Jakarta, April 23, 2024 - The company has just announced its financial results for the first quarter of 2024, indicating significant growth in revenue and profit compared to the first quarter of 2023. The company's net revenue increased by 67% to USD 61.6 million, up from USD 37 million in the same period last year. Meanwhile, net profit experienced an annual increase of 41%, from USD 5.7 million in Q1 2023 to USD 8 million in Q1 2024.

The main factors contributing to the company's financial improvement include significant contributions from projects completed in 2023. In particular, the upstream business through the Company's Investment in the Jabung Block contributed approximately 20% of total revenue. Additionally, new infrastructure built in Siak and Grobogan Regencies has opened up new sources of revenue in the gas trading business segment, with contributions from this segment reaching 15% of total revenue. Improvement also occurred in other business segments, which overall had a positive impact on the company's finances.

The improved financial performance this quarter is the result of the implementation of carefully planned and sustainability-oriented business strategies. This achievement not only reaffirms our commitment to responsible business practices but also demonstrates the company's dedication to advancing the sustainability agenda.