Is John Riady Set to Head his Family-Run Lippo Group?
| Case Code: BSTR668 Case Length: 15 Pages Period: - Pub Date: 2024 Teaching Note: Available |
Price: Rs.500 Organization : Lippo Group Industry : Conglomerate Countries : Indonesia Themes: Family Business, Strategic Leadership, Turnaround Strategy,Business Level Strategies |
Abstract Case Intro 1 Case Intro 2 Excerpts
Introduction
In July 2023, Indonesia’s leading real estate and healthcare company Lippo Karawaci Tbk (LK), announced that it had attained a net profit of Rp 1.1 trillion (US$ 72.9 million) in H1 2023, a significant contrast to the year before when it had recorded a net loss of Rp 1.2 trillion. The revenue of LK, the flagship company of the multinational family conglomerate, Lippo Group (LG), was stated to have risen by 19% year-on-year (YoY) to reach Rp 8.1 trillion, while its gross profit had gone up by 21% YoY to reach Rp 3.5 trillion. John Riady (Riady), the 37-year-old scion of the Riady family which owned LG and CEO of LK, said, “This achievement marks the first positive net profit since Q1-2019 that was solely driven by the improved fundamental performance of the business. We proudly present our performance during the first semester of 2023, reflecting the success of our turnaround efforts.”..
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