Saratoga Posts Solid Performance in 2024

Jakarta, March 12, 2025 – PT Saratoga Investama Sedaya Tbk. (ticker code: SRTG) delivered solid performance throughout 2024, achieving a 10.5% growth in Net Asset Value (NAV), from IDR 48.9 trillion in 2023 to IDR 53.9 trillion in 2024. This growth was driven by the optimization of its key portfolio companies, such as PT Adaro Andalan Indonesia Tbk. (AADI), PT AlamTri Resources Indonesia Tbk. (ADRO), and PT Tower Bersama Infrastructure Tbk. (TBIG), which successfully strengthened their business fundamentals and created sustainable value amidst dynamic market conditions.

SRTG Investment Director Devin Wirawan explained that SRTG’s positive performance in 2024 reflects the success of its investment strategy in capturing opportunities across strategic sectors. “This approach led to three key achievements: robust dividend income, increase in the valuation of portfolio companies driving NAV growth, and strategic investments in new portfolio companies. This success reaffirms SRTG’s position as an investment company which consistently creates long-term value for stakeholders,” Devin stated in Jakarta (11/3).

SRTG recorded solid dividend earnings of IDR 3.8 trillion, a 36% increase from 2023, driven by strong cash flows from key portfolio companies such as ADRO, TBIG, and MPMX.

Devin mentioned that in addition to dividend income, SRTG also successfully monetized its portfolio companies, generating IDR 712 billion in additional cash flow. As a result, SRTG’s total cash inflow throughout 2024 reached IDR 4.5 trillion.

“With a strong cash position, SRTG has greater flexibility to execute its investment strategy while continuing to enhance portfolio value. We remain committed to a disciplined and measured investment approach, focused on sustainable growth,” added Devin.

One of SRTG’s key strategic investments in 2024 was the acquisition of a majority stake in Brawijaya Healthcare (Brawijaya), one of Indonesia’s leading general hospital networks. This investment was driven by Brawijaya’s strong fundamentals and growth potential, particularly in broadening healthcare services across multiple regions in Indonesia. Currently, Brawijaya operates five hospitals and two clinics located in Jakarta, Depok, Bandung, and Tangerang, positioning it for further expansion in Indonesia’s growing healthcare sector.

SRTG is confident about Brawijaya’s expansion potential, supported by a strong management team with deep expertise in the healthcare sector. The collaboration between SRTG and Brawijaya will strengthen hospital operations and drive long-term, sustainable growth.

SRTG Finance Director Lany D. Wong explained that the company’s Loan-to-Value (LTV) ratio increased to 3.1% in 2024 from 0.5% in the previous year, reflecting SRTG’s efforts in optimizing its capital structure to support high-quality investment opportunities. Lany emphasized that this level remains well within healthy limits, ensuring strong financial flexibility and enabling the company to capitalize on market opportunities effectively.

“With a strong and efficient financial structure, SRTG is well-positioned to optimize investment opportunities in Indonesia’s dynamic market. In line with our commitment, SRTG’s investments will continue to support national economic growth and create lasting value for the broader community,” said Lany.

Update on Saratoga’s Portfolio Companies

Publicly-Listed Companies

1. PT AlamTri Resources Indonesia Tbk. (ADRO)

   In December 2024, ADRO completed the Initial Public Offering (IPO) and divestment of its thermal coal subsidiary, PT Adaro Andalan Indonesia Tbk. (AADI). Following the sale, ADRO focuses on metallurgical coal and mineral processing through PT Adaro Minerals Indonesia Tbk. (ADMR), and renewable energy. This restructuring allows each business segment to operate with a clearer strategy and growth trajectory while providing greater transparency for investors.

   To end the year, ADRO’s shareholders agreed on the distribution of USD 200 million of interim dividend which was scheduled on 15 January 2025. Additionally, MSCI has upgraded ADRO’s ESG rating from BBB to A, making it the first company in Indonesia’s coal mining sector to achieve a single A rating from MSCI.

2. PT Merdeka Copper Gold Tbk. (MDKA)

   MDKA concluded the year 2024 with strong production growth, cost efficiency, and significant project milestones. Tujuh Bukit gold mine (TB Gold) produced 115,867 ounces, meeting guidance with a total cash cost of USD1,017/oz, an all-in sustaining cost of USD1,337/oz, and an ASP of USD2,371/oz. Wetar copper mine produced 13,902 tons, staying within guidance, and achieved a cash cost of USD2.63/lb and an AISC of USD3.58/lb.

   Its subsidiary, PT Merdeka Battery Materials Tbk. (MBMA), delivered strong nickel production, primarily driven by the SCM mine. Saprolite production more than doubled to 4.9 million wmt in 2024 from 2.3 million wmt in 2023, while limonite production reached 10.1 million wmt. The increased output was accompanied by cost reductions, with saprolite and limonite cash costs decreasing by 24% and 22%, respectively, by 4Q 2024 compared to 1Q levels.

