Gas Sales Rise, Raja's Net Profit Soared 150 Percent

Rupiah illustration (Photo: dock. Antara)

JAKARTA - PT Rukun Raharja Tbk (RAJA) achieved a net profit that rose 150 percent year on year (yoy). The oil and gas company (oil and gas) recorded a net profit of 27.1 million US dollars (US) in 2023, compared to the previous year which was valued at 10.8 million US dollars.

The company's net profit was supported by revenue which increased significantly by 61 percent (yoy) to USD 203.7 million in 2023, compared to the previous year's USD 126.6 million.

"The increase in revenue mainly comes from the addition of new customers, resulting in an increase in gas sales, and an increase in the volume of flow in the company's pipes, a new contribution from the Jabung Block, as well as an increase in revenue in the Operation and Maintenance (O&M) segment," said RAJA Djauhar Mauli, quoting Antara.

Djauhar explained that the company managed to absorb all capital expenditure (capex) which was valued at 60 million US dollars during 2023.

Meanwhile, the capex was allocated for investment in the Jabung Block, completion of the construction of the CNG Main Station in Central Java, and construction of pipes to serve new customers located in Siak, Riau Province.

"The company proves the implementation of the planned business strategy and direction, so that the investments that have been made, especially in infrastructure and investment in several oil blocks, have provided benefits with strong revenue growth," said Djauhar.

On the same occasion, RAJA Finance Director Oka Lesmana ensured that the company is committed to continuing to increase value for shareholders and contribute to national economic growth through the provision of reliable and sustainable energy.

"We will continue to innovate and develop its business portfolio in the oil and gas industry, thus affirming its position as market leader and strategic partner in the development of energy infrastructure in Indonesia," said Oka.