JAKARTA – It has only been three months in into 2024, but PT Sunindo Pratama Tbk (SUNI) has reached 30% of its net profit target for 2024, scoring IDR 33.37 billion until the end of March 2024.

SUNI’s net profit went up 68.6% year-on-year (yoy) in Q1 24, reaching IDR 33.37 billion from IDR 19.8 billion in Q1 2023. This net profit surge was supported by rapid growth in its revenue by up to 15.1% yoy to IDR 162.7 billion in Q1 2024.

Similar to Q1 2023, the sales of oil country tubular goods (OCTG), SUNI’s top product, remains as the highest contributor to total sales in Q1 2024. The sales even grew as high as 26% yoy to IDR 159.62 billion, with total OCTG tubing sales of 2,853 tons, and OCTG casing sales of 1,562 tons.

For the record, the target of OCTG tubing and casing sales set by SUNI earlier this year was at 20 thousand and 8.8 thousand tons, respectively.

However, wellhead and christmas tree sales in this period significantly decreased to IDR 850 million, compared to IDR 11,34 billion in Q1 2023. In volume, it went from 22 units in Q1 2023 to only 2 units in Q1 2024. Meanwhile, the sales volume target for this product has been set to 98 units this year.

“Most of the wellhead and christmas trees, for now,  are under completion process, and they are expected to gain increase in Q2,” added Bambang Prihandono, Chief Operational Oficer of SUNI during the Press Conference of Q1 2024 today (7/5).

This year, SUNI aims to secure total net profit of IDR 109.3 billion, or up 8.3% yoy. Then, the revenue is projected to skyrocket to IDR 923 billion or significantly increase by 20.7% yoy.

In order to achieve the target, SUNI has budgeted capital expenditure (capex) worth IDR 327.4 billion, most of which are allocated to the expansion of plant 2 of PT Rainbow Tubulars Manufature (RTM), its subsidiary, in Batam. (ZH)