JAKARTA – PT Raharja Energi Cepu Tbk (RATU) saw its net profit drop by 42.92% year-on-year (yoy) in 2024 compared to 2023, despite recording revenue growth of 22.75% yoy.

In its 2024 Financial Report, quoted on Wednesday (12/3), Alexandra Sinta Wahjudewanti, RATU’s President Director, reported that the company posted net revenue of USD 57.74 million, up from USD 47.04 million in the same period of 2023. This revenue was generated from oil and gas (O&G) lifting activities carried out through PT GPI Jabung Indonesia.

Meanwhile, the company’s gross profit reached USD 22.45 million, down 16.27% yoy from USD 26.72 million, driven by the rise in the cost of revenue.

Earnings before income tax were recorded at USD 24.76 million, a 245% yoy decline from USD 32.84 million, impacted by an increase in general and administrative expenses, as well as financial and interest costs. Consequently, net profit decreased to USD 13.87 million from USD 24.30 million.

As of February 28, 2025, RATU reported 2.71 billion shares with 79.996% owned by controlling shareholders and 20.004% by non-controlling shareholders. The number of shareholders totalled 23,112, and the ultimate beneficiary of the shares is Hapsoro. (LK/ZH)