PT Kreasi Jasa Persada has increased its shareholding in PT Petrosea Tbk. (PTRO). PT Kreasi Jasa Persada purchased 39,718,000 common shares of PTRO at a purchase price of IDR 3,030.66 per share through two transaction stages on March 4, 2025, and March 5, 2025. This information was conveyed by the company in its press release in Jakarta yesterday.

CUAN's CEO, Michael, explained that the purchase of PTRO shares is aimed at business development and increasing the company's assets. "This will provide greater value to the company's stakeholders in the future," he said.

Thus, the total investment made by the controlling entity of PTRO amounts to approximately IDR 120.37 billion. After the effective transaction, the number of shares held by CUAN’s business entity, which also controls PTRO, increases to 4.22 billion shares, or 41.91% of the voting rights. "This purchase is in line with the company's business development plan," Michael added.

Previously, PTRO secured a mining services contract worth approximately IDR 4.03 trillion. PTRO’s Corporate Secretary, Anto Broto, stated that the company had signed a mining services agreement with PT Bara Prima Mandiri and PT Niaga Jasa Dunia on February 26, 2025. Under this agreement, PTRO acts as the mining services contractor, BPM holds the mining business operation permit (IUP-OP), and NJD is the company designated by BPM to operate the mine. "This agreement will be effective from the term sheet's effective date, November 5, 2024, until December 31, 2032," said Anto.

Anto explained that this new contract is part of the company’s efforts to increase revenue and provide a better return on investment to shareholders. As is known, the estimated overburden production from this project will reach 135.46 million BCM, and coal production is expected to be 7.53 million tons. "This will positively impact the company’s sustainability, as well as improve the company’s financial and operational performance," he added.

Throughout 2024, PT Petrosea Tbk. recorded a decline in net profit. The net profit attributable to the parent entity owners was USD 9.69 million, which represents a 20.74% YoY decrease from USD 12.2 million in 2023. PTRO posted revenues of USD 690.81 million, a 19.59% YoY increase from USD 577.61 million in 2023. PTRO’s revenues came from construction and engineering (USD 299.17 million), mining (USD 290.15 million), services (USD 34.62 million), others (USD 2.68 million), and coal sales (USD 64.17 million).

Based on its clients, the largest sources of PTRO’s revenue in 2024 were PT Freeport Indonesia (USD 166.09 million), PT Kideco Jaya Agung (USD 125.97 million), and BP Berau Ltd. (USD 69.39 million). At the same time, PTRO’s direct operating expenses increased from USD 495.51 million in 2023 to USD 600.52 million in 2024. Additionally, PTRO incurred selling and administrative expenses of USD 51.62 million, interest and financial expenses of USD 25.89 million, and final tax expenses of USD 9.71 million.