JAKARTA - PT Petrosea Tbk (PTRO) reported a total backlog of IDR 64.3 trillion by the end of 2024, marking the highest value in the company's more than 50-year history.

“Our track record spanning over five decades serves as a strong foundation for continuing to deliver optimal results and strengthening our position to face future opportunities and challenges,” said Kartika Hendrawan, Chief Investment Officer of PTRO, in a press release on Thursday (13/2).

In addition to the backlog achievement, the company also announced several new contracts secured in 2024, including a mining services agreement with PT Pasir Bara Prima valued at IDR 17.4 trillion.

PTRO also signed an Onshore Early Works EPC agreement for the Ubadari project, Tangguh EGR/CCUS & Tangguh Onshore Compression (UCC), with a contract value of IDR 4.6 trillion over two years.

Last year, Petrosea also entered into a procurement and construction agreement for the development of the Pomalaa Block mine with PT Vale Indonesia Tbk (INCO), with a contract value of IDR 2.8 trillion for a two-year period.

For context, according to the company's financial performance in the third quarter of 2024, Petrosea’s revenue grew by 21.74% to USD 510 million, up from USD 419 million year-on-year (YoY). However, net profit dropped sharply by 71.02%, falling to USD 3.1 million from USD 10.7 million YoY.

Notably, Petrosea’s shares saw a significant increase at the start of the year following a 1:10 stock split on 3 January 2025.

Although the stock experienced a dip on Friday, 7 February 2025, it has grown by 23.86% year-to-date (ytd), reaching IDR 3,400 by the end of the first trading session today (13/2). (DK/ZH)