Rukun Raharja profit rises 81.78% through third quarter
Higher earnings from associates and lower revenue costs helped lift profit, while the company outlined gas sales and infrastructure priorities for the fourth quarter.
Indonesia’s PT Rukun Raharja Tbk (RAJA) reported profit of US$43,808,186 through the third quarter of 2026, an increase of 81.78% from US$24,099,963 a year earlier, according to its disclosure to the Indonesia Stock Exchange.
Earnings from associates were the biggest contributor to the profit increase, rising 362.25% to US$18,567,551 from US$4,016,783. The company also recorded a net foreign-exchange gain of US$3,691,788, compared with a loss of US$2,171,139 in the corresponding period.
Net revenue increased 3.98% to US$203,857,206 from US$196,048,891. Meanwhile, the cost of revenue fell 5.09% to US$132,651,265, helping gross profit rise 26.50% to US$71,205,941. Gross margin widened to 34.93% from 28.71%.
General and administrative expenses rose 38.04% to US$22,272,537, but operating profit still increased 33.52% to US$54,139,348. Finance costs climbed 85.36% to US$13,883,746. Profit attributable to owners of the parent reached US$31,077,313, up 75.06% from US$17,752,880.
President director Djauhar Maulidi said a 20% stake in Husky-CNOOC Madura Limited (HCML) contributed US$13.2 million in investment income. Investment income from PT Petrogas Jatim Utama Cendana also increased as global oil prices rose, he said.
The company separately reported a US$3.9 million bargain-purchase gain from the acquisition of SMS Development Ltd. through PT Raharja Energi Cepu Tbk (RATU). SMS Development holds 20% of HCML, the operator of the Madura Strait working area.
Speaking on 2 November 2026, Djauhar said downstream operations had experienced disruptions. For the fourth quarter, the company is prioritising a recovery in gas sales volumes, completion of energy infrastructure projects and optimisation of contributions from its investment portfolio.
