30 April 2025
LPKR Achieves Steady Start to 2025 with IDR 169bn Net Profit in 1Q25- Underlying NPAT booked at IDR 208bn, supported by solid operational performance and lower financing costs
- Delivered Total NPAT of IDR 169bn, compared to loss of IDR 179bn in 1Q24
- 1Q25 Real Estate Marketing Sales reached IDR 1.26tn, achieving 20% of full-year target
LPKR began 2025 on a positive performance, delivering a significant improvement in profitability. Underlying Net Profit After Tax (NPAT) booked at IDR 208bn, while total NPAT at IDR 169bn compared to a loss of IDR 179bn in 1Q24. This turnaround reflects the Company's focus on core business execution, efficient cost management, and disciplined deleveraging.
On a statutory basis, the Company reported revenue of IDR 2.06tn and underlying EBITDA of IDR 375bn. These figures reflect the deconsolidation of PT Siloam International Hospitals Tbk ("SILO") in June 2024. On a like-for-like basis, assuming SILO had already been deconsolidated in 1Q24, revenue would have grown 31% YoY.
Exhibit 1: LPKR Statutory P&L Highlights (1Q25 vs 1Q24)(In IDR bn) | 1Q25 | 1Q24 | Var YoY | %YoY |
Revenue | 2,064 | 4,563 | (2,499) | -55% |
Gross Profit | 817 | 1,957 | (1,140) | -58% |
Opex | (442) | (813) | 371 | 46% |
EBITDA1 | 375 | 1,143 | (768) | -67% |
Income (Loss) on Associates | 186 | 38 | 148 | 389% |
Interest | (79) | (301) | 222 | 74% |
Tax | (69) | (181) | 112 | 62% |
Others2 | (205) | (496) | 291 | 59% |
Underlying NPAT | 208 | 204 | 4 | 2% |
Non-Operational and One-off Items3 | (39) | (383) | 344 | 90% |
NPAT | 169 | (179) | 348 | 194% |
1Underlying EBITDA excludes non-cash adjustments of SILO's historical assets write-down in 1Q24
2Others mainly consist of the rental equivalent expense component from the PSAK 73 leasing calculation
3Non operational accounting adjustments from SILO one-off in 1Q24, bonds buyback, FX and others
Despite the expected lower operating cash flow following SILO's deconsolidation, LPKR maintained a healthy liquidity position with cash at the end of the period improved to IDR 2.77tn, from IDR 2.62tn a year earlier, reflecting prudent cash management.
A key highlight for the quarter was the reduction in net interest expense, which fell 71% YoY to IDR 93bn. This decline was driven by the successful repayment of IDR 1.04tn in bonds and IDR 740bn in bank loans, underscoring LPKR's commitment to deleveraging and optimizing its capital structure. These efforts have resulted in a stronger balance sheet and lower funding costs going forward.
Exhibit 2: LPKR Cash Flow Highlights (1Q25 vs 1Q24)(In IDR bn) | 1Q25 | 1Q24 | Var YoY | %YoY |
Cash at beginning | 5,328 | 2,650 | 2,678 | 101% |
Cash from operating activities | (627) | 1,031 | (1,658) | -161% |
Business operations | (544) | 1,467 | (2,011) | -137% |
Net Interest Expense | (93) | (316) | 223 | 71% |
Receipts (Placement) for restricted funds | 11 | (121) | 132 | 109% |
Cash from investing activities | (74) | (371) | 297 | 80% |
Cash from financing activities | (1,865) | (690) | (1,175) | -170% |
Bond Repayment | (1,035) | - | (1,035) | |
Repayment bank loan | (740) | (471) | (269) | -57% |
Others | (89) | (219) | 130 | 59% |
Forex Impact | 7 | 2 | 5 | 250% |
Cash at end | 2,770 | 2,622 | 148 | 6% |
Real Estate: Resilient Sales Momentum and Timely Execution
LPKR's real estate segment recorded marketing sales of IDR 1.26tn in 1Q25, achieving 20% of its full-year target. The result was underpinned by sustained demand for affordable landed house across multiple regions with 80% of contribution total marketing sales, reflecting strong interest from first-time homebuyers and end-users.
Flagship projects such as Cendana Homes, XYZ Livin, and Waterfront Uptown continued to gain traction, supported by the launch of Park Serpong Phase 4 and the Blackslate Series in Tanjung Bunga with take-up rate 96% and 88% respectively.
