Agung Podomoro Sells Deli Park Mall to Cut Debt as Losses Persist

JAKARTA, Investortrust.id — Agung Podomoro Land Tbk or APLN has completed the sale of its Deli Park Mall asset on Friday, Jan 9, 2026 in Jakarta as part of a broader effort to repay debt and strengthen its balance sheet amid prolonged pressure on earnings. The divestment marked the latest step in a multi year asset monetization strategy.

The shopping mall in Medan, North Sumatra, was previously owned by PT Sinar Menara Deli, a controlled subsidiary of APLN, and was sold to PT DPM Assets Indonesia. The transaction was finalized following the signing of the deed of sale and purchase in Medan on Thursday, Jan 8, 2026, although the company did not disclose the transaction value.

In a filing to the Indonesia Stock Exchange, APLN said the sale would not have a material adverse impact on its operations, legal standing, financial condition, or business continuity. Proceeds from the transaction will be used to repay part of the company’s outstanding debt.

The Deli Park Mall disposal followed a series of major asset sales over the past three years as APLN sought to reduce leverage. In 2022, the company sold part of its stake in Central Park Mall in Jakarta for Rp 4.5 trillion, equal to $279 million, followed by the sale of Neo Soho Mall for Rp 1.44 trillion, equal to $89 million, in 2023.

Operational Headwinds

Despite these efforts, APLN continued to face operational headwinds. As of the first nine months of 2025, the company posted a net loss attributable to the parent of Rp 57.94 billion, equal to $3.6 million, up 40.17% year on year from Rp 41.34 billion in the same period a year earlier.

Revenue weakened as sales and operating income declined 4.7% year on year to Rp 2.64 trillion. Marketing sales also fell sharply, dropping nearly 24% to Rp 1.24 trillion by September 2025, reflecting subdued demand in Indonesia’s property market.

The company cited the earlier sale of the Pullman Ciawi Vimala Hills hotel at the end of 2024 as a key factor shaping year on year comparisons. Corporate Secretary Justini Omas said the divestment helped accelerate debt repayment and strengthen the company’s financial fundamentals.

The impact was visible in financing costs, with interest expenses falling 38% year on year to Rp 311.37 billion from Rp 502.55 billion previously. APLN recorded comprehensive income of Rp 28.21 billion in the third quarter of 2025, supported by income attributable to non controlling interests.

Management said recurring income from malls and hotels remained a stabilizing factor, even as it slipped to Rp 988.8 billion from Rp 1.14 trillion a year earlier. Residential projects such as Podomoro Park Bandung, Bukit Podomoro Jakarta, and Podomoro Golf View continued to show relatively resilient absorption.

Entering the final quarter of 2025, the company said it expected seasonal demand during the year end holidays to support mall and hotel performance. APLN also pointed to government incentives, including tax measures and lower interest rates, as potential supports for consumer confidence in the property sector.

Valuation Snapshot

Based on data from Investing.com, APLN shares last traded at Rp 110, near the lower end of their 52 week range of Rp 75 to Rp 118. The platform’s fair value estimate averaged Rp 146.59, implying potential upside of about 33%, with a valuation spread between Rp 132.86 and Rp 155.25 and low uncertainty. Financial health indicators showed moderate scores across cash flow, growth, and profitability, with relatively stronger relative value metrics compared with peers.