Tycoon Prajogo Pangestu’s Petrosea Soared With a 613% Profit Jump

JAKARTA, Investortrust.id — PT Petrosea Tbk (PTRO), the mining contracting and engineering arm controlled by Indonesian energy tycoon Prajogo Pangestu, delivered an explosive bottom-line performance in the first half of 2026.

Top-line revenue expanded by nearly 60%, while net profit for the six-month period surged more than sevenfold compared to the same interval last year.

According to the company's interim financial statements submitted to the Indonesia Stock Exchange (BEI), consolidated revenue climbed 59.56% year on year to $543.98 million, up from $340.94 million recorded in the first half of 2025.

As Southeast Asia’s natural resources sector ramps up production to capture resilient global mineral demand, contract miners are securing record backlogs across pit-to-port infrastructure. Petrosea's top-line leap illustrates how large-scale project execution is feeding directly into consolidated cash generation. Furthermore, strategic asset realignments and divestment gains are drastically bolstering bottom-line liquidity, insulating the Pangestu-backed contractor from sector cost inflation.

Strong Operational Turnover

The substantial climb in revenue supported steady gross profitability across operating sites. Petrosea generated a consolidated gross profit of $47.03 million for the first six months of 2026, holding close to the $48.30 million booked during the previous year.

On the overhead ledger, selling and administrative expenses reached $20.07 million. Financing and interest expenses stood at $33.43 million, balanced against interest income of $1.09 million and a final tax charge of $5.36 million.

A decisive catalyst in the earnings turnaround emerged from other operational gains. Petrosea recognized net other gains of $15.03 million in the first half of 2026, marking a complete reversal from a net loss of $3.36 million in the prior-year period.

Discontinued Operations Drive Profit Spike

The positive swing brought total operational expenses to $42.76 million, leaving the engineering giant with a pre-tax income of $4.27 million.

These operational adjustments fueled a dramatic 613.06% surge in total net profit for the period, which vaulted to $9.17 million from $1.29 million in the first half of 2025.

The outsized performance was heavily underpinned by portfolio restructuring. Discontinued operations accounted for the bulk of earnings, delivering $7.62 million in net income and completely overturning a $2.84 million loss incurred by discontinued activities a year earlier.

Meanwhile, continuing operations contributed $1.55 million in net profit, compared to $4.13 million during the first six months of 2025. The consolidated performance solidifies Petrosea’s capital position as the group pursues strategic investments across mining and energy assets, including its recent Rp 1.19 trillion ($74.84 million) equity expansion in PT Singaraja Putra Tbk (SINI).