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PT Bukit Uluwatu Villa Tbk (BUVA), a prominent luxury hospitality and property developer associated with Happy Hapsoro, husband of DPR Speaker Puan Maharani, reported a steep 89.96% year-on-year (YoY) drop in net profit for the first half ended June 30, 2026.
According to its latest financial statements, the company booked a net profit of IDR 8.14 billion in 1H 2026, down significantly from IDR 81.12 billion in the same period last year. Consequently, basic earnings per share (EPS) shrank to IDR 0.33 from IDR 3.94 previously.
Top-line revenue edged up slightly by 4.71% YoY to IDR 173.95 billion, compared to IDR 166.12 billion in 1H 2025. Cost of goods sold (COGS) decreased subtly to IDR 53.02 billion from IDR 53.45 billion, allowing gross profit to expand to IDR 120.93 billion from IDR 112.66 billion.
Operating Expenses & Profitability Breakdown
On the operational front, key cost items saw noticeable adjustments:
- Selling Expenses: Rose to IDR 11.31 billion (vs IDR 10.76 billion).
- General & Administrative Expenses: Climbed to IDR 59.96 billion (vs IDR 57.53 billion).
- Operating, Property, Maintenance, & Energy: Reduced to IDR 12.43 billion (vs IDR 12.82 billion).
- Management & License Fees: Increased to IDR 8.90 billion (vs IDR 8.20 billion).
Other operating income sank to IDR 181.39 million from IDR 1.52 billion, while other operating expenses narrowed to IDR 1.08 billion from IDR 1.46 billion. Operating profit rose to IDR 27.39 billion from IDR 23.39 billion. However, the share of net profit from associates took a heavy dive to IDR 1.98 billion from IDR 77.10 billion, severely weighing down the overall bottom line.
In non-operating items, finance income rebounded to IDR 3.15 billion (from IDR 1.46 billion), and foreign exchange loss narrowed to IDR 18.51 billion (from IDR 19.90 billion). Finance costs surged significantly to IDR 2.15 billion compared to IDR 382.32 million previously. Final tax expense climbed to IDR 630.72 million from IDR 293.38 million. Total profit for the period ended at IDR 8.42 billion, down from IDR 81.39 billion in 1H 2025.
Balance Sheet Snapshot
As of June 30, 2026, total assets reached IDR 2.73 trillion, up from IDR 2.70 trillion at year-end 2025. Total equity stood firm at IDR 2.15 trillion, while accumulated deficit slightly narrowed to IDR 1.13 trillion (from IDR 1.14 trillion). Total liabilities expanded to IDR 575.58 billion from IDR 556.12 billion.
IDR 1.54 Trillion Rights Issue: Debt Paydown & Acquisitions
To shore up capital and deleverage its balance sheet, BUVA is preparing a Preemptive Rights Issue (HMETD) of up to 6.15 billion new shares with a nominal value of IDR 50 per share at an exercise price of IDR 250 per share, aiming to raise up to IDR 1.54 trillion.
The corporate action carries an execution ratio of 4:1 — meaning existing shareholders holding 4 old shares on the recording date of September 28, 2026 will receive 1 Preemptive Right to subscribe to 1 new share. Non-participating shareholders face a maximum ownership dilution of up to 20%.
Proceeds Allocation Plan:
- IDR 417.80 billion: Dedicated to accelerating full repayment of principal debt obligations.
- IDR 420.49 billion: Capital injection into subsidiary PT Bukit Bali Permai (BBP):
- IDR 193.41 billion: To acquire Royal Uluwatu Residence (RUR).
- IDR 227.08 billion: Additional capital to develop the West Resort project in Uluwatu, Bali.
- Remaining Funds: Allocated to fund property and tourism expansion projects across Bali and Bintan.
