Bukit Asam Earns IDR 3.23 Trillion Profit In The Third Quarter Of 2024

JAKARTA - PT Bukit Asam Tbk (PTBA) recorded an increase in operating revenue and performance until the third quarter of 2024. In this period, the Company managed to record a net profit of IDR 3.23 trillion and EBITDA of IDR 5.65 trillion in the midst of various challenges.

The achievement of net profit and EBITDA was supported by revenue which increased 11 percent on an annual basis or year on year (yoy) to Rp30.66 trillion. The company's total assets as of September 30, 2024 amounted to Rp40.15 trillion.

This achievement cannot be separated from the Company's operational performance which grew positively in the third quarter of 2024.

PTBA's total coal sales in January-September this year reached 31.28 million tons, up 16 percent on an annual basis. PTBA's coal exports in this period amounted to 14.29 million tons, or an increase of 27 percent on an annual basis. As a comparison, export sales in the same period last year amounted to 11.25 million tons.

Meanwhile, the realization of the Domestic Market Obligation (DMO) was 16.98 million tons, growing 8 percent compared to the third quarter of 2023 which was 15.76 million tons.

As for September 2024, PTBA's coal production reached 32.97 million tons or grew 3 percent on an annual basis. The realization of rail transportation is 26.42 million tons, an increase of 11 percent on an annual basis.

Good performance can be achieved despite various challenges, including; coal price corrections and market fluctuations. The average ICI-3 coal price index is corrected by around 14 percent on an annual basis from 86.32 US dollars per tonne until the third quarter of 2023 to 74.59 US dollars per tonne until the third quarter of 2024. Meanwhile, Newcastle's average coal price index is corrected by 28 percent on an annual basis to 133.89 US dollars per tonne until the third quarter of 2024, from 185.45 US dollars per ton until the third quarter of 2023.

Therefore, 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 each company line, so that the implementation of sustainable efficiency can be carried out optimally. This is reflected in the annual decrease in cash costs per ton from Rp853,000 to Rp835,000.

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.