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PPRO Rating id BBB-
Jakarta, 19 Oktober 2020 – Property developer in Indonesia, PT PP Properti Tbk (ticker code: PPRO) received a rating from PT Pemeringkat Efek Indonesia (PEFINDO) with a “idBBB-” rating for PT PP Properti Tbk (PPRO) and Bond I Year 2016. At the same time , PEFINDO also assigns an “idBBB-” rating for Continuous Bonds II Year 2020 with a maximum value of IDR 2.4 trillion, Bond I Phase I 2018, Bond I Phase II Year 2019, Bond I Phase III Year 2019, MTN XI Year 2018, MTN XII In 2018, MTN XIII Year 2018, and MTN XIV Year 2019 with the results of a BBB- (Triple B Minus) rating.
PPRO has several strategies to maintain ratings and financial conditions amid the current Covid-19 pandemic. Changes in revenue recognition based on PSAK 72 are one of the strategies to accelerate the handover of occupancy to unit buyers in several projects completed this year.
President Director of PPRO, Sinur Linda Gustina emphasized, “PPRO will continue the ongoing strategy, including focusing on accelerating the handover of apartment units, strengthening the Company’s information technology in the context of implementing digital marketing, increasing the company’s portfolio in landed house products, controlling capital expenditures, making divestments. shares of Subsidiaries, strengthening cooperation with banks and other efforts to increase liquidity and increase the portion of recurring income “.
PPRO has 5 (five) hotels in operation, including in Jakarta, Bandung, Surabaya, Balikpapan and Pekanbaru and 2 (two) shopping malls in Bekasi and Surabaya. During pandemic conditions, hotels continue to operate by implementing CSHE Standards (cleanliness health safety environment), and shopping malls continue to operate serving visitors by following the transitional PSBB rules according to local government regulations. “Currently, PPRO’s recurring income, which comes from hotels and shopping malls, is around 7%,” added Linda.
“The company continues to maintain its commitment to consumers to complete 7 (seven) projects that are ready to be handed over until the end of the year including; Grand Sungkono Lagoon Tower Caspian and Grand Dharmahusada Lagoon Tower Olive in Surabaya, Begawan apartments in Malang, Amartha View and The-Alton in Semarang, Evenciio in Margonda Depok and The Ayoma Apartments in Serpong, “said Linda.
Until the end of this year, PPRO has an MTN that is due for payment. “We remain committed to paying off all debt instruments that are due until the end of 2020, in accordance with the Company’s initial commitment to investors,” concluded Deni Budiman as PPRO’s Finance Director.
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About PT PP Properti Tbk :
PT PP Properti Tbk (ticker code: PPRO) is a leading state-owned company of PT PP (Persero) Tbk (ticker code: PTPP). The Company was founded in December 2013, but has had experience since 1991 and the Company has currently been a listing company on the Indonesia Stock Exchange since May 2015. In 2017, the Company split the share value of Rp. 100 (one hundred rupiah) to Rp. 25 (twenty five rupiah). The Company has 3 (three) business segments, namely Residential, Commercial and Hospitality. Since 1991 until now, the Company has developed around 49 projects including 33 Residential, 10 Commercial, and 6 Hospitality.
