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Petrosea upbeat about high revenue growth
Petrosea's mining unit contributed US$264.52 million, or 56 percent, of the company’s total revenues
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A field officer monitors heavy equipment at PT Bukit Asam’s mining site.
(Courtesy of/www.ptba.co.id)
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ublicly listed engineering, construction and mining company PT Petrosea Tbk (PTRO) is upbeat that it would continue to see high revenue growth with the expected increase of operating income from its mining business.
Like last year, the firm’s 2019 net profit is projected to exceed its initial target, said Petrosea president director Hanifa Indradjaya.
In a public expose event on Monday, the company reported a net profit of US$22.96 million in 2018, an roughly 97 percent increase from the $11.63 million recorded in 2017. The company’s operating income grew 48.57 percent from $313.48 million in 2017 to $465.74 million in 2018.
The company’s 2018 net profit was higher than the initial target of $17 million, Hanifa said, adding that he was upbeat this year’s profit would also exceed the target, which he declined to reveal.
One of Petrosea’s main sources of growth last year came from its mining unit, which contributed $264.52 million or 56 percent of the company’s total revenue. Despite the sharp increase in income, Hanifa said the company did not have any plans to acquire other companies like last year when it acquired 95 percent shares of port facility operator PT Kuala Pelabuhan Indonesia.
“We don’t see any potential [acquisitions] so far, mining contractors or any other firms. We are now focusing on optimizing what we have,” he said.
Petrosea booked $919.6 million in on-hand contracts (backlog) last year, a 32.1 percent growth from 2017.
