BSDE Achieves Marketing Sales of Rp 4.7 T, 61% Target Achieved

BSDE Achieves Marketing Sales of Rp 4.7 T, 61% Target Achieved

During the first semester of 2022, PT Bumi Serpong Damai Tbk (BSDE) won pre-sales (marketing sales) or equivalent to Rp 4.7 trillion. This is equivalent to around 61% of this year’s target of Rp 7.7 trillion. Hermawan Wijaya, Director of BSDE explained that sales performance was supported by sales of residential products. The product in the first six months of 2022 posted a pre-sales figure of Rp 3 trillion.

“Residential achievement contributed 64% to BSDE’s total marketing sales for the first six months, with residential products that are in demand by buyers, especially in BSD City,

Outside of BSD City, there are several other products in the Greater Jakarta area that are able to attract buyers and sell them, including Grand Wisata and Kota Wisata. Other products also made a positive contribution, namely commercial products including commercial lots, strata title (apartments) and shop houses reaching Rp1.4 trillion or representing a 31% contribution to total pre-sales.

The sales consisted of Rp541 billion from commercial lots sold mostly in BSD City, Rp316 billion in strata title (apartments/condos) and Rp570 billion from shops, shophouses/rukan. In addition, in Semester I – 2022, joint venture land sales were recorded at Rp. 275 billion or equivalent to 6% of total marketing sales. However, in terms of financial performance, BSDE’s performance is not good. Profits are falling even though incomes are rising.

Based on the financial report, this property issuer belonging to the Sinar Mas Group posted revenue of Rp 3.83 trillion in the first half of 2022. This figure is up 17.85 percent compared to the same period the previous year, Rp 3.25 trillion. The cost of goods was recorded at Rp 1.46 trillion, a 37.37% jump on an annual basis from the previous Rp 1.06 trillion. Gross profit was recorded at Rp 2.37 trillion.

However, the significant increase in cost of goods made gross profit growth limited. The increase in gross profit in the first half of this year is only around 8.7 percent on an annual basis from the previous Rp 2.19 trillion. Selling expenses also increased 48.05% on an annual basis to Rp 607.45 billion. Meanwhile, general and administrative expenses rose 11.13% on an annual basis to Rp 609.09 billion.

Coupled with the increase in final tax to Rp 136.83 billion from the previous Rp 106.89 billion to Rp 136.83 billion, BSDE’s operating profit was recorded at Rp 1.02 trillion. This acquisition decreased 9.19% on an annual basis from the previous Rp 1.12 trillion.

The increase in expenses and a number of other financial items could not be compensated by the gains in foreign exchange. In this financial post, BSDE recorded a foreign exchange gain of Rp 106.01 billion from the previous loss of Rp 18.06 billion. As a result, BSDE posted a net profit of Rp 463.64 billion. This figure is down 31.91% on an annual basis from the previous Rp 680 billion.