PTBA’s Net Profit Reach IDR 6.1 T in 2023

Jakarta,-PT Bukit Asam Tbk (PTBA) recorded a revenue of IDR 38.55 trillion and a gross profit of IDR 9.2 trillion. After deducting operating costs, PTBA posted a net profit of IDR 6.1 trillion. Meanwhile, the company’s total assets as of December 31 were IDR 38.8 trillion.

“On the other hand, PTBA’s total coal production from January to December 2023 reached 41.9 million tons, 13 percent compared to 2022 of 37.1 million tons,” said PTBA President Director Arsal Ismail, on Friday (8/3/2024).

Meanwhile, domestic sales recorded an annual growth of 12 percent. The future challenge for the company this year is the correction of coal prices and market price fluctuations. Average coal prices corrected.

This increase in production was followed by an increase in coal sales volume to 37.0 million tonnes, an increase of 17 percent compared to the previous year. The company recorded export sales of 15.6 million tons or an increase of 25 percent compared to 2022. Meanwhile, domestic sales were recorded at 21.4 million tons or grew 12 percent annually (year on year).

Challenges for the Company this year include corrections in coal prices and market fluctuations. The average ICI-3 coal price was corrected by around 34 percent from USD 127.8 per ton in January-December 2022 to USD 84.8 on an annual basis. Meanwhile, the Cost of Goods Sold experienced an increase, including components of royalty fees, rail transportation, and mining services.

Therefore, PTBA continues to strive to maximize domestic market potential and export opportunities to maintain good performance. The company also consistently prioritizes cost leadership in every line of the company, so that the implementation of sustainable efficiency can be carried out optimally.

Apart from that, the Company hopes that the formation of a Management Agency Partner (MIP) can be realized soon and will have a good impact on PTBA’s financial performance.

Sources : Mar 13.24

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