The Company has established bussiness development strategy to support sustainable growth.
Throughout 2015, the Company has arranged several business development activities as follows:
- Expansion of gas pipelines market in a new area for the Company. In year 2015, the Company successfully entered the Province of East Java, which marked by the execution of the 16” pipelines construction along 18.5 KM to deliver gas from Petronas Bukit Tua field to PLN PJB Gresik.
- Expansion to LNG business and its infrastructure as an alternative substitude to liquid fuel. Through PT Prima Energi Raharja, the Company has been trading LNG in Balikpapan which also opened a new markets for the Company in the Province of East Kalimantan.
- Development of the Company business portfolio by entering fired power generation industry. The Company has followed some PLN tender and successfully passed the prequalification stage.
- Seeking strategic partner to enhance the Company business development. After a long discussion in year 2014, on March 19, 2015, Itochu Corporation signed a subscription agreement to issued and increase the capital investment at PT Triguna Internusa Pratama. The venture with Itochu Corporation is expected to strengthen the Company in the maintenance and operation of gas infrastructure business.
- Obtaining new competitive funding sources. On March 11, 2015, the Company successfully obtained a credit facility from the Hongkong and Shanghai Banking Corporation Limited, Jakarta Branch in the form of Loan Term Facility with a limit of USD 70,000,000.-. The loan was used to refinance debt to the Bank BII Maybank bank amounting to USD 29,466,667.- and the balance will be used to finance the Company’s new projects.
2015 Target Achievement
In year 2015, the Company has set targets based on Indonesia’s economic growth forecast by the World Bank at range of 5.2%, while based on data from Indonesia’s Central Bureau of Statistic on August 5, 2015, the Indonesia’s economic growth in second quarter of year 2015 was 4.67% only.
Consider those situations, the Company has to revised the target as already explained in the Public investor Summit Forum 2015. The Company revised the revenue target into USD 191 million while the net income revised into USD 7.9 million. The Company achievement by the end of year 2015 were USD 193 million of revenue and USD 7.8 million of