Jakarta, May 19, 2023 – PT Modernland Realty Tbk. (MDLN) held its Annual General Meeting of Shareholders (AGMS) at the Club House Jakarta Garden City, East Jakarta.
The meeting was attended by the Board of Commissioners, Board of Directors, and the Company’s Notary.
The AGMS approved several key agenda items, including the ratification of the Company’s consolidated financial statements and annual report for the fiscal year ended December 31, 2022, along with granting full release and discharge (acquit et decharge) to the Board of Directors and Board of Commissioners.
The meeting also approved that no dividend distribution would be made for the 2022 fiscal year, delegated authority to the Board of Commissioners to determine remuneration, and reappointed Tanubrata Sutanto Fahmi Bambang & Rekan as the Company’s public accounting firm for 2023.
2022 Performance Overview
President Director William Honoris stated that the Company successfully navigated a challenging 2022, marked by the continuation of COVID-19 variants and the Russia–Ukraine conflict, which impacted the global economy.
Despite global pressures such as inflation, supply chain disruptions, and rising interest rates, Indonesia achieved economic growth of 5.3% in 2022, outperforming global growth.
However, the outlook for 2023 remains challenging due to continued monetary tightening.
With the lifting of mobility restrictions, the Company expects improved economic activity, increased purchasing power, and stronger demand across residential, commercial, and hospitality sectors.
The Company has also taken strategic steps, including completing its global bond restructuring and partial USD bond redemption, which improved liquidity and strengthened its financial structure.
Financial Performance
According to Director Herman, the Company recorded revenue of IDR 1.10 trillion in 2022, a decline of 45.29% compared to IDR 2.01 trillion in 2021.
The decrease was mainly due to the absence of one-off revenue from the divestment of PT Astra Modern Land in 2021.
Cost of revenue declined to IDR 535.87 billion, while gross profit stood at IDR 562.99 billion.
Operating profit reached IDR 297.37 billion.
Net profit improved significantly to IDR 20.17 billion from a net loss of IDR 41.99 billion in 2021, supported by lower financial expenses following debt restructuring.
Total assets stood at IDR 13.53 trillion, while liabilities decreased to IDR 9.30 trillion.
Equity increased slightly to IDR 4.23 trillion.
Marketing Performance
Director David Iman Santosa reported that the Company recorded marketing sales of IDR 861 billion in 2022.
The residential segment contributed the largest portion at 60%, followed by industrial at 22%, and hospitality.
Residential sales reached IDR 520 billion, driven by projects such as Jakarta Garden City and Kota Modern.
Industrial sales grew significantly by 58% to IDR 190 billion, supported by increasing demand for logistics-related land.
Hospitality and other segments recorded IDR 150 billion.
Business Outlook 2023
The Company expects 2023 to remain challenging due to global economic slowdown, rising interest rates, and inflation.
However, improved mobility and ongoing infrastructure development are expected to support recovery.
In the residential segment, the Company plans to launch new products in Jakarta Garden City and Kota Modern, including landed houses and commercial units at more affordable price points.
In the industrial segment, the Company is exploring opportunities in logistics land demand, particularly in eastern Jakarta.
Social and Environmental Responsibility
Director Dharma Mitra emphasized that sustainable business growth depends on stakeholder satisfaction and long-term value creation.
The Company continues to implement Corporate Social Responsibility (CSR) programs through structured planning, including social mapping, focus group discussions, and targeted initiatives.
Programs in 2022 included entrepreneurship training, affordable business space for local communities, and employee wellness initiatives.
The Company also maintains strong governance practices, risk mitigation strategies, and compliance with regulations, while continuously improving its ESG performance.
Management will continue to evaluate and enhance these initiatives to ensure long-term sustainability and alignment with business operations.