Jakarta,- PT TBS Energi Utama Tbk (TOBA) until the end of 2023 recorded a net profit of USD 7,906 million or a drop of 87.7 percent compared to 2022 which still reached USD 57.82 million.

Thus, basic earnings per share attributable to owners of the parent entity fell to the level of USD 0.001 per share at the end of 2023. Meanwhile, at the end of 2022 it was at the level of USD 0.0072 per share.

In TOBA's financial report published today, Wednesday (27/3), it was stated that revenue from contracts with customers was recorded at USD 501.2 million in 2023 or down 21.1 percent compared to 2022.

Coal export revenues fell 33.4 percent on an annual basis to USD 378.73 million in 2023.  

Meanwhile, coal sales to the domestic market jumped 285.7 percent annually to USD 54,031 million in 2023. In addition, electricity revenues grew 19.1 percent annually to USD 59,169 million.

Likewise, sales of fresh fruit bunches, palm kernel and crude palm oil increased 4.6 percent annually to USD 5,902 million. In fact, the company began to record revenues from waste management worth USD 3.183 million. This post is nil in 2022.

Even though the cost of revenue was reduced by 12.4 percent on an annual basis to USD 437.43 million in 2023. Gross profit still fell 53.6 percent annually to USD 63.826 million.

Meanwhile, total liabilities increased 10.3 percent annually to USD 524.15 million in 2023.

On the other hand, total equity shrank 0.05 percent on an annual basis to USD 423.68 million at the end of 2023.