Jakarta. Petrindo Jaya Kreasi, also known by its ticker symbol CUAN, reported that it had booked $30 million in net profit in the first half of 2024, marking an almost 2.63-times year-on-year increase.

CUAN attributed this growth to its business diversification strategy as the company expanded to various sectors. CUAN also announced that its revenue saw a 348.4 percent year-on-year increase to $310 million. 

The coal business made up 38 percent of the revenue. Coal used to be the company’s entire source of revenue in the first half of 2023. This shows CUAN’s success in reducing its reliance on a single commodity and expanding its revenue sources.

Construction and engineering accounted for 30 percent of the revenue in the first half. Followed by mining (28 percent) and services (4 percent). CUAN said that this business diversification not only helped boost the revenue but also made the company more stable amidst fluctuating commodity prices.

Gross profit margin decreased slightly to 21.5 percent in the first half of 2024 compared to the same period the previous year. In 2023, CUAN reported that the addition of new business lines -- namely engineering and construction as well as services -- provided a more stable margin profile than that of the mining business. This helped reduce the impact of commodity price volatility on the company’s future profit.