Latest News
In a financial statement published in the Jakarta Special Capital Region (DKI) on Mar. 9, 2025, PT Petrindo Jaya Kreasi Tbk booked its net income soaring by 719 percent year-on-year (yoy) to reach its highest-ever net income achievement of US$801.7 million in 2024.
The net income attributable to the owners of the PT Petrindo's parent entity jumped 929 percent yoy to US$60.8 million (US$0.014 per share). Meanwhile, the company's retained earnings reversed from negative Rp36.7 million at the end of 2023 to a positive US$124.1 million at the end of 2024, the first positive retained earnings since it was founded in 2008.
The positive performance allowed PT Petrindo to distribute dividends for the 2024 financial year (FY) to shareholders. The company has also succeeded in diversifying its revenue sources, from coal sales accounting for 100 percent of revenue in 2023 to only 34 percent in 2024. The other sources of revenue are from mining services and engineering, procurement, and construction contracts, both with 31 percent, with the remaining 4 percent coming from other services.
In terms of types of minerals, the company has also succeeded in diversifying from 100 percent thermal coal in 2023 to only 54 percent in 2024. Gold and copper ore accounted for 26 percent, metallurgical coal made up 10 percent, while oil and gas took up 9 percent.
"We believe that 2024 provided an important momentum for Petrindo in realizing its vision to become an integrated energy and mineral mining company by creating sustainable growth and value for all stakeholders," said PT Petrindo President Director Michael.
He added that PT Petrindo's achievement was thanks to the successful implementation of the business diversification and synergy as the two main pillars of its business strategy. To diversify, Petrindo completed the acquisition of PT Petrosea Tbk and PT Multi Tambangjaya Utama (MUTU), which are thermal coal mining and bituminous metallurgy companies located in Central Kalimantan. The location is close to the mining area of PT Petrindo subsidiary PT Tamtama Perkasa (TP).
Michael said that since being acquired by PT Petrindo, MUTU has also started producing metallurgical coal as aresult of exploration and sustainable investment from the company in developing its subsidiaries. The completion of the two acquisitions also complements PT Petrindo's business lines, which encompasses mine ownership, mining services, EPC, and infrastructure, to port and shipping services such as mineral trading as a fully integrated value chain.
PT Petrindo has also signed a mining infrastructure development service agreement, which includes the construction of a hauling road for its subsidiary PT Daya Bumindo Karunia (DBK) in June 2024.
