PT Petrosea Tbk (PTRO), a company engaged in mining contracting, plans to invest in new mining equipment as part of its business expansion.

The company is set to allocate approximately USD 400 million in capital expenditure (capex) during 2024-2025.

"The purchase of mining equipment is being made to support new mining service projects and as a step toward business development and future sustainability," the company stated in its disclosure released on Friday, October 18, 2024.

PTRO continues to implement its 5 Long-Term Strategic Pillars. These include Operational Efficiency and Enhancing Stakeholder Value, Increasing Value Creation for Clients, and Diversifying the Strategic Portfolio. Additionally, the strategy focuses on the Commitment to Enhancing Competence and Creating Excellence in Safety and Health.

The company recorded a 16.06 percent year-on-year (yoy) increase in revenue for the first half of 2024 (1H24), driven by growth in engineering and construction revenues. Meanwhile, gross profit remained relatively stable despite the revenue growth.