Jakarta. Petrindo Jaya Kreasi, also known by its ticker symbol CUAN, recently held an annual general meeting of its shareholders in Jakarta. 

The meeting revealed that CUAN had booked a positive performance as the company entered mid-year. CUAN’s chief financial officer Kartika Hendrawan said that Petrindo and its subsidiaries had focused on strategic expansion throughout 2023.

“We are proud to have completed the acquisition of 100 percent of shares in PT Multi Tambangjaya Utama [MUTU], a thermal coal and bituminous metallurgical coal mining company. We have also completed the transaction with PT Caraka Reksa Optima to obtain 34 percent share ownership in PT Petrosea Tbk [PTRO]," Kartika said. 

This acquisition proved the company’s commitment to creating the building blocks for its future growth, according to Kartika. 

Subsidiary Petrosea is currently accelerating the diversification of its project portfolio by capturing new business opportunities in several projects.

“Petrosea and BP Berau Ltd. signed a contract for Initial Onshore Engineering, Procurement and Construction [EPC], work for the Ubadari, Tangguh EGR/CCUS, and Tangguh Onshore Compression (UCC) projects with an estimated contract value of $302 million. Petrosea also signed a mining services contract with PT Pasir Bara Prima with an estimated contract value of $511 million," he said.

"Petrosea succeeded in maintaining organic growth in contract value by obtaining new contracts from new strategic clients in the EPC business line and Mining Contract business line which resulted in the Company recording an order book of $2.81 billion, an increase of 80.13 percent from $1.56 billion in the previous year," he continued.

The general meeting also approved the company's 2023 financial and annual reports. They also adopted the consolidated balance sheet and profit and loss calculation for the financial year ending December 31, 2023.

The meeting also approved the use of net profit for the 2023 financial year attributable to the owners of the parent entity, amounting to Rp 238.3 billion, all of which was recorded as retained profit to finance the company's business activities.

Petrindo management also submitted a report on how the company had used the proceeds from its public offering, which amounted to 1.69 billion shares with an initial public offering value of Rp 371.8 billion. Petrindo had used Rp 7.9 billion for public offering costs. It also used Rp 218.5 billion for capital payments to the company's subsidiary, namely PT Tamtama Perkasa. About Rp 27.1 billion went to the capital expenditure for the construction of the Intermediate Stockpile (ISP) and supporting infrastructure. There were still around Rp 118.3 billion remaining. Petrindo had placed all remaining proceeds in a checking account at Bank Mandiri. Petrindo will report the use of funds from the public offering to the Financial Services Authority (OJK).