PT Karya Bumi Lestari (KBL) secures a mining service contract worth IDR 2.89 trillion from PT Indo Bara Pratama (IBP). Both companies are not affiliated with each other.

Anto Broto, Corporate Secretary of PT Petrosea Tbk (PTRO), the parent company of KBL, claimed that this new contract procurement will strengthen the financial condition of the company. “Said contract will take effect for the next five years since the agreement was signed yesterday (15/9),” he mentioned in the information disclosure quoted Friday (16/9).

This new contract will be added to the portfolio of third party users of PTRO mining service. In the Financial Statement of PTRO, until June 2022, the company had secured USD 46.84 million from PT Freeport Indonesia and USD 1.22 million from PT Indonesia Pratama Coal (IPC).

Meanwhile, the only related party with over 10% contribution to the revenue of PTRO was PT Kideco Jaya Agung (KJA), which generated USD 83.88 million.

PTRO’s revenue clocked up to USD 206.40 million in H1 2022, comprising income from the mining segment of USD 138.32 million, the construction and engineering segment of USD 41.06 million, the service segment of USD 25.73 million, and other segments of USD 1.27 million.

Source: https://www.idnfinancials.com/news/44338/kbl-obtains-mining-service-contract-idr