Property developer PT Ciputra Development Tbk recorded a double-digit profit increase in 2020 even though the pandemic affected the economy.

Based on financial reports as of December 2020, the company with the issuer code CTRA recorded a profit of Rp1.32 trillion, an increase of 14.05% compared to the previous year's Rp1.15 trillion. Meanwhile, the rise in profit is in line with revenue growth of 6.07% on an annual basis (YoY) to Rp8.07 trillion in 2020 from Rp7.60 trillion previously.

In terms of revenue contribution, net sales of some property and land products still dominate. The company recorded that sales of residential houses and shophouses rose 19.70% YoY to Rp4.64 trillion.

Furthermore, apartment sales were also robust, with an increase of 23.52% YoY to Rp1.08 trillion.

The higher increase was recorded by the sale of lots of 28.59% YoY to Rp414.31 billion. Only office sales contracted by 24.15% YoY to Rp455.94 billion last year.

Meanwhile, CTRA recorded its recurring income to have grown by 6.07% YoY to Rp8.07 trillion. Meanwhile, the company's recurring income comes from commercial centers, hospitals, office rentals, hotels, golf courses, etc.