JAKARTA - PT Bayan Resources Tbk (BYAN) scored performance growth in the first half of 2022. The coal mining issuer belonging to the conglomerate Low Tuck Kwong posted a net profit of US$970.75 million in the first six months of 2022, up 188.01 percent from net profit in the same period last year of US$337.04 million.
In Bayan Resources' financial report, quoted on Wednesday, September 14, BYAN's increase in net profit was inseparable from the increase in revenue. The company posted revenues of US$2.00 billion or around Rp29.6 trillion.
This amount jumped 95.86 percent of the revenue recorded in the first half of 2021, which was 1.02 billion US dollars.
In detail, BYAN's revenue was dominated by coal sales to third parties, which was worth 1.83 billion US dollars, followed by sales to related parties worth 164.00 million US dollars. BYAN also posted non-coal revenue of 3.62 million US dollars.
The customers with greater revenue than 10 percent of the revenue value came from TNB Fuel Services Sdn. Bhd. worth 160.82 million US dollars.
On the other hand, a number of BYAN expenses soared. The cost of revenue, for example, rose 28.4 percent to US$554.82 million from the previous US$431.97 million.
Selling expenses also rose 23.25 percent to 95.77 million US dollars from the previous 77.7 million US dollars. General and administrative expenses also jumped 252 percent to 61.76 million US dollars.
However, BYAN's financial expenses decreased 95.8 percent to US$1.38 million from the previous US$33.32 million.
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