TBS Energi Utama Targets Coal Production Of 3 Million Tons By 2024

JAKARTA - coal issuer PT TBS Energi Utama Tbk. (TOBA) will reduce the number of coal production by 2024 to 3 million tons. This figure is down from the production target in 2023 of 3.3 million tons.

SVP Corporate Strategy & Investor Relations TBS Nafi Sentua said that by 2024 the company targets coal production of 3 million tons. Meanwhile, TBS Energi Utama in 2023 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," Nafi said in a public expose for TBS Energi Utama, Thursday, December 7.

Nefi said that until the third quarter of 2023, TBS Energi Utama recorded coal production of 2.5 million tons. This figure is up 19 percent when compared to the same period last year of around 2.1 million tons.

Nefi said that for next year, the company sees coal prices will be stable for next year compared to coal prices this year.

"We have seen the last few weeks, there has been an increase in coal prices, although not yet significant. We are trying to be conservative, coal prices will be quite stable," he explained.

In addition, sales of TBS Energi Utama rose 16 percent to 2.2 million tons in the third quarter of 2023, from the same period the previous year of around 1.9 million tons.

For information, until the third quarter of 2023, TOBA recorded a total revenue of US$370 million. This figure is down 26.6 percent when compared to the same period the previous year of US$469 million.

Meanwhile, this decrease in revenue made TOBA's net profit also decrease to 7.49 million US dollars, from the previous 54.7 million US dollars. Meanwhile, TOBA's total equity was 418 million dollars and cash position was 92 million dollars until the end of September 2023.