JAKARTA – PT Petrindo Jaya Kreasi Tbk (CUAN) has once again been added to the Unusual Market Activity (UMA) list due to an unusual spike in its share price on January 8, 2025.

According to data from IDNFinancials, CUAN's share price surged by 12.19% in a single day. The stock jumped from Rp12,300 per share on Tuesday, January 7, 2025, to Rp13,800 by the close of trading on Wednesday (8/1).

In response, CUAN’s management attributed the positive market sentiment to a series of favourable news about the company, such as the announcement by its subsidiary, PT Bumindo Daya Karunia, which started its first production of metallurgical coal in December.

In relation to this project, CUAN also secured a credit facility from PT Bank Negara Indonesia Tbk (BBNI) of up to Rp2.43 trillion on December 23, 2024, to support its operational activities and the construction of supporting facilities.

“The financial support received from the banking sector provides a positive indication of the company’s consistently improving performance,” said Robertus Maylando Siahaya, Corporate Secretary of CUAN, in an official statement to the Indonesia Stock Exchange (IDX) today (10/1).

As of September 2024, CUAN recorded a year-on-year (yoy) revenue surge of 612.75%, reaching USD 546.06 million, while its net profit nearly tripled, rising by 162.70% yoy to USD 30.44 million.

By 11:00 AM today (10/1), CUAN’s stock had also risen by 18.97% year-to-date (ytd), from IDR 11,200 (2/1) to IDR 13,325.

It is worth noting that, according to stock exchange data, CUAN was also included in the UMA list on May 2, 2024. In 2023, CUAN also frequently faced trading suspensions on IDX due to significant cumulative increases in its share price. (ZH)