JAKARTA. PT Indika Energy Tbk (INDY) only managed to record net profit of USD 21.01 million in the first half (1) of 2024, down 76.6% year-on-year (yoy) from the same period last year.

INDY’s net profit decline in H1 2024 is in line with its revenue that only reached USD 1.19 billion, shrinking 28.7% yoy from USD 1.67 billion recorded in the same semester last year.

In addition, this net profit downturn in H1 2024 allegedly took place due to insignificant gains from associates and joint ventures, which only clocked up to USD 9.58 million. For comparison, in H1 2023, income from associated entities and joint ventures used to reach USD 15.25 million.

Furthermore, investment income of INDY in H1 2024 also plummeted 14.9% yoy to USD 9.51 million. Then, financial expenses swelled 10.7% yoy to USD 45.29 million.

Energy resources still largely supported INDY’s revenue in H1 2024, with total segment income of USD 1.06 billion. Then, energy services brought in USD 93.04 million, followed by logistics and infrastructures of USD 19.34 million.

Aside from energy business lines, INDY also booked revenue from mineral business of USD 2.46 million, green business of USD 10.75 million, digital ventures of USD 4.35 million, and others of USD 7.59 million. (KR/ZH)