Indika Energy Pockets IDR 2.98 T Net Profit, Up 1,517 Percent In Semester I 2022

Illustration (Photo: Doc. Antara)

JAKARTA - PT Indika Energy Tbk (INDY) recorded a net profit of 200.65 million US dollars or around Rp. 2.98 trillion in the first semester of 2022.

This amount is an increase of 1,571 percent compared to the same period in the previous year of 12 million US dollars.

This very significant increase in profit was supported by high revenue gains. The company also recorded revenue of 1.94 billion US dollars during the first semester of 2022, an increase of 66.5 percent from the same period last year which was 1.16 billion US dollars.

This increase in revenue was supported by the increased performance of its subsidiaries and the increase in coal prices boosted Indika Energy's performance significantly.

Meanwhile, sales of coal exported abroad reached 1.50 billion US dollars from the previous year's 740.24 million US dollars, an increase of 102.7 percent.

Meanwhile, domestic coal sales decreased from the previous 292.92 million US dollars to 258.08 million US dollars.

Indika Energy's Deputy President Director and Group CEO Azis Armand said, during the January to June 2022 period, the company managed to record positive performance and exceeded the set targets.

The Company has also completed a tender offer for the 2024 and 2025 debt securities, as part of its liability management strategy.

"As an appreciation to the shareholders who have supported the achievement of this positive performance, the Company will distribute an interim dividend of US$40 million this year," said Azis in a statement, Friday, August 5.

As of June 30, 2022, Indika Energy recorded total assets of US$ 3.96 billion, consisting of US$ 2.80 billion in liabilities and US$ 1.16 billion in equity.

While on the other hand, on July 28, 2022, the company has also completed the sale transaction of a total of 704,014,200 shares representing 69.8 percent of the company's share ownership in PT Petrosea Tbk (Petrosea) to PT Caraka Reksa Optima (Caraka).

Based on PSAK 58, Petrosea's profit and loss are no longer included in the Company's financial statements for the period ended 30 June 2022.

All of Petrosea's assets and liabilities are classified as held for sale and are presented separately from assets and liabilities in the consolidated statement of financial position as of June 30, 2022.

"The sale of Indika Energy's shares in Petrosea is a real step for the company to reduce exposure in the coal business, in line with Indika Energy's commitment to achieve 50 percent of revenue from the non-coal sector by 2025 and carbon neutral by 2050," concluded Azis.