Profit Increases 41.63 Percent, Petrosea Raises IDR 42.64 Billion In The First Quarter Of 2023

Rupiah (Photo: Doc. Antara)

JAKARTA - mining contractor company PT Petrosea Tbk (PTRO) noted that profit attributable to owners of the parent entity increased 41.63 percent year on year (yoy).

The amount is 2.9 million United States (US) dollars or equivalent to Rp42.64 billion in the first quarter of 2023. The increase was compared to the same period the previous year of 2.09 million US dollars.

The profit was supported by the company's total revenue which increased 33.84 percent yoy to 128.21 million US dollars or equivalent to Rp1.88 trillion in the first quarter of 2023, from the previous 95.79 million US dollars in the first quarter of 2022, citing Antara.

Petrosea President Director Romi Novan Indrawan said the achievement was mainly supported by increased operational activity in the Engineering, Procurement & Construction (EPC), and Mining Contracts, which increased by 51.73 percent yoy and 40.17 percent yoy, respectively.

In the first quarter of 2023, Petrosea also signed a credit facility agreement with PT Bank Mandiri (Persero) Tbk which acts as a mandatory leader & bookrunner worth 91.5 million US dollars and Rp1.45 trillion with a tenor of 60 months.

Romi explained that the facility will be used to finance business development activities through acquisition and investment of mining assets, as well as to strengthen the company's working capital.

Petrosea is fully supported by Father Nitiyudo Wachjo who is the owner of the majority of shares of one of the largest gold mines in Indonesia, PT Nusa Halmahera Minerals and PT Caraka Reksa Optima, which is the main shareholder of PT Petrosea Tbk.

Petrosea is the only contractor who has carried out dozer push mining in Indonesia, where the company's project management is a new business model by cooperating with local contractors around the mining area.

The company helps local contractors to improve performance in mining productivity, by implementing their processes, procedures and standards, so that operational excellence runs well and production targets can be achieved.