   Significant project milestones throughout 2024 include:

   1. Acid Iron Metal – AIM Plant: The pyrite plant is fully operational, and the acid plant has been running since April 2024. The chloride metals plant construction is complete, with commissioning currently underway. The copper cathode plant is in its final construction phase, with partial commissioning starting in 4Q 2024.
   2. PT ESG HPAL (JV with GEM): MBMA has partnered with GEM Co., Ltd. (GEM) to develop and operate PT ESG. The plant’s Train A autoclave, with a nameplate capacity of 20,000 tons per annum of nickel in MHP, commenced production in December 2024. Train B, with a capacity of 10,000 tons per annum, is set to begin production in 1Q 2025.
   3. HPAL 2 (PT Meiming New Energy Material): The second HPAL joint venture with GEM, PT Meiming, has a nameplate capacity of 25,000 tons per annum of nickel in MHP. Key plant components, including the autoclave, began commissioning in late 2024, supported by GEM’s existing feed preparation plant (FPP) at Indonesia Morowali Industrial Park (IMIP).
3. PT Tower Bersama Infrastructure Tbk. (TBIG)

   As of the end of 2024, TBIG managed over 42,000 tenants across nearly 24,000 telecommunication sites, including both telecommunication towers and Distributed Antenna Systems (DAS). Additionally, TBIG secured lender support to extend the maturity of its USD 325 million Revolving Credit Facility (RCF) to October 2029, effectively lengthening the average tenor of its debt obligations.

   To strengthen financial flexibility and support long-term growth, TBIG strategically diversified its debt funding sources. Under the Bond VI Program, the company successfully issued two rupiah-denominated bonds in 2024, one in February and another in November, amounting to IDR4.7 trillion. This included IDR3.9 trillion with a 370-day tenor and IDR757 billion with a three-year tenor. The proceeds will be used to refinance existing financial obligations and reinforce the company’s liquidity position.

4. PT Samator Indo Gas Tbk. (AGII)

   In September 2024, the company inaugurated its 56th plant in Batang. Equipped with the latest technology, the plant has a production capacity of 7,000 Liquid Oxygen (LOX), 7,000 Liquid Nitrogen (LIN), and 280 Liquid Argon (LAR).

   In October 2024, AGII commissioned the 57th plant in Batam, Riau Islands. The construction of the green hydrogen plant represents a strategic move of the company that will strengthen its financial growth as well as its contribution to the national clean energy transition. Produced through water electrolysis technology, the plant will produce low-carbon hydrogen, thus emphasizing AGII’s important role and commitment in supporting Indonesia’s carbon emission reduction.

Private Companies

1. Bersama Digital Asia Infrastructure (BDIA)

   BDIA’s subsidiary, Bersama Digital Data Centres (BDDC), a leading provider of in-town data centers with integrated digital systems and interconnectivity, reached a significant milestone in 2024 with the inauguration of its Tier IV data center in East Jakarta. The JST1 (Jakarta Selatan Timur) facility, BDDC’s second data center, underscores the company’s commitment to delivering reliable digital infrastructure for both local and global industry players, fostering the growth of digital technologies in Indonesia.

   JST1 offers a 5MW capacity and accommodates 1,008 racks within its eight-story facility. Looking ahead, BDDC plans to expand the capacities of its JST1 and JBT1 (Jakarta Barat Tangerang) facilities to a maximum of 32MW and 30MW, respectively, to support future growth and meet increasing demand.

2. Xurya Daya Indonesia (Xurya)

   A leading player in the rooftop solar power industry, Xurya has successfully built more than 100 MWp of capacity through 208 projects across 13 provinces in Indonesia. Xurya has helped more than 100 companies to start using solar energy, which is an important step to contribute to the reduction in carbon emissions in Indonesia. In addition, Xurya also expanded its success to remote areas such as Riau Islands in 2024.

   With its strong commitment to driving sustainable practices, Xurya was proud to become B Corp Certified and honored to receive the ESG Award 2024 for Impact Entrepreneurship Category by Yayasan Kehati. Throughout the year, Xurya helped offset an estimated 85,000 tons of CO2.

   In 2024, Xurya completed the constructions and started the operations of a total of 52 projects, including PT MC Pet Film Indonesia (MFI), PT Lautan Natural Krimerindo, FKS Group, Pacific Paint and Yakult Indonesia Persada (Sukabumi plant).

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About PT Saratoga Investama Sedaya, Tbk.
Founded in 1997, PT Saratoga Investama Sedaya Tbk. (stock code: SRTG) is a leading active investment company in Indonesia. SRTG plays an active role in managing portfolio companies and investing in innovative and high growth potential companies in Southeast Asia. The company has a strong track record in identifying, developing and creating value from the companies in which we invest.

SRTG’s investment strategy continues to be refined in keeping with the changing times, evolving from our initial focus on natural resources, infrastructure and consumer products sectors to our participation in new growth sectors, including digital technology, healthcare, and renewable energy which are now flourishing and increasingly becoming central to the sustainable growth of the national economy.

SRTG’s vision is to continue to be a world-class active investment company and the partner of choice for local and foreign investors looking to participate in the dynamics of Indonesia’s economic growth.

For more information, please visit: www.saratoga-investama.com.

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Corporate Secretary	Investor Relations
corporate.secretary@saratoga-investama.com	investor.relations@saratoga-investama.com