15 August 2025
LPKR Achieves IDR 2.47tn in Marketing Sales, 40% of 2025 Full Year Target- Revenue, EBITDA and NPAT at IDR 4.12tn, IDR 627bn and IDR 138bn, supported by strong project handover and lower interest cost
estate and healthcare platform, today announced its financial results for the half of 2025.
Despite ongoing macroeconomic challenges and subdued consumer purchasing power, LPKR demonstrated strong financial resilience by maintaining a Net Profit After Tax (NPAT) of IDR 138 billion. More notably, the Company's Underlying NPAT has increased by 36% to IDR 208 billion, reflecting substantial improvement in profitability. This achievement underscores LPKR's continued focus on strengthening its core businesses in Real Estate and Lifestyle segments, executing operational efficiencies, and maintaining disciplined financial management, particularly through effective cost controls and ongoing deleveraging efforts.
On a statutory basis, the Company reported revenue of IDR 4.12tn and EBITDA of IDR 627bn, lower by 49% and 68% YoY respectively, reflecting the deconsolidation of PT Siloam International Hospitals Tbk ("SILO") in June 2024. On a like-for-like basis, assuming SILO had been deconsolidated in 1H24, revenue for 1H24 would have been IDR 3.04tn implying a growth of 35% YoY.
Exhibit 1: LPKR Statutory P&L Highlights (1H25 vs 1H24)(In IDR bn) | 1H25 | 1H24 | Var YoY | %YoY |
Revenue | 4,117 | 8,002 | (3,885) | -49% |
Gross Profit | 1,501 | 3,537 | (2,036) | -58% |
Opex | (874) | (1,599) | 725 | 45% |
EBITDA | 627 | 1,938 | (1,311) | -68% |
Income (Loss) on Associates | 274 | 65 | 209 | 322% |
Interest | (142) | (557) | 415 | 75% |
Tax | (134) | (318) | 184 | 58% |
Others1 | (417) | (975) | 558 | 57% |
Underlying NPAT | 208 | 153 | 55 | 36% |
Non-Operational and One-off Items2 | (70) | 19,736 | (19,806) | NM |
NPAT | 138 | 19,889 | (19,751) | NM |
1Others mainly consist of the rental equivalent expense component from the PSAK 73 leasing calculation
2Non operational accounting adjustments from SILO one-off in 1Q24, bonds buyback, FX and others
While operating cash flow declined as expected following SILO's deconsolidation, LPKR ended the period with strong liquidity, increasing cash to IDR 6.5tn from IDR 1.6tn a year earlier, underscoring prudent cash management.
A key highlight for the first half was the reduction in net interest expense, which fell 73% YoY to IDR 174bn. LPKR has secured a new BTN loan facility to refinance its syndicated loan, providing a more competitive interest rate of BI 7D RR plus margin with range of 1.4% to 1.75%.
Exhibit 2: LPKR Cash Flow Highlights (1H25 vs 1H24)(In IDR bn) | 1H25 | 1H24 | Var YoY | %YoY |
Cash at beginning | 5,328 | 2,650 | 2,678 | 101% |
Cash from operating activities | (894) | 1,688 | (2,582) | -153% |
Business operations | (721) | 2,334 | (3,054) | -131% |
Net Interest Expense | (174) | (645) | 471 | 73% |
Cash from investing activities | (94) | 2,470 | (2,564) | 104% |
Cash from financing activities | 2,158 | (5,205) | 7,363 | 141% |
Bond Repayment | (1,035) | (3,631) | 2,596 | 71% |
Receipts / (Repayment) bank loan | 3,347 | (1,179) | 4,526 | 384% |
Others | (153) | (395) | 242 | 61% |
Forex Impact | 3 | 2 | 1 | 50% |
Cash at end | 6,501 | 1,606 | 4,895 | 305% |
Real Estate: Resilient Sales Momentum and Timely Execution
LPKR's real estate segment posted marketing sales of IDR 2.47tn in 1H25, reaching 40% of the full-year target. This performance was driven by sustained demand for both affordable and premium landed housing across multiple regions, which contributed 67% of total marketing sales, reflecting strong interest from first-time homebuyers and end-users.
The achievement was supported by the launch of Park Serpong phase 4 and the introduction of our new premium offerings, Belmont Homes and Bentley Homes.
Exhibit 3: Marketing sales results (in IDR bn)Exhibit 4: Marketing sales targets vs results (by projects)
Project | Location | FY25 Marketing sales target (in IDR bn) | 1H25 Marketing sales result (in IDR bn) | 1H25 Units sold |
Lippo Karawaci (Holdco) | 4,600 | 1,681 | 2,018 | |
Residentials | Various Locations¹ | 3,700 | 1,248 | 1,382 |
Commercial | Various Locations¹ | 550 | 274 | 156 |
High rise inventory | Various Locations¹ | 100 | 56 | 33 |
San Diego Hills | Karawang, West Java | 200 | 62 | 445 |
Land Plot | Various Locations¹ | 50 | 41 | 2 |
Lippo Cikarang | 1,650 | 791 | 688 | |
Residentials | East Greater Jakarta | 1000 | 414 | 540 |
Industrial | East Greater Jakarta | 100 | 63 | 17 |
Commercial | East Greater Jakarta | 550 | 314 | 131 |
Total | 6,250 | 2,472 | 2,706 | |
¹ Various locations including Lippo Village, Park Serpong, Tanjung Bunga, Jakarta, and Manado
Within Lippo Karawaci (Holdco), residential sales contributed IDR 1.25tn, complemented by commercial unit sales of IDR 274bn, land plots of IDR 41bn, and cemetery plots at San Diego Hills totalling IDR 62bn. Sales momentum was further boosted by our premium offerings, Belmont Homes and Bentley Homes, located in the heart of Lippo Village.
