• HRTA targets 50-60% revenue growth in 2025
Hartadinata Abadi (HRTA) targets revenue growth of 50-60% and net profit increase of 40-
50% in 2025. Meanwhile, the total sales of gold bullion are expected to reach around 13-15
tons. The main opportunity for the gold business lies in the continued high demand for
physical gold bullion and the increase in gold prices amidst uncertain geopolitical and
economic conditions. However, the gold industry is still overshadowed by the risk of
weakening purchasing power which negatively impacts the purchase of gold jewelry. To
achieve this target, the company plans to add several of its own outlets. It plans to open these
new outlets in areas such as Bogor, Depok, Tangerang, Bekasi, Karawang, Semarang, Solo,
Malang, Balikpapan, Samarinda, Manado, Riau Islands, Jambi, Medan, Bali, and other cities
and districts. The company is also targeting new export market locations, especially in Asia.
Countries such as Thailand and Vietnam are HRTA’s export targets, while India and Dubai
have succeeded in becoming the company’s export locations. This year, HRTA allocated
capex worth IDR 125B, which will be used to develop factory integration and purchase
machines to support HRTA production.
• HRUM allocates USD 400M capex in FY25
Harum Energy (HRUM) has allocated approximately USD 400M in capital expenditure FY25,
primarily focused on developing mining operations and completing the high-pressure acid
leaching (HPAL) project. This year, HRUM aims to boost nickel ore production through its
subsidiary, Position (POS). Additionally, the company is promoting the implementation of the
high-pressure acid leaching project at Blue Sparking Energy (BSE), which is reported to have
progressed beyond the 50% completion mark. As a result, this project is expected to start
contributing to the company’s performance by the end of this year or early next year.
Furthermore, the coal sector is anticipated to remain strong and stable through 2024. This
outlook is supported by the projected average coal price index of USD 120 per ton for this
year. The company is targeting a coal production of approximately 5.4M tons, according to
its Work Plan and Budget (RKAB). (Kontan)
• PGEO and Pertagas develops green hydrogen and ammonia
Pertamina Geothermal Energy (PGEO) in collaboration with Pertagas is exploring studies on
the development of green hydrogen and green ammonia. It includes the exchange of
technical information such as analysis of operating conditions, thermal composition, and
electrolysis as well as identification of market potential and other related data. In addition,
the two companies will collaborate in conducting technical studies such as evaluating
project feasibility and identifying schemes for using geothermal electricity to produce green
hydrogen and green ammonia. After the technical study is complete, PGEO and Pertagas will
continue the feasibility study to review various aspects of the project, including investment
potential and business scheme development, resource allocation and selection of
appropriate technology, and implementation timelines. This project will be implemented in
the geothermal working area (WKP) managed by PGEO, considering locations that have
optimal potential to support the production of green hydrogen and green ammonia. As is
known, PGEO has a relatively large geothermal power generation capacity capable of
providing low-emission electricity that supports the production of green hydrogen and
green ammonia. Meanwhile, Pertagas manages 2,930 km of gas transmission pipes in
Indonesia with expertise in managing energy infrastructure which can be used for storage
and distribution of these two green fuels. (Bisnis Indonesia)
