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CORPORATE STRATEGIC - JAKARTA. PT Bumi Serpong Damai Tbk (BSDE) has reported a positive financial performance for the first half of 2024. The property issuer managed to record a Business Revenue of IDR 7.35 trillion, a 46.99% increase compared to IDR 5 trillion in the same period the previous year.
Bumi Serpong Damai's Director, Hermawan Wijaya, stated in a written statement on Thursday (22/8) that this achievement was driven by effective cost control.
BSDE's Gross Profit also increased by 34.67% to IDR 4.86 trillion.
Land sales, buildings, and strata titles were the main contributors to revenue, with a contribution of 87.70% or IDR 6.44 trillion of the total Business Revenue for the first three months of 2024.
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Other segments such as Rent and Building Management also showed positive performance with contributions of IDR 468.71 billion (6.38%) and IDR 189.58 billion (2.58%) respectively.
During the first six months of 2024, the Cost of Goods Sold increased by 36.37% to IDR 2.48 trillion. However, the growth of this burden is lower compared to the growth of Business Revenue, indicating efficiency in cost management.
Gross Profit also increased by 53.07% from IDR 3.18 trillion in the second quarter of 2023 to IDR 4.86 trillion in the second quarter of 2024.
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BSDE's Total Operating Expenses increased by 22.25% to IDR 1.92 trillion, supported by an increase in sales expenses and general and administrative expenses. Nevertheless, BSDE managed to increase Operating Profit by 83.12% to IDR 2.95 trillion.
BSDE's interest and investment income also slightly increased to IDR 231.09 billion, while Net Other Expenses decreased by 19.61% to IDR 410.04 billion. This led to a 95.91% surge in Profit Before Tax to IDR 2.66 trillion.
As a result, BSDE's Net Profit in the second quarter of 2024 reached IDR 2.33 trillion, a significant increase of 94.28% compared to IDR 1.20 trillion in the same period the previous year.
"We are committed to providing added value to shareholders through sustainable new projects, while still paying attention to the principle of prudence. Financial stability, efficient asset management, and liability management will be the key to our future growth," concluded Hermawan.
