Sinarmas Land's revenue hits record high in FY22

The company's revenue soared 48.8% YoY to $1.3b.

Sinarmas Land ended FY22 with a record-high revenue of $1.3b. Compared to FY21, the FY22 revenue is 48.8% higher.

In a bourse filing, the company attributed the increase in its revenue to "higher sales of commercial and industrial land parcels in BSD City and Kota Deltamas, Indonesia, coupled with higher revenue recognised from residential and apartment units."

Apart from revenue, Sinarmas Land's net profit for the year also rose in FY22, jumping 113.5% YoY to $502.7m.

It also achieved a record profit attributable to owners of the company of $343.6m in FY 2022. The figure translates to a 135.8% increase from FY21. 

"In 2023, the group will continue to seek collaboration opportunities with strong regional partners, focusing on acquisition opportunities, asset enhancements, driving rental reversions for better yields and riding on our track record of delivering sustainable profits.” Margaretha Widjaja, SML’s executive director, said.