KONTAN.CO.ID - JAKARTA. PT Petrosea Tbk (PTRO) has announced the signing of a term sheet for a mining service agreement with PT Pasir Bara Prima, a subsidiary of PT Singaraja Putra Tbk (SINI). The term sheet was signed on March 27, 2024, for the stripping of overburden and coal production in a mining area located in Central Kapuas, Central Kalimantan. The agreement is valued at approximately US$ 511.45 million, with an estimated overburden of 240 million Bank Cubic Meter (BCM) and coal production of 26.4 million tons over a nine-year period until 2032. To put it in perspective, if converted at the current exchange rate of Rp 15,900 per US dollar, the estimated value of the agreement is equivalent to Rp 8.13 trillion. Petrosea's Mining and Mine Services Director, Iman Darus Hikhman, revealed that the signing of this term sheet is a tangible manifestation of Petrosea's business expansion into Central Kalimantan. "Petrosea is focused on implementing a business strategy that prioritizes operational excellence, continuous improvement and the application of digital technology solutions on an ongoing basis," Iman said in a release received by Kontan.co.id on Wednesday (3/4).
PTRO's Profit Declines
According to financial reports on the Indonesia Stock Exchange, PTRO earned revenues of US$ 577.61 million in 2023. This represents a growth of 21.26% compared to revenues in 2022 of US$ 476.31 million. Last year's PTRO revenue growth was supported by a surge in revenues from the engineering, procurement & construction (EPC) business line by 87.82% and revenue growth from the mining contract business line by 7.09%. However, the bottom line of the issuer affiliated with tycoon Prajogo Pangestu through PT Petrindo Jaya Kreasi Tbk (CUAN) declined. PTRO achieved a net profit of US$ 12.20 million, down 70.18% compared to the profit in 2022 of US$ 40.92 million.PTRO Chart by TradingView