Jakarta. Petrindo Jasa Kreasi -- known by its ticker symbol CUAN -- reported that its net profit had soared by 380.83 percent to $30.17 million in the first quarter of 2024, versus $6.27 million in the same period last year.

Petrindo attributed this growth to the increase in revenue, assets, and cash in Q1-2024. The company booked a revenue of $86.34 million in the first quarter of 2024, up by 161.26 compared to the same period the previous year. Revenue from coal sales totaled $34.69 million. Followed by the construction and engineering business ($25.12 million). About $3.88 million came from services, while the remaining $181,000 originated from other businesses. This resulted in an increase in the company’s operating profit by 382.06 percent yoy to $38.18 million from the previous $7.92 million. 

Petrindo Jaya also recorded a jump in assets of up to 396 percent in the first three months of 2024. It was recorded that total CUAN assets as of March 31 reached $1.14 billion or the equivalent of Rp 18.5 trillion compared to the position on December 31, 2023, which was $230 million. Current assets stood at $526 million, while non-current assets reached $616 million, which respectively soared by 219 percent and 847 percent compared to the end of last year.

"The increase in CUAN's total consolidated assets was also mainly supported by the increase in cash and cash equivalents, receivables, and fixed assets in connection with the acquisition of a subsidiary in February 2024," an official statement by CUAN’s management reads.

CUAN's total equity at the end of March 2024 rose 171 percent to $327 million, compared to $120 million as of Dec. 31, 2023. This was followed by an increase in the number of consolidated liabilities originating from bank debt facilities. The company uses these banking facilities to support acquisitions and working capital.

Petrindo Jaya Kreasi is a holding company that carries out energy mining business activities through subsidiaries and is an affiliate company of PT Barito Pacific Tbk. The company has two coal mining concessions in Kalimantan which are managed by subsidiary entities. They have also acquired the coal company PT Multi Tambangjaya Utama (MUTU) from two subsidiaries of PT Indika Energy Tbk (INDY), namely PT Indika Indonesia Resources (IIR) and Indika Capital Investments Pte. Ltd (ICI).

With the completion of this acquisition, Petrindo has taken over 2,263,030,000 shares, or 100 percent of all shares that have been paid up in MUTU with a value of $203 million or around Rp 3.2 trillion, according to the JISDOR exchange rate until February 23, 2024. In the near future, the parties will complete the transfer of marketing rights owned by ICI with a value of $15 million. This brings the total acquisition value of MUTU shares to $218 million.

“The completion of this acquisition is a concrete step for us in ensuring the company's growth. This is also in line with the company's long-term strategy, where we focus on improving operational performance, supply chain integration, and growing our business portfolio," Petrindo’s president director Michael was quoted as saying in his official statement recently.