PT Petrindo Jaya Kreasi Tbk, hereby conveys the latest development in relation to the company's performance in 2024 based on its audited financial statements.

As a fully integrated company in the mining, infrastructure, and mining services and EPC sectors, Petrindo managed to close 2024 by recording a total revenue of USD 801.7 million, or a significant increase of 719 percent compared to the previous year. The revenue in 2024 is the company’s highest revenue of all time.

Meanwhile, total net profit attributable to owners of the parent entity reached USD 160.8 million (basic earnings per share: USD 0.014), or an increase of more than 929% when compared to the previous year's figure of USD 15.6 million (basic earnings per share: $ 0.001).

Meanwhile, retained earnings increased from negative 36.7 million at the end of 2023 to positive USD 124.1 million at the end of 2024, which is the first time the company has recorded a positive amount in the company's history since its inception in 2008, which allows the company to distribute dividends for the 2024 financial year to its shareholders. Along with an increase in revenue, the company also managed to diversify its revenue sources from 100 percent of coal sales in 2023 to only 34 percent of coal sales in 2024, followed by 31 percent, 31 percent, and 4 percent from mining services, EPC contractors, and other services, respectively, in 2024.

In terms of minerals, the company has also managed to diversify its revenue sources from 100 percent thermal coal in 2023 to only 54 percent thermal coal in 2024, followed by 26 percent, 10 percent, and 9 percent from gold/copper, metallurgical coal, and oil/gas in 2024.

"We believe that 2024 is an important momentum for the company in realizing Petrindo's vision to become an integrated energy and mineral company by creating sustainable growth and value for all stakeholders," said Michael, President Director of PT Petrindo Jaya Kreasi Tbk.

Building sustainable growth through diversification & synergies The company’s achievement was obtained due to the successful implementation of its business strategy of diversification and synergy as the two main pillars of Petrindo's business strategy. Through its diversification strategy, Petrindo completed the acquisition of PT Petrosea Tbk (Petrosea) and PT Multi Tambangjaya Utama (MUTU), which is a thermal coal mining and bituminous metallurgical company located in Central Kalimantan, which is adjacent to the mining area of PT Tamtama Perkasa (TP), another subsidiary of the company.

Since being acquired by Petrindo, MUTU has started to produce metallurgical coal as a tangible result of the company's exploration and sustainable investment in the development of its subsidiaries. The completion of the two acquisitions also complements Petrindo's business lines, ranging from mine ownership, mining services/EPC contractor and infrastructure, to port and shipping services, including mineral trading as a fully integrated value chain.

In addition, through a strategy of building synergy, Petrosea has signed a mining infrastructure development service agreement, which includes the construction of a hauling road for PT Daya Bumindo Karunia (DBK), part of one of the company's subsidiaries, in June 2024. The development of DBK is the implementation of Petrindo's long-term strategy in its efforts to expand into the metallurgical coal business, as part of the diversification of the company's portfolio to strengthen its position as a holding company in the mining industry other than thermal coal. All operational activities and construction of the facility will be funded by the company's capital and credit facilities from PT Bank Negara Indonesia (Persero) Tbk which the company obtained on December 23, 2024. In 2024, Petrosea also signed a mining service agreement with the company's subsidiaries, namely TP, MUTU, and PT Borneo Bangun Banua, part of one of the company's subsidiaries, for the removal of overburden and coal mining in Central Kalimantan.

The diversification strategy is also carried out by developing mining into other mineral sectors, namely gold and its derivative minerals through PT Intam, part of one of the company's subsidiaries, which is a mining license holder in West Nusa Tenggara with an area of around 18,500 hectares which is carrying out intensive exploration activities. The development into other minerals and coal has added to the large and diversified resource/reserves and is a competitive advantage for Petrindo.

Petrindo and its subsidiaries focus on three business lines: mine ownership business line, in thermal coal, high-calorie coal (metallurgy), gold and its derivative minerals and silica sand; mining services business line in the form of multidisciplinary services of integrated mining contracts and EPC; and infrastructure services business line & others through Petrosea Offshore Supply Base (POSB) and Intermediate Stockpile (ISP).