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) | 1Q25 Marketing sales result (in IDR bn) | 1Q25 Units sold |
Lippo Karawaci (Holdco) | 4,600 | 940 | 1,254 | |
Residentials | Various Locations¹ | 3,700 | 792 | 944 |
Commercial | Various Locations¹ | 550 | 71 | 36 |
High rise inventory | Various Locations¹ | 100 | 28 | 20 |
San Diego Hills | Karawang, West Java | 200 | 31 | 253 |
Land Plot | Various Locations¹ | 50 | 18 | 1 |
Lippo Cikarang | 1,650 | 323 | 325 | |
Residentials | East Greater Jakarta | 1000 | 216 | 276 |
Industrial | East Greater Jakarta | 100 | - | - |
Commercial | East Greater Jakarta | 550 | 107 | 49 |
Total | 6,250 | 1,263 | 1,579 | |
¹ Various locations including Lippo Village, Park Serpong, Tanjung Bunga, Jakarta, and Manado
Within Lippo Karawaci (Holdco), residential sales contributed IDR 792bn, with additional contributions from commercial units (IDR 71bn), land plots (IDR 18bn), and cemetery plots at San Diego Hills (IDR 31bn). Sales momentum was further supported by strong take-up rates of up to 96% on launch day for premium products such as Cendana Suites, XYZ Series, and Blackstar Series at Park Serpong.
Exhibit 5: Marketing sales breakdown in Lippo KarawaciLippo Karawaci | Location | 1Q25 Marketing Sales Result (in IDR bn) | 1Q25 Units Sold | Key Products |
Landed residentials | West Greater Jakarta | 649 | 808 | Cendana Suites, QXYZ Livin, and Blackstar Series |
Makassar, South Sulawesi | 131 | 113 | QXYZ Livin | |
Mid-rise residentials | West Greater Jakarta | 12 | 23 | Urbn X |
Shophouses | West Greater Jakarta | 71 | 36 | The Hive @Parkhills Boulevard |
High-rise inventory | North-east Jakarta | 5 | 2 | Holland Village |
West Greater Jakarta | 23 | 18 | Millenium Village | |
Total | 891 | 1,000 |
Lippo Cikarang reported IDR 323bn in marketing sales, with landed homes and shophouses accounting for over 96% of total sales. Projects such as XYZ Livin and Cendana Spark North continued to attract strong buyer interest.
Exhibit 6: Marketing sales breakdown in Lippo CikarangLippo Cikarang | 1Q25 Marketing Sales Result (in IDR bn) | 1Q25 Units Sold | Key Products |
Landed residentials | 205 | 247 | XYZ Livin, Cendana Spark North |
Low-rise residentials | 7 | 22 | Newville |
High-rise inventory | 4 | 7 | Orange County |
Shophouses | 107 | 49 | The Hive @Spark North |
Total | 323 | 325 |
In 1Q25, 72% of sales were financed through mortgages, highlighting strong demand from end-users and reaffirming the success of LPKR's strategy in addressing Indonesia's affordable housing needs.
Exhibit 7: Payment profile (excluding land plot sales)Payment mode | 1Q25 | 1Q24 |
Mortgage | 72% | 78% |
Cash | 12% | 10% |
Instalment | 16% | 12% |
Total | 100% | 100% |
Revenue for the segment increased 39% YoY to IDR 1.74tn, supported by timely handovers of residential and commercial units and continued demand for cemetery plots at San Diego Hills. EBITDA remained stable at IDR 321bn, driven by operational efficiencies and strong operational execution.
Exhibit 8: Real Estate P&L Highlights (1Q25 vs 1Q24)(In IDR bn) | 1Q25 | 1Q24 | Var YoY | %YoY |
Revenue | 1,741 | 1,252 | 489 | 39% |
Gross Profit | 577 | 540 | 37 | 7% |
Opex | (257) | (195) | (62) | -32% |
EBITDA | 321 | 346 | (25) | -7% |
Lifestyle: Steady Recovery in Malls and Hotels
LPKR's lifestyle segment reported another quarter of strong performance, with revenue growing 13% YoY to IDR 322bn. Gross profit rose 33% to IDR 239bn, while EBITDA climbed 59% YoY to IDR 106bn, reflecting stronger tenant lease, operational recovery, and ongoing cost optimization initiatives.
Exhibit 9: Lifestyle P&L Highlights (1Q25 vs 1Q24)(In IDR bn) | 1Q25 | 1Q24 | Var YoY | %YoY |
Revenue | 322 | 285 | 37 | 13% |
Gross Profit | 239 | 179 | 60 | 34% |
Opex | (132) | (112) | (20) | 18% |
EBITDA | 106 | 67 | 39 | 59% |
Operationally, average hotel room rates rose to IDR 641k, up 8% YoY. Mall footfall traffic remained resilient, averaging over 11 million monthly visitors, reflecting continued recovery in retail activity.
Exhibit 10: Lifestyle Operational Metrics HighlightsKey operational metrics | 1Q25 | 1Q24 | %YoY |
Hotels Average room rate (in IDR) Average occupancy rate | 640,801 54% | 596,016 58% | 8% -7% |
Malls Average footfall traffic | 11 | 10.2 | 8% |
CEO of LPKR, John Riady said, "We are off to a positive start in 2025, underpinned by our focused execution, operational resilience, and financial discipline. Our affordable housing strategy continues to resonate with end-users, and our debt reduction strategy is yielding tangible results through lower interest costs. We remain committed to expanding access to quality housing for more Indonesians, while driving sustainable growth for our stakeholders."
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