PT Pantai Indah Kapuk Dua Tbk

Name: PT Pantai Indah Kapuk Dua Tbk financial statements and ratios
Creator: Annalist

PANI · IDX · Real estate, real estate development · Indonesia · SAK · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 4 March 2026. Snapshot FY2025_db135c47.

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Overview

Revenue, fiscal year

+52.4% year on year

Profit before tax, fiscal year

+68.0% year on year

Net income, fiscal year

+83.9% year on year

Diluted EPS, fiscal year

+74.8% year on year

Pre-tax margin, fiscal year

+4.6pp year on year

Return on equity, fiscal year

+1.1pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was Rp4.32 trillion, 52.4% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 5 records
1. FY2025 NewRevenue for the fiscal year ended 31 December 2025 was Rp4.32 trillion, 52.4% higher than in the previous fiscal year.Recorded from FY2025_db135c47 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_db135c47 · data update
3. FY2024 NewRevenue for the fiscal year ended 31 December 2024 was Rp2.83 trillion.Reconstructed · data update
4. FY2024 RetiredThe finding changed to stated without a comparison.Reconstructed · data update
5. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was Rp2.16 trillion, 273.7% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was Rp1.15 trillion, 83.9% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 5 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was Rp1.15 trillion, 83.9% higher than in the previous fiscal year.Recorded from FY2025_db135c47 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_db135c47 · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was Rp623.9 billion.Reconstructed · data update
4. FY2024 RetiredThe finding changed to stated without a comparison.Reconstructed · data update
5. FY2023 NewNet income attributable to the company for fiscal 2023 was Rp270.0 billion, 95.4% higher than in the previous fiscal year.Reconstructed · initial
Return on equity for fiscal 2025 was 4.8%, against 3.8% a year earlier.
Strengthenedin FY2025 · stated since FY2024
Rule: Return on equity against a year earlier · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 StrengthenedReturn on equity for fiscal 2025 was 4.8%, against 3.8% a year earlier.Recorded from FY2025_db135c47 · data update
2. FY2024 NewReturn on equity for fiscal 2024 was 3.8%, against 3.6% a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was 3.6%, against 9.9% a year earlier.Reconstructed · initial
Purchases of property, plant and equipment exceeded operating cash flow by Rp167.6 billion in fiscal 2025.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
Weakenedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedPurchases of property, plant and equipment exceeded operating cash flow by Rp167.6 billion in fiscal 2025.Recorded from FY2025_db135c47 · data update
2. FY2024 StrengthenedPurchases of property, plant and equipment exceeded operating cash flow by Rp4.69 trillion in fiscal 2024.Reconstructed · data update
3. FY2023 NewPurchases of property, plant and equipment exceeded operating cash flow by Rp950.8 billion in fiscal 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents3 documents, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_db135c47

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, rupiah

Profit Before Tax

By fiscal year, rupiah

Profit Attributable to Owners of the Parent

By fiscal year, rupiah

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, rupiah

Net Debt

Total debt less cash and short-term investments, at fiscal year end, rupiah

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes2thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 2

WeakenedFree Cash Flow
Purchases of property, plant and equipment exceeded operating cash flow by Rp167.6 billion in fiscal 2025.
Interpretation. The company spent more on capital expenditure than its operating cash flow, and paid the difference from cash, borrowing or asset sales.
WeakenedCash Backing of Earnings
Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 2.4% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsLease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

By Fiscal Year

Ratio	FY202231 Dec 2022
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt: borrowings + lease liabilities, or the lines that present them together; IFRS 16 puts every lease on the balance sheet
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt

Reconciliation of the Credit Figures

Item	FY202231 Dec 2022
Borrowings	Rp1.52tn
Lease liabilities	Rp7.3bn
Borrowings and lease liabilities presented as one line	Rp0
Lease-adjusted debt	Rp1.53tn

