Recording A Record, PTBA's Net Profit JUMPed 100 Percent To Rp10 Trillion

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Bukit Asam Tbk (PTBA) recorded a positive performance with a profit of IDR 10 trillion in the third quarter of this year. This achievement shot up 110 percent from the same period the previous year (YoY) of IDR 4.8 trillion.

PTBA President Director Arsal Ismail said the achievement of net profit was supported by revenue of IDR 31.1 trillion or an increase of 60 percent yoy. Meanwhile, the company's total assets as of September 30, 2022 amounted to IDR 41.2 trillion, an increase of 28 percent compared to the third quarter of 2021 which amounted to IDR 32.2 trillion.

"This performance increase was driven by global and national economic recovery which increased coal demand, as well as a significant increase in coal prices," said Arsal, Thursday, October 27.

Based on data from the Ministry of Energy and Mineral Resources (ESDM), the Coal Reference Price (HBA) increased by around 101 percent from US $ 158.50 per tonne in January 2022 to US $ 319.22 per tonne in September 2022.

This brilliant achievement is also supported by the Company's solid operational performance throughout the third quarter of 2022. Prioritizing cost leadership in every line of the company, the Company implements sustainable efficiency optimally.

PTBA's total coal production until the third quarter of 2022 reached 27.7 million tons, an increase of 21 percent compared to the third quarter of 2021 which was 22.9 million tons. Meanwhile, PTBA's coal sales to the third quarter of 2022 were 23.5 million tons, growing 12 percent on an annual basis.

The portion of PTBA's export sales continued to increase from 33 percent in the first quarter of 2022, 38 percent in the second quarter of 2022, and reached 44 percent in the third quarter of 2022. The increase in exports in the second quarter and third quarter caused the portion of exports up to the third quarter of 2022 to be recorded at 38 percent of all sales.

Meanwhile, the realization of Domestic Market Obligation (DMO) to the third quarter of 2022 was recorded at 14.4 million tons or 159 percent of the annual target.