PT Bakrieland Development Tbk (Bakrieland) has been awarded as 'The Developer of the Year 2008' at the 'Indonesia Property & Bank Award 2008' event held in Jakarta on Thursday (29/5). Meanwhile Rasuna Epicentrum, a city property unit of Bakrieland, also received an award as 'the largest and most complete Superblock in Jakarta'. The award presented this year is the third event award held by Property & Bank magazine.

Property & Bank presented "The Developer of the Year" award to Bakrieland based on a number of criteria, including the growth performance of the company which was considered as 'phenomenon'.

 

In its cover story, the Property & Bank magazine reported that breakthrough undertaken by Bakrieland since 2007 has surprised the market and other property players. Bakrieland is considered to have moved ahead of its competitors and showed a fast growth. Bakrieland managed to post an impressive financial performance in 2007 as seen by its solid financial condition and record sales growth.

 

"When the economic crisis hit, the company, previously known as PT Elang Realty, shifted its focus on restructuring rather than on expansion. However, in 2007 Bakrieland undertook steps that caught 'big property players' by surprise," Property & Bank magazine reported.

 

All financial indicators of Bakrieland show an extraordinary rise. Its total assets increased from Rp2.4 trillion in 2006 to Rp5.7 trillion in 2007, or up 138.3%.  Its equity also surged from Rp1.32 trillion to Rp4.13 trillion, representing an extraordinary increase of 213.4%. The company's total sales also rose 98.99%, from Rp393.23 billion in 2006 to Rp782.11 billion in 2007. The similar sharp increases were also seen in its operating profit and net profit, which soared 136.2% and 98.55% respectively.

 

The movement of its shares, with code ELTY, on the stock exchange showed a sharp jump. After stood at 9th rank out of listed property players in 2006, ELTY shares surged to number one in 2007.  ELTY remains as the property stock that recorded the largest daily transaction value.

 

Meanwhile, Rasuna Epicentrum, received an award as the largest and most complete superblock in Jakarta. Rasuna Epicentrum, which has a total geographical size of 53.5 hectares, develops apartment, office complex, and commercial area. The development of the area is projected to continue until 2014 without having to acquire new land, as well as having had the largest land bank in CBD area.

 

	Q1 2008	Q1 2007	% Rise
Revenues	204.3	111.4	83.4%
Gross Profit	99.1	46.4	113.6%
Operating Profit	50.8	19.6	159.2%
Net Profit	30.1	13.9	116.5%
Gross Profit Margin	48.5%	41.7%	16.4%
Operating Profit Margin	24.8%	17.6%	40.9%

 

Note: The article is accompanied with a news photo with title "Award for Bakrieland" (Investor Daily, 2/6)