JAKARTA - Coal issuer PT TBS Energi Utama Tbk (TOBA) said that it will reduce coal production in 2024 to 3 million tons. This production is down from the 2023 production target of 3.3 million tons. SVP Corporate Strategy & Investor Relations of TBS Nafi Sentausa said that the coal production target of TBS Energi Utama in 2024 is 3 million tons. Meanwhile, this year, TOBA targets coal production of 3.3 million tons. "Outlook until the end of the year can reach the target of 3.3 million tons. Coal production is 3 million tons for 2024," said Nafi in the public expose of TBS Energi Utama, in Jakarta, Thursday (7/12/2023). He explained, until the end of 9 months 2023 TOBA scored coal production of 2.5 million tons. This production increased 19% compared to the same period last year of around 2.1 million tons.

The decline in revenue also caused TOBA's net profit to drop to US$7.49 million, from US$54.7 million previously. Meanwhile, TOBA's total equity was US$418 million and its cash position was US$92 million until the end of September 2023. As for next year, TOBA sees the outlook for coal prices to be stable for next year. "Internally, what we have seen in the last few weeks, there has been an increase in coal prices, although it has not been significant. We try to be conservative, coal prices will be quite stable," said Nafi.