JAKARTA — Radiant Utama Interinsco, a company that is engaged in the providing technical support services for oil and gas companies, is eyeing to secure two contracts worth Rp 1 trillion ($102 million), an high-level executive at the company said.
“Currently, we are subscribing to two tenders of oil and gas projects, each valued of Rp 500 billion. The tender winner will possibly be announced in the next one to two months,” said Misyal A. Bahwal, the president director at Radiant.
The company has sealed Rp 2.92 trillion worth of contracts from giant international oil and gas conglomerate, including Santos (Australia), Total (French) and Chevron (United States).
Radiant expected this year that it can book Rp 1.8 trillion worth of revenue, up from Rp 1.6 trillion last year.
In the first quarter of 2013, the company’s revenue rose 32 percent to Rp 417 billion from the same period last year. Net income rose 43 percent to Rp 15 billion.
“The improved performance of the company was supported by the rise in contracts it booked. Operational support services [for oil and gas companies] remained the biggest revenue contributor, which made up 68.3 percent [of the total revenue],” said Misyal.
Established in 1975, Radiant initially offered “non-destructive testing” for oil and gas companies. Since then, the company has expanded its service into a wider range of expertise in the energy sector. It provides inspection and certifications for oil and gas facilities as well as human resources. The company also provides offshore services, including mobile offshore production units as well as dredging.
Radiant this year is budgeting around Rp 100 billion to Rp 120 billion for capital expenditure. The bulk of the funds will be used to build nine ships that will be assigned to dredging jobs.
The annual general shareholders meeting on Tuesday approved a total distribution of Rp 5.77 billion in dividends, equivalent to 20 percent of net income from last year. Such a distribution translates to Rp 7.5 percent of dividends per share.
Source : Jakarta Globe
Date : 30 Mei 2013