Bakrie Land, Dream, Deliver

Annual and Extraordinary Shareholders General Meeting of PT Bakrieland Development Tbk (Bakrieland) was held today, in which shareholders have agreed to Bakrieland’s achievements in 2010 and approved to the structure changes in the Board of Commissioners and in the Board of Directors. 

In 2010, Bakrieland successfully strengthened its performance as reflected through its revenue reaching Rp 1.36 trillion, or an increase by 29.1% compared to 2009’s revenue while net profit in 2010 increased by 35.1% to Rp 178.7 billion.  As well, total assets increased significantly by 47.2% by the end of 2010, reaching Rp 17.1 trillion, compared to Rp 11.6 trillion in 2009. 

 “We expect Bakrieland’s revenue in 2011 to rise by 30% or even higher. This is supported by the relatively low mortgage rates in 2011 and the increase of bank liquidity in providing mortgages. The operations of six big projects with recurring income starting last year will strengthen Bakrieland’s revenue,” said Bakrieland’s President Director & CEO Hiramsyah S. Thaib.

Bakrieland’s revenue growth in 2011 is supported by the conducive economic condition as well the support of the said six big projects already operating with recurring income.  The projects include the Kanci – Pejagan toll road, with its increasing traffic reaching 13,000 cars per day compared to only 6,000 cars daily in 2010, the Epicentrum Walk Office Suites with 80% of its units sold, the Epicentrum Walk – Lifestyle Entertainment Hub with its retail occupancy rate of around 70%, the Bakrie Tower with its occupancy rate reaching nearly 100%, the Aston Bogor Hotel & Resort which officially opened in December 2010 has managed to reach its average occupancy rate of approximately 70%, and the Pullman Bali Legian Nirwana’s average occupancy rate of 64% since its operation in February 2011. 

The six operating projects will contribute to the line-up of recurring income projects and increase Bakrieland’s total revenue. In the future, recurring income may increase in line with Bakrieland’s plans to continue to develop projects with recurring income. 

Structure Changes in the Board of Commissioners and the Board of Directors 

The Extraordinary Shareholders General Meeting has also approved changes in the structure of the Board of Commissioners and the Board of Directors to be as follows: 

“Changes in the structure of the Board of Commissioners and the Board of Directors are in line with the development of the company and also expectation to boost performance in all business units for Bakrieland’s higher achievements in the future,” explains Hiramsyah.  

Focus: Accelerating Projects and Converting Land Bank into Cash Flow

After acquiring an immense land bank of around 14,000 Ha with high potential growth and attractive valuation, Bakrieland’s business development focus in 2011 is to convert land bank into cash flow.

To accelerate land bank conversion into cash flow, Bakrieland plans to invite strategic partners to jointly develop its land bank.  This strategy is positive not only on the financial aspect, but on marketing and risk management as well.  

Bakrieland’s shares are property stocks with high liquidity in IDX

In terms of shares liquidity, Bakrieland’s shares are property stocks with high liquidity in the Indonesia Stock Exchange (IDX). Bakrieland’s average daily trading value during 2010 was more than Rp 50 billion, which above the average listed property companies in IDX. In early 2011, Bakrieland’s shares continued as property stocks with high liquidity in IDX.  This surely reflects Bakrieland’s good prospects.   

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About Bakrieland

PT Bakrieland Development Tbk (Bakrieland) is an integrated property developer in Indonesia (IDX code: ELTY) which has 4 business units i.e. City Property, Landed Residential, Hotels & Resorts, and Property Related Infrastructure. 

• Bakrieland is the integrated property developer that highly implements Good Corporate Governance in its operations.
• Bakrieland has obtained ISO 9001:2008 certificate for quality control management
• Bakrieland is commited in implementing a sustainble and continuous CSR program as form of its corporate responsibility to its stakeholders, especially communities around Bakrieland’s property projects.

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