Two Top Property Issuers by Profit, Both Owned by Aguan

The competitive landscape among property issuers in the first quarter of 2026 reveals intriguing dynamics. Amid challenges from high interest rates and pressure on purchasing power in several market segments, some companies have managed to record significant profit surges. Notably, the top two spots in the list of property issuers with the highest net profits are both occupied by companies affiliated with property conglomerate Sugianto Kusuma, or Aguan. This performance is strongly supported by the booming sales of premium projects, particularly in the Pantai Indah Kapuk (PIK) 2 area, which continues to show positive momentum. Compiled from disclosures on the Indonesia Stock Exchange (BEI), PT Pantai Indah Kapuk Dua Tbk (PANI) holds the top position after booking a net profit of Rp 578 billion in the first quarter of 2026. This surge is primarily driven by high sales of projects in the PIK 2 area, causing the company’s net profit to jump more than tenfold year-on-year. The second position among property issuers with the highest profit is held by CBDK with a net profit of Rp 542 billion. This achievement grew 317 percent compared to the first quarter of 2025. Meanwhile, the company’s revenue was recorded at Rp 743 billion, up 74 percent year-on-year. This impressive growth is supported by the optimisation of monetisation in the CBD PIK 2 area, reflecting high market interest in commercial property products in that zone. Meanwhile, although experiencing a performance decline compared to the previous year, PT Ciputra Development Tbk (CTRA) still holds a position in the top three. In terms of revenue, CTRA recorded sales and operating revenue of Rp 2.55 trillion, down 6.37 percent from the same period last year at Rp 2.73 trillion. Another property issuer, APLN, recorded a fairly sharp recovery at the start of this year. The company booked a net profit of Rp 513.8 billion, reversing from a net loss of Rp 55.6 billion in the first quarter of 2025. This performance improvement is supported by a surge in sales and operating revenue reaching Rp 2.9 trillion, soaring 232 percent compared to the same period last year at Rp 874.5 billion. Then, Pakuwon Group or PWON completes the top five list with a net profit of Rp 389.99 billion. This profit grew 29.31 percent year-on-year, in line with the company’s revenue increasing 5.83 percent to Rp 1.64 trillion. This growth demonstrates the strength of the company’s recurring income business model, which has long been its mainstay, particularly from shopping centres, offices, and hotels segments.