Jakarta. Property giant Pantai Indah Kapuk Dua (PANI) reported a profit attributable to the parent entity of Rp 486.60 billion ($31 million) for the first nine months of 2024, marking an increase of 91.1 percent from Rp 254.55 billion in the same period in 2023.

Earnings per share rose to Rp 30.30 as of Sept. 30, up from Rp 18.82 at the end of September 2023.

As of the end of September 2024, PANI recorded net revenue of Rp 2.09 trillion, an increase from Rp 1.73 trillion from January to September 2023. The cost of revenue also increased to Rp 897.86 billion, up from Rp 855.33 billion at the end of Q3 2023.

PANI's gross profit reached Rp 1.19 trillion as of September 30, 2024, exceeding the Rp 876.61 billion recorded in the same period last year.

Since the beginning of the year, the company's assets have grown by 30.9 percent to Rp 44.2 trillion, compared to Rp 33.7 trillion at the end of 2023.

"In line with this, the company's liabilities increased to Rp 17.8 trillion as of Sept. 30, up from Rp 14.6 trillion at the end of 2023," the company stated in a disclosure to the Indonesia Stock Exchange (IDX) on Wednesday.

Additionally, the company reported a 37.8 percent growth in equity since the beginning of the year, with equity totaling Rp 26.2 trillion at the end of Q3 2024. This growth was driven by an increase in share capital and additional paid-in capital amounting to Rp 6.5 trillion from a private placement.

PANI has set a target for new pre-sales to rise from Rp 5.5 trillion to Rp 6 trillion this year, reflecting a 9 percent increase.

Following the revised target of Rp 6 trillion, PANI recorded pre-sales of Rp 4.7 trillion from January to September 2024, achieving 78 percent of the 2024 target. This figure represents a growth of 168 percent compared to the same period last year.

Sugianto Kusuma, also known as Aguan, the President Director of PIK2 (PANI), recently said that the positive outlook stems from rising property demand in the middle and upper segments, including residential units, commercial products such as shophouses, office buildings, SOHOs, and warehouses, as well as demand for commercial plots from various businesses looking to expand in the PIK2 area.

"This year, we see very promising growth in PIK2. With the thematic products we have launched, we will continuously monitor feedback and develop appropriate strategies to sustain our performance in the future," Aguan said.