PT Petrindo Jaya Kreasi Tbk. (CUAN) has produced metallurgical coal through its subsidiary, PT Daya Bumindo Karunia (DBK). The production of this metallurgical coal is funded by a credit facility amounting to IDR 2.42 trillion. The production is taking place in the operational area in Central Kalimantan as part of CUAN's portfolio diversification efforts.
Currently, CUAN's subsidiary, DBK, is integrating production facilities by building office spaces, fuel storage warehouses, employee housing, and a 149-kilometer mining road infrastructure that connects the operational area to the intermediate stockpile location.
"The integration of production facilities in the operational area of our subsidiary DBK is a strategic step being implemented by the company. The construction of infrastructure, such as roads, office areas, and fuel storage warehouses, will streamline DBK's production and transportation activities in the future," said Michael, CEO of Petrindo, in a written statement on Saturday (December 28, 2024).
The integration and development of DBK's facilities are also being carried out by another subsidiary of Petrindo, PT Petrosea Tbk. (PTRO), a multidisciplinary mining contractor and integrated EPC company.
Earlier, in June 2024, Petrosea signed an agreement with DBK for mining infrastructure development services as part of its long-term strategy, which includes business development and expansion.
In addition to the mining road, Petrosea is providing other supporting infrastructure services to DBK, such as the construction of employee camps, offices, warehouses, fuel storage, and jetty facilities, as well as mining services that include overburden removal and coal production activities.
All operational activities and the construction of CUAN's metallurgical coal production facilities are financed through a credit facility from PT Bank Negara Indonesia (Persero) Tbk. (BBNI), which was obtained on December 23, 2024. The maximum value of this credit facility is IDR 2.42 trillion.
CUAN has also posted strong financial performance this year. As of the third quarter of 2024, CUAN's net profit surged by 162.69% year-on-year (YoY) to USD 30.4 million, up from USD 11.5 million in the previous year.
CUAN's revenue reached USD 546.05 million by the end of September 2024, an extraordinary 612.76% increase compared to the previous year, when it was only USD 76.6 million.
The revenue growth was driven by coal sales amounting to USD 178.16 million, construction and engineering services at USD 177.8 million, mining at USD 165.9 million, services at USD 22.82 million, and other income of USD 1.2 million.
