JAKARTA – PT Indika Energy Tbk (INDY) is further diversifying its business portfolio by entering the fuel trading sector, aiming to support future revenue growth.

Adi Pramono, Corporate Secretary of INDY, announced that the company has established a new subsidiary, PT Pahala Globalindo Energi (PGE), whose financials will be consolidated with the group.

"This aligns with the company’s strategy to expand and diversify its business operations," he stated on Tuesday (10/12).

INDY acquired 100% of PGE’s shares through its subsidiaries, PT Interport Mandiri Utama (IMU) and PT Interport Mandiri Abadi (IMA), for a total of IDR 7.2 billion.

The acquisition is being completed in two phases. Phase I, valued at IDR 3.6 billion (49% of PGE's shares), was completed by IMA on December 5, 2024, and Phase II, also valued at IDR 3.6 billion (51% of PGE's shares), will be carried out by IMU on December 20, 2024.

In Q3 2024, INDY's revenue dropped by 22.4% to USD 1.78 billion compared to USD 2.9 billion in the same period last year. Coal commodities contributed 87% of the company's revenue, while non-coal businesses accounted for 13%.

Key subsidiaries contributing to INDY’s Q3 2024 revenue included Kideco (77%), Tripatra (9%), Coal Trading (7%), Iterport-Cotrans (3%), Iterport (2%), MUTU (Multi Tambang Jaya Utama) (1%), and others (2%). (LK/ZH)