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Jakarta Post

Petrosea announces nearly 49% revenue growth in 2018

  • Stefanno Reinard Sulaiman

    The Jakarta Post

Jakarta   /   Mon, April 22, 2019   /   02:52 pm
Petrosea announces nearly 49% revenue growth in 2018 A screenshot of a map taken from the website of Indika Energy Group (www.indikaenergy.co), Petrosea's parent company, shows its areas of operation. (Indika Energy/File)

PT Petrosea, a subsidiary of PT Indika Energy, booked revenue of US$465.74 million in 2018, a 48.57 percent year-on-year (yoy) growth from its 2017 revenue of $313.48 million.

The publicly listed energy and infrastructure services company recorded net profit of $22.96 million in 2018, or 97.42 percent yoy growth from $11.63 million the previous year.

"The shareholders meeting agreed to set aside 38 percent of the profit as dividends of $8.72 million for about 1 million shares [at $0.00865 per share]," Petrosea said on Monday in a press release.

The press release also said income growth in several business lines contributed to its  growth in revenue, including 48.57 percent growth in its operating income from $313.48 million in 2017 to $465.74 million in 2018, as well as 54 percent growth in mining contracts from $171.27 million in 2017 to $264.52 million in 2018.

Meanwhile, the company's overburden removal volume in 2018 increased 44.31 percent to 121.19 million bank cubic meters (BCM).

Petrosea president director Hanifa Indradjaya said the company would continue to focus on expanding its operational activities and strengthening marketing. "As a company, we will continue to prioritize our services for clients," according to the company.

kontan.co.id report notes that Petrosea received $175 million in capital injection from Indika Energy for total capital expenditure (capex) of $315 million in the current year.

Petrosea allocated $162.8 million of capex in 2018 toward purchasing heavy equipment. (bbn)