JAKARTA – PT Petrosea Tbk (PTRO) recorded a 19.6% year-on-year (yoy) revenue increase in 2024, reaching USD 690.8 million, up from USD 577.6 million in 2023.

However, according to PTRO’s 2024 Financial Report, direct costs also surged by 21.2% yoy to USD 600.5 million, limiting gross profit growth to 10% yoy, reaching USD 90.3 million. This caused PTRO’s gross profit margin to slip slightly, from 14.2% in 2023 to 13% as of December 2024.

Significantly higher expenses across various categories further contributed to a 20.5% yoy decline in net profit, dropping to USD 9.9 million in 2024, down from USD 12.2 million in the previous year.

In February, Petrosea reported its highest-ever backlog, valued at IDR 64.3 trillion, for 2024.

Meanwhile, PTRO's stock price has surged by 22.4% year-to-date (ytd), particularly following its stock split on 3 January 2025. Today, the stock closed up 6.67% yoy, reaching IDR 3,360 per share. (ZH)