Pt Lippo Karawaci TbkIDX: LPKR

Investor release - LPKR 1Q25 Results

· Issued by Pt Lippo Karawaci Tbk
INVESTOR RELEASE FOR IMMEDIATE RELEASE

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
JAKARTA - PT Lippo Karawaci Tbk ("LPKR" or the "Company"), Indonesia's leading integrated real estate and healthcare platform, today announced its financial results for the first quarter ended 31 March 2025.

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 Karawaci

Lippo 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 Cikarang

Lippo 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 Highlights

Key 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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