Jakarta, March 26, 2024 - Leading Oil and Gas Company, PT Rukun Raharja, Tbk (IDX: RAJA) has released its financial report for the 2023 fiscal year. The company recorded a net profit of USD 27.1 million, significantly larger than the previous year's USD 10.8 million, or an increase of about 150% year on year (yoy). This profit is noted as the highest achievement of the Company in the last 10 years.

The Company's revenue itself experienced an impressive surge of 61% year on year (yoy), reaching USD 203.7 million compared to the previous year's USD 126.6 million. This revenue increase mainly came from the addition of new customers leading to increased gas sales, increased flow volume in the Company's pipelines, new contributions from the Jabung Block, and increased revenue in the Operation and Maintenance (O&M) segment.

In 2023, the Company successfully absorbed all allocated Capex or USD 60 million. The strategic allocation of this capital expenditure was invested in the Company's projects in the Jabung Block, the completion of the CNG Main Station construction in Central Java, and the construction of pipelines to serve new customers located in Siak, Riau Province.

The Company is grateful for the positive achievements this year. The Company has proven the effectiveness of its strategies and planned business directions, thus the investments made by the Company, especially in infrastructure and participation in several oil blocks, have resulted in significant revenue growth. The Company is committed to continuously increasing value for shareholders and contributing to national economic growth through the provision of reliable and sustainable energy.

The Company will continue to innovate and develop its business portfolio in the oil and gas industry, reaffirming its position as a market leader and strategic partner in energy infrastructure development in Indonesia.