By Romel S. Gurky
IDX-listed drilling rig provider PT Apexindo Pratama Duta Tbk (IDX: APEX) posted a net profit of US$542,824 in 2024, a sharp turnaround from a net loss of US$1.35 million in 2023, driven by a strong revenue increase and lower impairment charges.
The company reported consolidated revenue of US$84.58 million in 2024, up 36% from US$62.27 million a year earlier. The increase in revenue was partially offset by higher direct costs, which rose to US$66.02 million from US$42.98 million.
Gross profit slightly declined to US$18.56 million from US$19.29 million, but operating losses were reduced due to a drop in impairment charges on property and equipment. In 2023, Apexindo booked a US$790,936 impairment loss, which did not recur in 2024.
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Operating expenses stood at US$13.67 million, slightly down from US$14.54 million in 2023. Finance costs were also trimmed to US$4.22 million.
The company’s total assets slightly decreased to US$251.0 million in 2024 from US$257.3 million in 2023. Liabilities dropped to US$185.6 million from US$192.3 million, while total equity improved marginally to US$65.35 million from US$64.94 million.
Editing by Reiner Simanjuntak
