Rukun Raharja reports higher revenue, enters power sector

By Thomas R. Sembiring

IDX-listed PT Rukun Raharja Tbk, which is engaged in gas distribution, transmission and compression, saw revenue last year jumped by 44 percent to US$197.12 million compared to $137.19 million in the previous year.

Corporate Secretary Cindy Budijono said on Wednesday that one of the factors contributing to the revenue growth was the successful sales of gas by its subsidiary PT Energasindo Heksa Karya to state-owned electricity company PT PLN.

The company said that net profit last year grew by 35.42 percent to $7.80 million. Shareholders approved on Wednesday to distribute 15 percent of the net profit as dividend.

Meanwhile, Kontan quoted Rukun Raharja Director Djauhar Maulidi as saying that a joint venture firm set up with industrial zone developer PT Galuh Citarum is teaming up with General Electric (GE) and PT Adidaya Bismawisesa Internatioal in the construction of a 3x3.3 MW gas engine power plant, which is expected to start operation in the third quarter of this year.

He added that the company is also planning to develop another power plant project in Tangerang, Banten. He declined to provide further details.

Editing by Reiner Simanjuntak