• ACES recorded IDR 727B sales in Jan 25
Aspirasi Hidup Indonesia (ACES) achieved higher sales results, recording IDR 727B in the first
month of 2025 compared to IDR 664B last year. This was driven by the positive performance
of new stores and improved results from existing ones. Total SSSG was booked at 3.4%, with
regions in Java excl. Jakarta and Jakarta itself showed relatively flat and slightly decreased
results, respectively. Meanwhile, Ex – Java region continued to drive growth, achieving an
SSSG of 8.1%. The store signage has been fully updated with the new AZKO branding within
just one month, from the target at the end of 1Q. AHI launched the first AZKO store in
Abepura, Papua, on 12 Feb 25, marking the 246th AZKO store. The store spans an area of
approximately 2,700 m2, consisting of four floors. (ACES)
• APLN recorded IDR 1.9T marketing sales in 2024
Agung Podomoro Land (APLN) recorded marketing sales revenue worth IDR 1.9T in 2024
(+60% yoy). While building new projects, the company also sold strategic assets throughout
last year such as shares in Central Park Mall and Neo Soho to Hankyu Hanshin Japan, the sale
of land assets in Karawang to Chinese investors, and the sale of the Pullman Hotel to trusted
domestic investors. Most recently, the company released the Pullman Vimala Hills Resort
Hotel in Ciawi, Bogor, West Java, at the end of last year. The divestment action is claimed to
be a strategy for the company to strengthen its fundamentals. As a property company, one
of APLN’s objectives is to create value for the assets it builds. If the value increases, the
company does not hesitate to make sales, the proceeds of which will be used as capital to
start new projects. In 2017 – 2024, a total of 7 hotel, mall, and land assets have been sold by
APLN for around IDR 14T. Most of the proceeds are used to finance projects or pay debt
obligations. Projects being built by APLN include Podomoro Park (Bandung), Parkland
Podomoro (Karawang), and Podomoro Hill, Jakarta. Meanwhile, the obligations paid off are
around IDR 4T. The strategy did not cause APLN’s assets to decrease significantly. As an
illustration, the company’s total assets were recorded at IDR 28.79T in 2017. However, until
3Q24, the company’s total assets still reached IDR 27.14T. Apart from that, the company’s
equity also increased from IDR 11.49T in 2017 to IDR 13.23T. Thus, net gearing ratio shrank from
the level of 0.8 to 0.5 in 2024. Apart from strengthening fundamentals, asset sales were used
to reduce debt, including paying off all debts denominated in USD. Thus, the company no
longer faces the risk of fluctuations in the Rupiah exchange rate. (Bisnis Indonesia)
• BNGA booked IDR 6.83T net profit in 2024
Bank CIMB Niaga (BNGA) recorded a net profit of IDR 6.83T in 2024 (+ 5.42% yoy). The growth
was driven by a decrease in operational expenses, which reached 2.37% yoy, with total
operational expenses throughout 2024 recorded at IDR 4.9T. However, the increase in profit
was hampered by a decrease in net interest income. Net interest income fell slightly to IDR
13.27T compared to IDR 13.35T recorded in 2023. This was caused by an increase in interest
expenses, which jumped from IDR 8.95T in 2023 to IDR 10.96T in 2024. This condition affected
BNGA’s NIM, which decreased by 35 bps to 3.85% at the end of 2024. From the intermediation
side, CIMB Niaga recorded a credit distribution of IDR 228T (+6.9% yoy). This credit growth
was offset by an increase in Third Party Funds (DPK) of 10.5% yoy to IDR 260.6T. The biggest
contribution to DPK growth came from current accounts and savings, which rose 14.2% yoy
to IDR 172.1T, accounting for 66% of CIMB Niaga’s total DPK. Consequently, BNGA’s total
assets reached IDR 360.2T as of 31 Dec 24. (Kontan)
