PT Sunindo Pratama Tbk (SUNI) won a tender from PT Pertamina EP with a value of 3.79 million US dollars for the procurement of low-grade 7 inch casings and the procurement of low-grade casings (TFC Phase II) with a value of 1.61 million US dollars.
SUNI was declared the winner on June 26, 2024, while the second tender was on July 3, 2024. This transaction is expected to make a positive contribution to the Company's operational and financial performance in 2024 and 2025. This transaction will directly increase SUNI's operating income from the sales segment.
Until June 2024, SUNI managed to sell 10.1 thousand tons of STUBbing OCTG, or an increase significantly by 65.1 percent yoy compared to the same period last year. The achievement of OCTG sales volume was blocked to reach 50.3 percent of the 2024 target.
The sales volume of OCTG casings also increased by 418 times until June 2024 to 5.5 thousand tons and reached the target for 2024 of 62.5 percent. Meanwhile, sales of Wellhead & X mas Tree, namely equipment installed above oil and gas wells when the production phase reached 27 units until June 2024, or an increase of 10 units from the previous month and reached 27.6 percent of the 2024 target.
President Director of SUNI, Willy Johan Chandra stated that SUNI's success in winning significant tenders like this would support the Company to obtain and increase operating income and be able to make a positive contribution to operating profit.
"We will continue to strive to increase the sales volume of OCTG tubing, casing, wellhead and Christmas tree to meet the needs of oil and gas exploration and exploitation in the future. The opportunity for SUNI is still very large because Indonesia is a captive market for seamless piped/OCTG tuging products and provides opportunities for us to ensure business continuity in the future," said Willy, Friday, July 5.
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Finance Director of PT Sunindo Pratama Tbk, Freddy Soejandy also said that this year's operational performance was in line with the Company's plans and targets.
Freddy said, the company is optimistic that SUNI's operational performance can achieve the 2024 target set by the Company.
"This excellent operational performance supports SUNI to achieve sustainable financial performance growth in 2024. OCTG tubing and casing are indicators that usually make the biggest contribution to SUNI's financial performance. In addition to selling OCTG tuning and casings, wellhead sales volume also contributes to improving SUNI's performance. All these operational performances will support the achievement of SUNI's financial performance from the sales segment," concluded Freddy.
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