced an
excellent rebound in the property sector. In FY23, SCS closed 20.5 hectares (Rp391.8
billion) of marketing sales from Suryacipta Karawang and Subang Smartpolitan
inventory land, a 70.9% increase from FY22 sales of 12.0 hectares (Rp222.2 billion).
SCS now has a 4.0 hectare backlog of Rp69.9 billion. Despite SCS missed its FY23 land
sales target (30ha from Karawang, 60ha from Subang), 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. The
Company believes that these interests will lead to SSIA achieving its marketing sales
targets for Suryacipta City of Industry Karawang and Subang Smartpolitan, of 20
hectares and 45 hectares in 2024, respectively.
• SSIA's construction business unit, PT Nusa Raya Cipta Tbk ("NRCA"), secured new
contracts for Rp2,924.7 billion in FY23, up 24.3% from Rp2,352.3 billion in FY22.
• Meanwhile, growth in the hospitality segment is predominantly driven by Melia Bali
Hotel (revenue up 72.7% YoY), which saw a post-pandemic boom that exceeded pre-
pandemic levels. Meanwhile, Umana Bali, LXR Hotels & Resorts, has just rebranded,
and most of the renovations have completed in November 2023.
• 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.
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PT Surya Semesta Internusa Tbk (“SSIA”) FY23 Financial Highlights
• SSIA reported Rp4,537.7 billion in consolidated revenue for 2023. Revenue grew by
25.5% from Rp3,614.9 billion booked in FY22. This increase was driven primarily by a
robust performance in the three main segments. Property revenue increased by
37.1% (Rp231.0 billion), meanwhile revenue in the SSIA construction and hospitality
business segments increased by 17.5% and 52.2% (Rp430.2 billion and Rp310.3
billion, respectively).
• FY23 gross profit increased by 44.6% YoY to Rp1,327.2 billion, up from Rp918.1
billion in FY22, driven by 58.5% increase in property gross profit (Rp172.8 billion)
and 56.9% increase in hospitality gross profit (Rp211.3 billion).
• FY23 EBITDA increased by 58.6% YoY to Rp726.0 billion from Rp457.6 billion in FY22,
as result of increases in property EBITDA of 66.8% (Rp148.0 billion) and hospitality
EBITDA of 97.4% (Rp119.1 billion).
• SSIA's consolidated net profit in FY23 was Rp176.6 billion (rising from net loss in
9M23 of Rp23.7 billion), 0.4% increase from the net profit of Rp175.8 billion in FY22.
The increase was primarily due to a 481.0% (Rp170.2 billion) YoY increase in the
property business segment.
• The Company cash position in FY23 was Rp1,219.0 billion, a 7.3% increase from
Rp1,136.0 billion in FY22.
• Interest-bearing debt was Rp2,526.4 billion in FY23, a 0.84% decrease from
Rp2,547.9 billion in the previous year. In FY23, the debt/equity (gearing) ratio was
56.9%.
