Drop! PTBA Books Net Profit Of IDR 5.1 Trillion Throughout 2024

JAKARTA - A state-owned coal issuer, PT Bukit Asam Tbk (PTBA) posted a net profit of IDR 5.10 trillion throughout 2024. This net profit achievement was recorded to have decreased by 16 percent compared to the previous year which was recorded at IDR 6.10 trillion.

This decrease in profit was due to an increase in the company's cost of revenue from the previous year's IDR 29.33 trillion to IDR 34.56 trillion in 2024.

On the other hand, the company also managed to record revenues of IDR 42.76 trillion or grew 11 percent on an annual basis or year on year (yoy) and EBITDA IDR 8.30 trillion.

"The company's total assets as of December 31, 2024 amounted to Rp41.79 trillion, growing 8 percent on an annual basis," said PTBA Corporate Secretary Niko Chandra, Wednesday, April 9.

The increase in revenue was mainly supported by export sales which reached 20.26 million tons, an increase of 30 percent on an annual basis. Domestic sales also increased 6 percent on an annual basis to 22.64 million tons. Total sales in 2024 reached 42.89 million tons or grew 16 percent on an annual basis.

PTBA's coal sales are dominated by the domestic market. However, in terms of mix, the portion of exports is increasing. Currently, the domestic market portion is 53 percent and exports are 47 percent.

The company succeeded in realizing capital expenditures of IDR 2.35 trillion throughout 2024, an increase of 17 percent on an annual basis. This capital expenditure is mainly for business development, including the development of coal transportation in Tanjung Enim - Keramasan.

Niko also said that throughout 2024 there were various challenges, including corrections to coal prices and market fluctuations. The average ICI-3 coal price index is corrected 12 percent on an annual basis from 84.76 US dollars per ton in 2023 to 74.19 US dollars per ton in 2024.

Meanwhile, Newcastle's average coal price index is corrected by 22 percent on an annual basis to 134.85 US dollars per ton in 2024, from 172.79 US dollars per ton in 2023.

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

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

This cost leadership is illustrated by the control of the locus nisbah (stripping ratio) which in 2024 is 6.23x. The brush waste is still below the 2024 target which reached 6.44x.