PT Graha Mitra Asia Tbk, known as RelifeAsia, a housing developer listed on the IDX with the RELF stock code, managed to record a significant increase in performance in the second quarter of 2023. Based on the consolidated financial statements for the period ending June 30, 2023, RELF posted net profit of IDR 4.54 billion, a significant increase of more than 300% from the same period in 2022 which was only IDR 1.015 billion.
The increase in RELF’s Q2 net profit for 2023 proves that the property sector in the middle segment continues to stretch and grow. Sales of housing units also increased from the previous year. The company was recorded as having managed to record operating revenues of IDR 17.32 billion, up 182% from revenue in the second quarter of 2022 of IDR 11.17 billion.
Based on the Company’s financial statements, house sales contributed as a contributor to the Company’s operating income. In the previous year apart from selling houses, the Company also recorded income from sales agent services and construction services. RELF can maintain COGS level at 48.90% and operational at 22.09% of sales. This shows that the Company can operate efficiently so that it can score good profits.
Meanwhile, according to the Company’s business plan, RELF is currently preparing to open new projects located in Semplak, Bogor Regency and Jagakarsa, South Jakarta. Marketing and sales activities for the two projects have started in the middle of this year.
Edy Abdul Malik, RELF’s Finance Director said, “Management continues to pursue sales, accelerate construction and handover of housing units to consumers. This is intended so that house sales income can be recorded as planned this year.”
Edy added, “The company has the potential to record revenue from units that have been sold and are in the process of being built in the amount of IDR 45.61 billion. With this achievement, the company has the potential to record a significant increase in revenue and net profit at the end of this year.”