PT Petrindo Jaya Kreasi (CUAN) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 reached US$546.1 million, a significant increase from US$76.6 million in the same period last year.

• Net profit for the period was US$35.0 million, up from US$11.0 million year-over-year.

• Major acquisitions included PT Multi Tambangjaya Utama (MUTU), PT Borneo Bangun Banua Bestari (PT B4), and a controlling stake in PT Petrosea Tbk, expanding the group's mining and services portfolio.

• The group completed a syndicated loan facility to finance acquisitions and working capital, resulting in a substantial increase in total assets and liabilities.

Financial highlights

• Revenue increased to US$546.1 million from US$76.6 million year-over-year.

• Gross profit rose to US$109.7 million from US$40.8 million year-over-year.

• Operating profit reached US$70.8 million, up from US$13.7 million year-over-year.

• Net profit attributable to owners of the parent was US$30.4 million, with EPS of US$0.003.

• Total assets surged to US$1.30 billion from US$230.1 million at year-end 2023.

Outlook and guidance

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

• Ongoing projects and new contracts in mining, engineering, and construction are expected to support revenue and profit growth.