Jakarta,- Coal issuer PT Bukit Asam Tbk (PTBA) is targeting coal production of 41.3 million tons throughout 2024.

PTBA Corporate Secretary Niko Chandra said the company is planning by observing the latest market developments and anticipating various dynamic factors. 

"In 2024 PTBA targets coal production of 41.3 million tons, sales of 43.1 million tons, and transportation of 33.7 million tons," said Niko in his official statement, Friday (8/3/2024). 

As is known, throughout 2023 PTBA produced 41.9 million tons of coal, growing 13% compared to 2022 which amounted to 37.1 million tons. This production achievement exceeded the target of 41 million tons set at the beginning of 2023.

The increase in production was followed by an increase in coal sales volume to 37 million tons, up 17% compared to the previous year. PTBA also recorded export sales of 15.6 million tons, up 25% compared to 2022. 

Meanwhile, domestic sales were recorded at 21.4 million tons or grew 12% year on year (YoY).

Niko continued, challenges for PTBA this year include the correction of coal prices and market fluctuations. The average ICI-3 coal price corrected by around 34% from US$ 127.8 per ton in January-December 2023 to US$ 84.8 per ton on an annual basis.

Meanwhile, cost of goods sold increased, including in the components of royalty fees, rail transportation, and mining services. 

In its 2023 financial report, PTBA recorded a net profit of Rp6.10 trillion. This net profit decreased by 51.42% compared to the previous year of Rp12.56 trillion. 

In terms of revenue, PTBA booked IDR 34.48 trillion in 2023. PTBA's revenue fell 9.75% from Rp42.64 trillion in 2022.