Demand For Coal To Increase Significity, PTBA Export Portion To Rise 38 Percent

Illustration (Photo: Doc. Antara)

JAKARTA - The portion of coal export sales of PT Bukit Asam Tbk (PTBA) increased to 38 percent in the second quarter of 2022, compared to the first quarter of 2021 which was recorded at 33 percent.

Thus, the portion of exports in the first semester of 2022 was recorded at 35 percent of all sales.

PTBA's Director of Finance and Risk Management, Farida Thamrin, explained that the increase in exports was also accompanied by an increase in the price of coal perushaaan. This has a positive impact.

"The average average selling price (ASP) in the second quarter of 2022 was recorded at IDR 1.3 million per ton, up 14 percent compared to the first quarter of 2022 due to an increase in the share of export sales," he said in an official statement, Tuesday, September 13.

Farida said the increase in exports was due to the increase in coal supply to India by 2 million tons on an annual basis or year on year (yoy), followed by increased sales to Southeast Asian and East Asian countries such as Thailand, South Korea, and Cambodia.

"India is PTBA's largest export destination with a portion reaching 18 percent of total sales. Followed by South Korea (4 percent), Thailand (3 percent), China (2 percent), and Cambodia (2 percent)," he said.

Furthermore, Farida explained that PTBA also took advantage of the opportunity to conduct an assessment of the European market by sending coal to Italy and other European countries.

Farida said, his company also continues to increase the portion of exports in a measurable manner without ignoring domestic needs.

Until the first semester of 2022, the portion of domestic coal fulfillment was 65 percent and exports were 35 percent.

"With the high price of coal and increased demand for exports, the Company is optimistic that it can continue to improve performance until the end of 2022," said Farida.

PTBA's total coal production during the first semester of 2022 reached 15.9 million tons, an increase of 20 percent compared to the first semester of 2021 which was 13.3 million tons.

Meanwhile, PTBA's coal sales per Semester I 2022 were 14.6 million tons, growing 13 percent on an annual basis.

"This brilliant achievement is also supported by solid company operational performance throughout Semester I 2022. Prioritizing cost leadership in every company line, the company implements sustainable efficiency optimally," he said.

As of Semester I 2022, PTBA posted a net profit of IDR 6.2 trillion, up 246 percent compared to the same period last year which was valued at IDR 1.8 trillion.

The achievement of net profit was supported by revenue of Rp. 18.4 trillion, an increase of 79 percent compared to the same period last year.

Meanwhile, the cash reserve position is well maintained even though there is a highest dividend payment of IDR 7.9 trillion in June 2022. Nett cash was recorded at IDR 11.1 trillion.