JAKARTA. PT Apexindo Pratama Duta Tbk (APEX), an oil and gas drilling service company operating since 1984, reported net profit of USD 1.77 million in the first quarter (Q1) of 2024.

This net profit in Q1 2024 soared 73.53% year-on-year (yoy) from the same quarter last year, in which the profit reached USD 1.02 million.

APEX’s net profit surge is in line with the revenue’s positive trend, growing 52.79% yoy to USD 23.79 million. In the same quarter last year, the company’s revenue was stuck at USD 15.57 million.

Most of APEX’s revenue in Q1 2024 came from drilling service business line, which generated USD 22.04 million or equal to 92.6% of total revenue. Mobilisation and demobilisation contributed USD 500 thousand, while other business lines brought in USD 1.24 million.

APEX’s revenue was primarily recorded from drilling contract of PT Pertamina Hulu Mahakam, which arrived at USD 16.03 million. Then, it was followed by the contribution of Medco E&P Grissik Ltd that reached USD 2.92 million, PT Pertamina Geothermal Energi Tbk (PGEO) of USD 2.33 million, and PT Pertamina Hulu Kalimantan Timur of USD 2.5 million.

Until March 31, 2024, APEX’s total assets clocked up to USD 259.65 million, with cash and cash equivalent of USD 7.5 million. Meanwhile, its total equity clocked up to IDR 259.65 million. (KR/ZH)