ITMG Coal Sales Volume Reaches 15.3 Million Tons in Quarter III-2023

Coal (doc. Antara)

JAKARTA - PT Indo Tambangraya Megah Tbk. (ITMG) in the first nine months of 2023 recorded a coal sales volume of 15.3 million tons.

ITMG Director Junius Prakasa Darmawan detailed that 5.4 million tonnes of coal was marketed to China, 3.6 million tonnes to Indonesia, 1.9 million tonnes to Japan, 1.2 million tonnes to the Philippines, 0.8 million tonnes to Thailand and other countries -other countries in Asia Pacific and Europe.

"For 2023, the company targets a production volume of 16.9 million tonnes with a sales volume of 21.1 million tonnes," said Junius Prakasa Darmawan Public Expose Live 2023, Thursday, November 30.

He added that of the sales volume target, 77 percent of the selling price has been determined while the remaining 23 percent refers to the coal price index.

Junius continued, from the production side, ITMG's production volume in the third quarter of 2023 reached 13.4 million tons, an increase of 9 percent compared to the previous year.

"This achievement exceeded the target, supported by friendly weather conditions and effective operational management," added Junius.

Junius further said, amidst the decline in global coal prices and declining average selling prices, ITMG posted net income of 1.8 billion US dollars in the first nine months of 2023, with a gross profit of 610 million US dollars and a gross profit margin of 33 percent.

Then the average total cost was recorded at 83 US dollars per ton, or 7 percent lower than the same period last year. Meanwhile, net profit in the first nine months of 2023 was recorded at 405 million US dollars.

"By implementing careful cash management, the Company has succeeded in maintaining a healthy balance sheet," he continued.

Until the end of September 2023, the Company's total assets were recorded at 2.1 billion US dollars with total equity of 1.7 billion US dollars.