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Dok. PT Petrosea Tbk (PTRO)
Investor Trust And Confidence In Petrosea Continues To Grow In 2025
Saturday, 15 Feb 2025
PT Petrosea Tbk (IDX:PTRO) shares the latest updates regarding the company's performance. Throughout 2024, Petrosea successfully closed the year with a total contract value (backlog) of Rp 64.3 trillion, marking significant growth compared to previous years. This backlog value is also the highest in over five decades of Petrosea's operations in the mining and construction sectors.
Additionally, the company's stock split is an important achievement. The 1:10 stock split in early January 2025 acted as a key catalyst for increasing stock liquidity and the number of shareholders, rising from 12,883 investors at the end of 2024 to 49,796 investors by the end of January 2025. Among these shareholders, institutional investors increased from 195 to 284, while individual shareholders grew from 12,688 to 49,512. Foreign shareholders also rose from 109 to 125, although the increase was not as significant as that of domestic investors.
In May and June 2024, Petrosea sold all its treasury shares to the public. As of January 31, 2025, the free float of Petrosea shares reached 27.25%.
"With over five decades of expertise in this industry, Petrosea is well-positioned to implement its business strategy and provide added value to our diverse investors. This achievement reflects the growing trust of the public and investors in Petrosea's performance and growth prospects, both now and in the future," said Kartika Hendrawan, Chief Investment Officer of PT Petrosea Tbk.
Petrosea has secured several new contracts, including a mining service agreement with PT Pasir Bara Prima, valued at Rp 17.4 trillion for the life of the mine. Additionally, Petrosea signed an Onshore Early Works EPC agreement for the Ubadari project, Tangguh EGR/CCUS & Tangguh Onshore Compression (UCC), worth Rp 4.6 trillion over 24 months. They also entered into a procurement and construction agreement for the Blok Pomalaa mine with PT Vale Indonesia Tbk, valued at Rp 2.8 trillion and lasting 24 months.
The company successfully raised over Rp 12 trillion to support its expansion and corporate actions through Bonds, Sukuk, and Bank Facilities.
Petrosea completed a Continuous Public Offering for its Sustainable Bonds I Phase I 2024 and Sustainable Sukuk Ijarah I Phase I 2024, totaling Rp 1.5 trillion, which was oversubscribed. These were listed on the Indonesia Stock Exchange on December 16, 2024. The bonds and sukuk received an idA+ and idA+(sy) (Stable Outlook) rating from PT Pemeringkat Efek Indonesia (PEFINDO) and marked the company's first offering in the bond and sukuk market since its establishment in 1972.
Furthermore, Petrosea received funding support from several national banks, including PT Bank Central Asia Tbk, PT Bank Negara Indonesia (Persero) Tbk, and PT Bank Mandiri (Persero) Tbk, totaling Rp 11.1 trillion. This bank funding will be used for capital expenditures and mining equipment investments, as well as to strengthen working capital. This support reflects the banks' confidence in the company.
"We are very grateful to all investors and stakeholders for their trust in Petrosea, allowing us to continue growing and providing sustainable value," said Kartika Hendrawan, Chief Investment Officer of PT Petrosea Tbk.