Method

Total debt is borrowings and lease liabilities, current and non-current, before the deduction of cash. Under IFRS 16 every lease is on the balance sheet, depreciation includes that of right-of-use assets and finance costs include the interest on lease liabilities, so no lease cost or lease interest is added.
Adjusted EBITDA adds share-based payments, and the impairment that the company reports with depreciation and amortisation, to EBIT and depreciation and amortisation. FFO deducts cash interest and cash taxes.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202231 Dec 2022
Debt due within 12 monthsBorrowings and lease liabilities due within the next 12 months, which the company must repay or refinance.Current borrowings + current lease liabilities, or the current line that presents them together

Method

Debt due within 12 months is current borrowings and current lease liabilities.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityEarnings above cash flowCash-flow accruals 2.4% · FY2025

Accruals and the cash backing of reported earnings.

Net income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 2.4% of average total assets.
Interpretation. Part of the profit has not come in as cash yet: net income was larger than operating cash flow. Profit made of accounting entries tends to repeat less than profit backed by cash (Sloan, 1996).
Weakenedin FY2025 · stated since FY20232.4% from 12.9% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 WeakenedNet income attributable to the company for fiscal 2025 exceeded operating cash flow by an amount equal to 2.4% of average total assets.Recorded from FY2025_db135c47 · data update
2. FY2024 StrengthenedNet income attributable to the company for fiscal 2024 exceeded operating cash flow by an amount equal to 12.9% of average total assets.Reconstructed · data update
3. FY2023 NewNet income attributable to the company for fiscal 2023 exceeded operating cash flow by an amount equal to 3.9% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 4.05 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 4.05, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Strengthenedin FY2025 · stated since FY20234.05 from 3.47 in FY2024
Rule: Altman Z'' zone · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedThe Altman Z'' score for fiscal 2025 was 4.05, above the safe threshold of 2.60.Recorded from FY2025_db135c47 · data update
2. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 3.47, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 3.26, above the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	distress zone	safe zone	safe zone	safe zone

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

4.05Safe zone, above 2.60

The score of 4.05 is in the safe zone of the model, above 2.60. The largest part is working capital, at 1.87.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.285	6.560	1.869
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.041	3.260	0.135
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.043	6.720	0.291
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	1.674	1.050	1.757
Score			4.052

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2025	4 Mar 2026, the date on which the board approved the statements	AR:pantai-indah-kapuk-dua-2025-12-31	53f3ccfee1ea
Annual report for the year to 31 December 2023	28 Feb 2024, the date on which the board approved the statements	AR:pantai-indah-kapuk-dua-2023-12-31	19f1e2c1d928
Annual report for the year to 31 December 2022	30 Mar 2023, the date on which the board approved the statements	AR:pantai-indah-kapuk-dua-2022-12-31	6d39d9cf5dc0

Checks

290265 of 290 checks passed, 25 warnings

Statement arithmetic224 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar9 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity5 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Gross profit5 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Earnings per share2 of 3 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Earnings per share, basic, FY2021: Rp410,168,148.15

Agreement between annual reports18 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Withheld values24 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Net cash from operating activities, FY2022: withheld, reported with opposite signs

Earnings per share, basic, FY2021: withheld, out of line with the other years of the company

Earnings per share, diluted, FY2021: withheld, out of line with the other years of the company

Trade and other payables, current, Q4 FY2021: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Purchases of property, plant and equipment, FY2021: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Cash and cash equivalents, Q4 FY2021: withheld, a later report gives the item on another definition, and no report gives this year on that definition

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	147
Confirmed by other figures	29.9%, 44 values
Confirmed by a second document	12.2%, 18 values
Derived from reported figures	0.0%, 0 values
Values withheld	24
Restated figures tracked	53
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, PT Pantai Indah Kapuk Dua Tbk, snapshot pantai-indah-kapuk-dua/FY2025_db135c47 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_db135c47 · dataset SHA-256 db135c47401357ac4e1b13384639337cb696c49d45e766a7be5aa902efe95c7f · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json