JAKARTA - PT Sunindo Pratama Tbk (SUNI), an oil country tubular goods (OCTG) manufacturer, booked revenue of IDR 522.4 billion in the first half of 2024, nearly double the revenue seen in H1 2023 of IDR 263.2 billion, or increasing 98.6% year-on-year (yoy).

“This surge in revenue was driven by significant increases in the sales volumes of OCTG tubing, which rose by 66.8% yoy, and casing, which surged by 416.4 times yoy,” added the management in the official release quoted today (2/8).

With this fantastic uptrend in revenue, SUNI managed to record its highest net profit yet in its history. Its net profit in H1 2024 reportedly reached IDR 123.5 billion or skyrocketing 177.2% yoy from IDR 44.5 billion seen in H1 2023.

It is worth mentioning that at the end of this year, SUNI was initially setting the revenue target to IDR 923 billion and net profit target to IDR 109.3 billion for 2024. In other words, the company has reached 56% of its revenue target and 113% of its net profit target this year.

With said record in H1 2024, Director of Finance of SUNI, Freddy Soejandy, claimed that the company will revise its own financial performance targets.

It is known that SUNI has budgeted IDR 327.4 billion for its capital expenditure, which will be channelled to its subsidiaries: PT Rainbow Tubular Manufacture (RTM) and PT Petro Sinergy Manufacturing (PSM).

RTM is said to currently under preparation for its second production plant to commercially operate in 2025, whereas PSM, a joint venture formed with Jiangsu Jinshi Machinery Group (JMP), is estimated to generate contribution in Q4 this year through production of wellhead and christmas trees that will meet required local component level (TKDN). (ZH)