Consolidated Financial Statements
(in billion Rp)
FY23 FY22 YoY
Revenues 4,537.7 3,614.9 25.5%
Property 854.0 623.1 37.1%
Construction 2,885.9 2,455.7 17.5%
Hospitality 905.2 594.9 52.2%
Others 11.4 8.8 30.5%
Gross Profit 1,327.2 918.1 44.6%
EBITDA 726.0 457.6 58.6%
Net Income 176.6 175.8 0.4%
Comprehensive Income 159.7 224.9 -29.0%
EBITDA Margin 16.0% 12.7% 3.3 ppts
Net Income Margin 3.9% 4.9% -1.0 ppts
FY23 FY22 YoY
Cash and Cash Equivalents 1,219.0 1,136.0 7.3%
Total Assets 8,416.8 8,289.6 1.5%
Interest Bearing Debt 2,526.4 2,547.9 -0.8%
Total Liabilities 3,973.3 4,030.2 -1.4%
Non-Controlling Interest 436.4 419.3 4.1%
Equity 4,007.0 3,840.2 4.3%
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Business Segment Analysis
FY23 Business Segments
in billion Rp Property Construction Hospitality Total
Revenues 854.0 2,885.9 905.2 4,537.7
Segment percentage 18% 62% 19% 100%
Gross Profit 468.0 316.8 582.7 1,327.2
Segment percentage 34% 23% 43% 100%
EBITDA 369.5 204.5* 241.4 726.0
Segment percentage 45% 25% 30% 100%
Gross Profit Margin 54.8% 11.0% 64.4% 29.2%
EBITDA Margin 43.3% 7.1% 26.7% 16.0%
*Includes loss from JO Rp3.795 billion
FY22 Business Segments
in billion Rp Property Construction Hospitality Total
Revenues 623.1 2,455.7 594.9 3,614.9
Segment percentage 17% 67% 16% 100%
Gross Profit 295.3 262.1 371.4 918.1
Segment percentage 32% 28% 40% 100%
EBITDA 221.5 170.6* 122.3 457.6
Segment percentage 43% 33% 24% 100%
Gross Profit Margin 47.4% 10.7% 62.4% 25.4%
EBITDA Margin 35.5% 6.9% 20.6% 12.7%
*Includes income from JO Rp764.4 million
Quarter on Quarter Analysis
Q4 2023 Q3 2023 QoQ
Revenues 1,517.2 1,182.2 28.3%
Gross Profit 555.5 317.4 75.0%
Operating Profit 324.5 129.9 149.9%
EBITDA 386.2 155.8 147.9%
Net Income 200.3 27.5 627.5%
Property
• The SSIA property unit, which includes industrial estate revenue, maintenance fees,
commercial rental, and residential, earned Rp854.0 billion in FY23, a 37.1% increase
from Rp623.1 billion in FY22.
• PT Suryacipta Swadaya (SCS), the Company's main business, reported revenue of
Rp684.8 billion in FY23, up 37.7% from Rp497.4 billion in FY22. Mostly due to a
86.2% increase in land sales accounting booked (Rp385.8 billion in FY23 vs Rp207.2
billion in FY22).
• 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).
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Construction
• PT Nusa Raya Cipta Tbk ("NRCA"), SSIA's construction unit, reported consolidated
revenue of Rp2,895.5 billion for the full year 2023. Its revenue increased by 17.6%
YoY from Rp2,462.4 billion. It also earned Rp99.5 billion in net profit from January to
December 2023, up 33.3% from Rp74.7 billion in FY22.
• Main projects obtained in FY23 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, Marriott The Luxury Hotel Labuan
Bajo, Subang Smartpolitan infrastructure, DP Mall Expansion Semarang, Hilton Hotel
Padalarang Bandung, PT IFARS Pharmaceutical Surakarta, and Buerer Kendal.
Hospitality
• The SSIA hospitality business unit generated a revenue of Rp905.2 billion in FY23, a
52.2% increase compared to Rp594.9 billion in FY22.
• The Gran Melia Jakarta (GMJ) occupancy rate was 55.6% in FY23, up from 46.4% in
FY22. While the average room rate (ARR) for FY23 was around Rp1,156K, up from
Rp1,041K in FY22.
• The occupancy rate at Melia Bali Hotel (MBH) increased to 80.4% in FY23 from
57.3% in FY22. MBH ARR increased to Rp2,061K in FY23 from Rp1,696K in FY22.
• The occupancy rate at Umana Bali, LXR Hotels & Resorts (LXR) was 20.6% in FY23, up
from 15.1% in FY22. The ARR for FY23 was Rp7,888K, up from Rp6,572K in FY22.
• BATIQA Hotels' FY23 occupancy rate was 67.0%, with an ARR of Rp364K. BATIQA's
ARR for FY22 was Rp344K, with a 61.5% 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 FY23, Travelio achieved a 23.5% increase in Gross Merchandise Value
(GMV) YoY and aims to grow 30% by the end of 2024. Ending December 2023,
Travelio, as the largest private residence management platform in Indonesia,
managing >14,000 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 Akebono Brake Astra Indonesia
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PT IFARS Pharmaceutical Surakarta
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PT Multi Investments Limited
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Indonesia Stock Exchange
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