Shares Stagnant at IDR 50, PP Properti (PPRO) Boosts Financial Performance

PT PP Properti Tbk. (PPRO) is trying to boost financial performance after entering the list of equity securities under special monitoring of the Indonesia Stock Exchange ( IDX ). PPRO is being monitored by the IDX because its shares are stagnating at the gocapan level.

PP Properti's VP of Corporate Secretary, Ikhwan Putra, said that there were many factors that influenced the movement of the state-owned issuer's shares. Meanwhile, PPRO seeks to encourage positive performance in order to encourage stock performance.

He said several factors that influenced the movement of stocks were global, domestic, sectoral economic conditions, PPRO performance, as well as news and others.

PPRO is included in the list of equity securities under special monitoring with Notation 1 which means the average share price for the last 6 months on the regular market is less than IDR 51.

"We can say that at this time we continue to strive to provide good performance. It is hoped that this will later help revitalize PPRO shares," Ikhwan said to Bisnis , Tuesday (6/6/2023).

Furthermore, he said that in improving its performance, PPRO focuses on carrying out planned programs and completing ongoing projects.

One of the efforts that PPRO is currently carrying out is completing ongoing projects such as the Westown View Apartment in Surabaya, the Louvin Apartment in Jatinangor and Permata Puri Cibubur.

In addition, PPRO is also selling plots/land, as well as increasing revenue from recurring income to boost financial performance. PPRO also runs several programs to support the acceleration of payment and sales of units through a Holiday campaign with PP Properti.

Based on the financial report as of March 31 2023, PPRO recorded revenue of IDR 219.25 billion. This income decreased by 42.44 percent from IDR 380.96 billion compared to the same period last year or on a year-on-year (YoY) basis.

The decline in revenue was also followed by a decline in cost of goods sold by 48.02 percent from IDR 346.15 billion per quarter I/2022 to IDR 179.92 billion per quarter I/2023.

Despite the decrease in revenue, PPRO was able to record an increase in net profit for the year attributable to owners of the parent entity by 51.16 percent per quarter I/2023. This profit increased from IDR 1.29 billion to IDR 1.95 billion YoY.

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