Adaro Energy Owned By Conglomerate Garibaldi 'Boy' Thohir Raises Revenue Of IDR 36.7 Trillion And Profit Of IDR 6.01 Trillion In The Third Quarter Of 2021

JAKARTA - The listed coal mining company, PT Adaro Energy Tbk (ADRO) recorded performance growth in the first nine months of this year. The company owned by the conglomerate Garibaldi 'Boy' Thohir is feeling the "joy" from the increase in the selling price of coal.

In Adaro's financial report, quoted Thursday, December 2, ADRO posted operating revenues of US$ 2.57 billion or around IDR 36.7 trillion in the third quarter of 2021. ADRO's revenue increased 31 percent year on year (YoY) from the previous US$ 1.95 billion as of September 2020.

Adaro Energy's President Director and Chief Executive Officer, Garibaldi Thohir, said the increase in the company's revenue mainly came from an increase in the average selling price of coal (ASP) by 42 percent YoY. From an operational perspective, ADRO produced nearly 40 million tons of coal, down 4 percent YoY, while sales were 38.86 million tons, down 5 percent YoY.

"The increase in the selling price of coal has supported Adaro's revenue", said Erick Thohir's brother in an official statement, quoted Thursday, December 2.

Adaro recorded improved profitability due to better coal market conditions. ADRO also maintains strong and efficient operations and focuses on operational excellence. ADRO's operational EBITDA reached USD 1.15 billion as of September 2021, up 70 percent YoY from USD 676 million previously.

Garibaldi also revised ADRO's operational EBITDA target until the end of 2021 in the range of 1.75 billion-1.9 billion US dollars. Previously, ADRO targeted operational EBITDA in 2021 in the range of 750 million-900 million US dollars.

Meanwhile, Adaro recorded a net profit of 420.9 million US as of September 2021, or equivalent to IDR 6.01 trillion. The net profit rose 284.81 percent YoY from the previous 109.38 million US dollars.

Meanwhile, core profit rose 98 percent to 644 million from the previous 326 million US dollars as of September 2020. Core profit is calculated without including non-operational components after-tax, which include losses on derivatives of financial instruments, impairment losses on loans to affiliated parties, impairment losses value of fixed assets, and impairment losses on investments in joint ventures related to investments in low CV (calorific value) coal assets in East Kalimantan.

ADRO's total assets as of September 2021 reached 7.12 billion US dollars, up from the end of 2020 which was 6.38 billion US dollars. Assets consist of equity of 4.32 billion US dollars and liabilities of 2.79 billion US dollars.