PT Multikarya Asia Pasifik Raya Tbk (MKAP) Company Profile

Background

Overview

PT Multikarya Asia Pasifik Raya Tbk (MKAP) is an Indonesian company specializing in manufacturing, trading services, rental, and repair of pumps and related equipment, including spare parts, for the oil, natural gas, and mining industries. Established on May 16, 2002, as PT Mudking Asia Pasifik Raya, the company rebranded to its current name in 2012 to broaden its business collaborations beyond the Mudking brand.

Mission and Vision

• Mission: To deliver high-quality solutions that ensure customer satisfaction, provide a secure career environment for employees, and offer optimal and continuous benefits to shareholders.

• Vision: To become a leading Asia Pacific company providing services and equipment for the drilling and production of oil, gas, and geothermal energy.

Industry Significance

MKAP plays a crucial role in supporting the energy sector by offering essential equipment and services that enhance the efficiency and safety of oil, gas, and mining operations. Its expertise in pump technology and related services positions it as a key player in the industry.

Key Strategic Focus

Core Objectives

• Achieve significant revenue growth, targeting a 60% to 70% increase in 2024 compared to 2023.

• Enhance operational efficiency and expand market presence through strategic partnerships and service diversification.

Areas of Specialization

• Manufacturing and supplying pumps and related equipment.

• Providing rental and repair services for oil, gas, and mining industries.

• Offering spare parts and technical support tailored to client needs.

Key Technologies Utilized

• Advanced pump technologies adhering to API standards.

• Reengineering and refurbishment techniques for pump optimization.

• Customized pump solutions designed to meet specific operational requirements.

Primary Markets Targeted

• Oil and gas exploration and production companies.

• Mining operations requiring specialized pumping solutions.

• Geothermal energy projects necessitating reliable pump systems.

Financials and Funding

Funding History

• Initial Public Offering (IPO): On February 12, 2024, MKAP listed 650 million shares on the Indonesia Stock Exchange (IDX) at an offering price of IDR 115 per share, raising approximately IDR 74.75 billion.

Recent Financial Performance

• 2024 Fiscal Year: Reported revenue of IDR 356,262.94 million, a 53.46% increase from the previous year. Net income stood at IDR 40,675.27 million, marking a 26.19% growth.

Utilization of Capital

• Proceeds from the IPO are allocated for working capital, including operational costs, supplier payments, and repairs of heavy equipment, aiming to reduce banking funding costs and enhance profitability.

Pipeline Development

Key Projects and Milestones

• 2018: Secured contracts for pump supply and services with PT Pertamina EP and Chevron.

• 2019: Expanded into the mining sector by providing pump packages to Freeport McMoran and PT Bukit Asam Tbk.

• 2020: Obtained agency rights for Pumpworks 610 and became a Platinum Packager for Waukesha.

• 2023: Acquired agency rights for Leistritz and WEG brands; inaugurated a new main workshop in Citeureup, West Java.

Technological Platform and Innovation

Proprietary Technologies

• Customized pump solutions tailored to specific client requirements.

Significant Scientific Methods

• Reengineering and refurbishment techniques for pump optimization.

• Adherence to API standards in manufacturing and servicing equipment.

Leadership Team

Executive Profiles

• Sani Handoko: President Commissioner.

• Djoni Suyanto: Commissioner.

• Charlie Dhungga: Independent Commissioner.

• Eric Handoko: President Director.

• Daniel Handoko: Director.

• Mario: Director.

Competitor Profile

Market Insights and Dynamics

• The Indonesian oil, gas, and mining equipment and services sector is experiencing growth, driven by increased exploration and production activities.

• Companies are focusing on technological advancements and service diversification to meet evolving industry demands.

Competitor Analysis

• PT International Sawo Resources: Holds a 76% stake in MKAP, indicating significant influence and potential strategic direction.

• PT Petrodrill Manufaktur Indonesia: Former subsidiary specializing in API-standard drilling rigs and pumps; MKAP divested ownership in 2023.

Strategic Collaborations and Partnerships

• Leistritz and WEG: Acquired agency rights in 2023, enhancing product offerings in pump technologies and electric drives.

• Pumpworks 610 and Waukesha: Established partnerships in 2020, expanding service capabilities in gas-driven engines and generator sets.

Operational Insights

Strategic Considerations

• Focus on expanding service offerings and technological capabilities to strengthen market position.

• Leverage strategic partnerships to access new markets and enhance product diversity.

Competitive Advantages

• Established relationships with major industry players like PT Pertamina EP, Chevron, Freeport McMoran, and PT Bukit Asam Tbk.

• Diversified service portfolio encompassing manufacturing, rental, repair, and spare parts supply.

Strategic Opportunities and Future Directions

Roadmap and Expansion Plans

• Continue to diversify service offerings to meet evolving industry needs.

• Expand market reach through strategic partnerships and agency rights acquisitions.

• Invest in technological advancements to enhance service efficiency and product quality.

Contact Information

• Official Website: www.mkapr.co.id

• Social Media: LinkedIn: MKAPR