The publicly listed company announced on Tuesday that it recorded a net profit of Rp 7.3 trillion (US$484.56 million) throughout 2019, bouncing back from a loss of Rp 6.19 trillion in 2018.

The company pocketed Rp 6.2 trillion in net profit from investments in shares and equity securities, driven by an increase in mark-to-market share prices of its investee, such as broadcast tower operator PT Tower Bersama Infrastructure (TBIG), coal producer PT Adaro Energy (ADRO) and mining firm PT Merdeka Copper Cold (MDKA).

Saratoga, which was founded by former vice presidential candidate Sandiaga Uno, recorded its highest dividend income of Rp 1.99 trillion throughout 2019, an increase of 121.5 percent from 2018.

“As a shareholder to our existing investee companies, our job is to continue to engage and support them in reaching their maximum potential,” Saratoga president director Michael Soeryadjaya said in a statement.

The strong performance of the investee companies, he added, was supported by their solid business fundamentals.

Saratoga’s shares had jumped 0.35 percent as of 2:19 p.m. in Jakarta on Tuesday versus a drop of 4.17 percent in the Jakarta Composite Index.

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However, the shares of Saratoga’s investee companies fell during Tuesday’s afternoon: TBIG nosedived 6.83 percent, ADRO fell 6.45 percent and MDKA declined 4.44 percent.

"In the midst of various global and domestic challenges, Saratoga will continue to carry out active investment strategies in a disciplined, measurable and prudent manner,” Michael added.