Supported By an Increase in Coal Prices, RMKE Earned a Profit of IDR 296.37 Billion

JAKARTA - PT RMK Energy Tbk (RMKE) managed to record a net operating profit of IDR 296.37 billion, an increase of 153.90 percent yoy for 9 months in 2022. The Company's Main Director, Tony Saputra said, the increase in financial performance was supported by an increase in operational performance. Company.

Tony detailed, the company recorded operating income of IDR 1.52 trillion, an increase of 160.02 percent yoy.

The increase in coal sales revenue was supported by an increase in coal sales volume which increased by 38.36 percent yoy to 1.62 million tons as of September 2022. This revenue contributed 79.53 percent to the Company's total revenue.

From the coal services segment, the Company recorded revenues of IDR 389.94 billion, an increase of 40.91 percent yoy. The increase in coal sales revenue was supported by an increase in the volume of coal services which increased by 44.54 percent yoy in 3Q 2022.

Until September 2022 the volume of coal services reached 5.46 million tons, an increase of 21.08 percent yoy.

"On average, the company has achieved 83.50 percent of this year's financial target, this is supported by rising coal prices and increasing volume of coal demand," he explained in a press conference in Jakarta, Monday, November 21.

On the other hand, in the third quarter of 2022, the Company also succeeded in managing financial ratios above the minimum credit covenant provisions.

The company reduced financial debt by 32.59 percent to IDR 289.06 billion so that it achieved a Debt to Equity (DER) ratio of 0.26 times and an EBITDA ratio of 19.68 times. This improvement in financial ratios was also supported by an increase in the Company's equity which increased by 36.92% yoy to IDR 1.10 trillion.

Tony added, RMKE is optimistic that the need for coal will still increase in the future to meet energy security needs in global economic conditions that have not fully recovered after the pandemic and world geopolitical conditions.

He further added, this year, RMKE has also succeeded in implementing the company's strategy with the operation of the in-house coal mine PT Truba Bara Banyu Enim, the Gunung Megang loading station, and the Simpang Station Container Yard (CY) 3B.

"Going forward, the Company will continue to develop its business by building a hauling road that is integrated with the railway line and opens opportunities for collaboration in the energy sector," concluded Tony.