Executive Summary

Key insights and market outlook

PT Rukun Raharja Tbk (RAJA) reported a decline in net profit by 8.34% YoY to US$17.75 million in Jan-Sep 2025 despite a 3.36% YoY revenue increase to US$196.04 million in Q3-2025 ¹

. The company's business expansion, particularly through its subsidiary PT Raharja Energi Cepu Tbk (RATU), is expected to drive future performance. RATU won a tender for SMS Development Limited shares, gaining indirect participation in Husky-CNOOC Madura Limited ¹.

Full Analysis

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Deep Dive Analysis

RAJA's Strategic Expansion to Drive Future Growth

Financial Performance Overview

PT Rukun Raharja Tbk (RAJA) recorded a revenue of US$196.04 million in Q3-2025, showing a 3.36% year-on-year increase ¹

. However, the company faced a decline in net profit, dropping 8.34% YoY to US$17.75 million during January-September 2025 ¹. The revenue growth was primarily driven by solid gas sales, strong vehicle rental income, and additional EPC revenue from the Hafar Group acquisition ².

Business Expansion Initiatives

RAJA's subsidiary, PT Raharja Energi Cepu Tbk (RATU), has been actively involved in business expansion. RATU was selected as the winner in the tender process for SMS Development Limited (SMSDL) shares. SMSDL holds a 20% indirect participating interest in Husky-CNOOC Madura Limited (HCML), which operates gas fields in the Madura Strait PSC ¹

. This acquisition is expected to be a significant growth catalyst for RAJA in the coming quarters.

Analyst Insights

Irsyady Hanief, Research Analyst at Henan Putihrai Sekuritas, noted that RAJA's Q3-2025 revenue reached US$68.4 million, marking a 3.4% annual increase ²

. The growth was attributed to robust gas sales and vehicle rental income, alongside EPC revenue from the Hafar Group acquisition. Analysts predict that the impact of these expansions will be visible in RAJA's performance starting from Q1 2026 ¹.

Future Prospects

The business expansion through RATU's acquisition is expected to enhance RAJA's financial performance in the near future. With the addition of new revenue streams from the Husky-CNOOC Madura Limited project, RAJA is well-positioned for growth. Investors are likely to watch the company's performance closely in the coming quarters as these initiatives mature.

Original Sources

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