PT Petrindo Jaya Kreasi (CUAN) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2024 reached US$309.7 million, up from US$69.1 million year-over-year.

• Net profit for the period was US$33.1 million, a significant increase from US$10.7 million in the prior year.

• Major acquisitions included PT Multi Tambangjaya Utama (MUTU), PT Borneo Bangun Banua Bestari (PT B4), and a controlling stake in PT Petrosea Tbk.

• The group expanded its mining, engineering, and construction segments, contributing to higher consolidated results.

Financial highlights

• Revenue rose 348% year-over-year to US$309.7 million for the six months ended 30 June 2024.

• Gross profit increased to US$66.4 million from US$37.1 million year-over-year.

• Operating profit reached US$51.1 million, up from US$13.5 million year-over-year.

• Net profit attributable to owners was US$29.6 million, up from US$11.2 million year-over-year.

• Earnings per share rose to US$0.003 from US$0.001 year-over-year.

Outlook and guidance

• The group expects continued growth from recent acquisitions and expanded mining operations.

• Ongoing infrastructure and mining projects are anticipated to support future revenue streams.