Exhibit 5: Marketing sales breakdown in Lippo KarawaciLippo Karawaci | Location | 1H25 Marketing Sales Result (in IDR bn) | 1H25 Units Sold | Key Products |
Landed residentials | West Greater Jakarta | 1,015 | 1,129 | Cendana Suites, QXYZ Livin, and Blackstar Series |
Makassar, South Sulawesi | 202 | 188 | QXYZ Livin, Rolling Hills, The Prestige | |
Mid-rise residentials | West Greater Jakarta | 31 | 65 | Urbn X |
Shophouses | West Greater Jakarta | 274 | 156 | The Hive @Parkhills Boulevard |
High-rise inventory | North-east Jakarta | 15 | 5 | Holland Village |
West Greater Jakarta | 41 | 28 | Millenium Village | |
Total | 1,578 | 1,571 |
Lippo Cikarang reported IDR 791bn in marketing sales, with landed homes and shophouses accounting for over 92% of total sales. Projects such as XYZ Livin and Cendana Spark North continued to attract strong buyer interest. We also introduced the new premium series, The Allegra @ Casa de Lago, starting at IDR 2.14bn for a 112m² land plot with a 138.5m² building.
Exhibit 6: Marketing sales breakdown in Lippo CikarangLippo Cikarang | 1H25 Marketing Sales Result (in IDR bn) | 1H25 Units Sold | Key Products |
Landed residentials | 376 | 459 | XYZ Livin, Cendana Spark North |
Low-rise residentials | 16 | 49 | Newville |
High-rise inventory | 22 | 32 | Orange County |
Industrial | 63 | 17 | Delta Silicon 3 |
Shophouses | 314 | 131 | The Hive @Spark North |
Total | 791 | 688 |
In 1H25, 63% of sales were financed through mortgages, underscoring strong end-user demand and reaffirming the success of LPKR's strategy in meeting Indonesia's affordable housing needs.
Exhibit 7: Payment profile (excluding land plot sales)Payment mode | 1H25 | 1H24 |
Mortgage | 63% | 74% |
Cash | 15% | 13% |
Instalment | 22% | 13% |
Total | 100% | 100% |
Revenue for the segment grew 51% YoY to IDR 3.46tn, driven by timely handovers of residential and commercial units and steady demand for cemetery plots at San Diego Hills. EBITDA remained at IDR 526bn, supported by operational efficiencies and effective execution.
Exhibit 8: Real Estate P&L Highlights (1H25 vs 1H24)(In IDR bn) 1H25 1H24 Var YoY %YoY | ||
Revenue 3,457 2,296 | 1,161 25 (100) | 51% 3% -26% |
Gross Profit 1,007 982 Opex (480) (380) | ||
EBITDA 526 602 | (76) | -13% |
Lifestyle: Steady Recovery in Malls and Hotels
LPKR's lifestyle segment delivered a solid performance in 1H25, with revenue holding steady at IDR 659bn. Gross profit increased 13% to IDR 493bn, while EBITDA rose 41% YoY to IDR 213bn, supported by stronger tenant leasing, ongoing operational recovery, and continued cost optimization.
Exhibit 9: Lifestyle P&L Highlights (1H25 vs 1H24)(In IDR bn) | 1H25 | 1H24 | Var YoY | %YoY |
Revenue | 659 | 652 | 7 | 1% |
Gross Profit | 493 | 435 | 58 | 13% |
Opex | (280) | (284) | 4 | 2% |
EBITDA | 213 | 151 | 62 | 41% |
Operationally, average hotel room rates climbed 5% YoY to IDR 636k, and mall footfall held steady at over 11 million visitors per month, reflecting sustained momentum in retail recovery.
Exhibit 10: Lifestyle Operational Metrics HighlightsKey operational metrics | 1H25 | 1H24 | %YoY |
Hotels Average room rate (in IDR) Average occupancy rate | 636,631 57% | 603,959 63% | 5% -10% |
Malls Average footfall traffic | 11 | 10.0 | 10% |
CEO of LPKR, John Riady said, "We are pleased to report our marketing sales and financial results for the first half of 2025, supported by the timely handover of various products across multiple regions. Our affordable housing strategy, complemented by offerings in the premium segment, has driven strong marketing sales performance. Notably, our deleveraging initiatives have significantly strengthened our capital structure."
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