Drop 51.41 Percent! Bukit Asam's Net Profit Drops To IDR 6.1 Trillion In 2023

JAKARTA - PT Bukit Asam Tbk (PTBA) posted a net profit of IDR 6.1 trillion. This number decreased by 51.41 percent from the previous year which was recorded at IDR 12.56 trillion.

Bukit Asam President Director Arsal Ismai explained that one of the reasons for the drop in profit was the decline in coal commodity prices throughout 2023.

"The challenge for the Company this year, including corrections to coal prices and market fluctuations," he said at a press conference in Jakarta, Junat, March 8.

Arsal added that the average ICI-3 coal price was corrected by around 34 percent from 127.8 US dollars per ton in January-December 2022 to 84.8 US dollars per ton on an annual basis.

Meanwhile, the Cost of Sales has increased, including components of royalty costs, rail transportation, and mining services.

Therefore, he said, PTBA continues to strive to maximize market potential in the country as well as export opportunities to maintain good performance.

"The company also consistently prioritizes cost leadership in every line of companies, so that the implementation of sustainable efficiency can be carried out optimally," said Arsal.

In addition, the Company hopes that the formation of a Management Agency Partner (MIP) can be realized immediately and have a good impact on PTBA's financial performance.

On the other hand, Arsal also revealed that the company managed to record revenues of IDR 38.5 trillion and gross profit of IDR 9.2 trillion.

Meanwhile, the company's total assets as of December 31, 2023 amounted to IDR 38.8 trillion.