Raharja Energi Projects $65 Million Revenue Post-IPO in 2025

JAKARTA, RAKYAT NEWS – The leading PT Raharja Energi Cepu (RATU), a subsidiary of PT Rukun Raharja Tbk (RAJA), is forecasting a significant revenue increase to $65 million (approximately IDR 1.04 trillion) in 2025 following its initial public offering (IPO) on the Indonesia Stock Exchange (IDX).

The company, owned by Hapsoro Sukmonohadi, also known as Happy Hapsoro, aims to capitalize on its promising oil and gas assets to drive growth.

According to its prospectus, RATU plans to issue 543.01 million shares, representing 20% of its paid-up and issued capital post-IPO. The energy firm has set its IPO price range at IDR 900–1,150 per share, translating to an equity valuation of $163 million to $208 million. Analysts from Henan Putihrai Sekuritas project the company’s enterprise value (EV) in 2024 to range between $135 million and $181 million.

Henan Putihrai Sekuritas estimates RATU will generate $63 million in revenue and an EBITDA of $30 million in 2024. By 2025, revenue is projected to grow to $65 million, with EBITDA increasing to $31 million (approximately IDR 498.58 billion). This growth is attributed to robust oil reserves, long-term contracts, and partnerships with leading global companies.

RATU’s operations are anchored in two key oil and gas blocks: Cepu and Jabung. The Cepu block boasts 841 million barrels of proven reserves (P1) and 199 million barrels of probable reserves, while Jabung holds 17.2 million barrels of proven reserves and 8.8 million barrels of probable reserves. These reserves are expected to provide a stable foundation for revenue generation.

Long-term contracts further strengthen RATU’s prospects. The company has secured agreements for the Cepu block until 2035 and for the Jabung block until 2043. Partnerships with major players like ExxonMobil and PetroChina also enhance operational efficiency through advanced technology and expertise, reducing risks associated with global energy price fluctuations.

Financial performance in the first half of 2024 showed significant improvement. RATU’s revenue increased by $16.44 million compared to the same period in 2023, driven by higher sales volume and better average weighted prices. Net profit for the six-month period reached $7.43 million, marking a 20.53% increase from $6.17 million in the previous year.

Despite its strong growth outlook, RATU faces several challenges, including higher operational costs for the Jabung block, increased income tax expenses for the oil and gas sector, and higher interest expenses stemming from loans acquired in mid-2023. These factors could pressure profitability in the short term.

Founded in 2006, RATU is a strategic player in Indonesia’s oil and gas sector. The company’s portfolio includes key interests in the Cepu and Jabung blocks through PT Petrogas Jatim Utama Cendana and PT Raharja Energi Tanjung Jabung. With its IPO, RATU aims to secure additional capital to strengthen its operations and expand its presence in the energy market. (Uki Ruknuddin)