Issuer Owned by Conglomerate Prajogo Pangestu, Petrosea Records Revenue of 318 Million US Dollars

US dollar (Photo: dock unsplash)

JAKARTA - Mining contractor issuer owned by Prajogo Pangestu, PT Petrosea Tbk (PTRO) recorded revenue growth in the first 6 months of 2024.

Petrosea Finance Director, Rudi Santoso said, in the six-month period ending June 30, 2024, Petrosea recorded growth of 16.1 percent with revenue of 318 million US dollars compared to 274 million US dollars in the six-month period ending June 30, 2023.

"This was contributed by an increase in revenue in the engineering and production business line where the largest contribution came from the increase in revenue from the BP Onshore Early Works and Tangguh Onshore Compression or UCC projects, as well as the Manyar Maju Refinery project to support earthworks, concrete, utilities and main processing buildings for the development of the smelter in Freeport Gresik as well as projects from the Floor Petrosea Joint Operation for the GPP, GPC, Pre-Crusher Construction Services projects and the Copper Cleaner Circuit Construction project in Freeport Papua," he said in a Public Expose, Wednesday 23 October.

Rudi added that for revenue contribution, during 2022 and 2024, the mining contract service business line contributed more than 60 percent of Petrosea's total revenue.

In the first half of 2024, he continued, the contribution of the service, engineering, and construction business line contributed quite significantly at 44.4 percent of total revenue during the first half of 2024 or from 26.2 percent in the first half of 2023.

"How is this often verified by Petrosea and business development with the new BP project and increased activity at the Freeport Gresik project and also in Papua," he continued.

He added that Petrosea also recorded a gross profit of 40.7 million US dollars in the first half of 2024, where the gross profit achievement was relatively stagnant year-on-year (yoy) compared to the first half of 2023 amidst revenue growth.

"This is due to the increase in direct business expenses to support operational activities and expansion projects in the company's business lines," he added.

Then EBITDA in the first semester of 2024 was recorded at 47.1 million US dollars or decreased compared to the same period the previous year.

Rudi said, this is in line with changes in gross profit due to an increase in sales and administrative expenses to support business expansion.

The company's total assets continue to grow from 596.4 million US dollars in 2022 to 735.6 million US dollars in the first semester of 2024 or an increase of 23.3 percent.

"This increase is often accompanied by an increase in business income which shows the company's commitment to continue developing the business," he said.