Sunindo Pratama (SUNI) Targets a Net Profit of IDR 109.3 Billion This Year

LISTED COMPANY - JAKARTA. PT Sunindo Pratama Tbk (SUNI) is ramping up production this year to meet its revenue and profit targets. The company has set a revenue target of IDR 923.6 billion and a net profit target of IDR 109.3 billion for the year, marking a 30.5% increase compared to the net profit in 2023.

To achieve these targets, SUNI plans to increase its production of OCTG Tubing, a special type of pipe used in the oil and gas industry, by 8,000 tons (high grade) and 12,000 tons (low grade) in 2024, bringing the total to 20,000 tons.

In addition to this, the company will produce 8,800 thousand tons of OCTG casing and 98 units of Wellhead & X’mas Tree, essential equipment for oil wells. The company's performance in 2023 has made it optimistic about achieving its targets this year.

“All lines (of sales) have increased compared to last year. There's a sharp increase in profit, and revenue has also increased,” revealed SUNI's CFO and Corporate Secretary, Freddy Soejandy, at a public expose in South Jakarta on Tuesday (07/05).

For additional information, OCTG tubing and casing are the largest contributors to SUNI's financial performance, contributing an average of 91.1% in 2023. Besides the sales of OCTG tubing and casing, the sales volume of wellhead also contributes to improving SUNI's performance.

On the other hand, SUNI's Operational Director Bambang Prihandono stated that the company's performance in the first quarter of this year has shown a significant increase towards achieving the target.

“In terms of OTBC Tubing, there was an increase in the first quarter of this year, with sales rising 35.6% to 3,853.8 tons. Additionally, sales of OCTG casing also increased 117.8 times to 1,562.5 tons, and the Wellhead and X’mas tree are in the completion stage, we hope there will be an increase in the next quarter,” he explained.

Just so you know, in the first quarter of 2024, SUNI's net profit rose by 68.6% year-on-year (YoY) in Q1 2024, reaching IDR 33.37 billion from IDR 19.8 billion in Q1 2023. Meanwhile, Q1 2024 revenue increased by 15.1% to IDR 162.7 billion from IDR 141.33 billion in Q1 2023.