This Coal Company Owned By Boy Thohir Made IDR 2.1 Trillion Profits In 2020

Conglomerate Garibaldi (Boy) Thohir. (Photo: Doc. Antara)

JAKARTA - The coal mining company, PT Adaro Energy Tbk, recorded a net profit throughout 2020. The issuer coded as ADRO shares posted a net profit of USD 146.92 million or around IDR 2.1 trillion (exchange rate of IDR 14.320 per US dollar).

The net profit record decreased 63.65 percent compared to the previous year's acquisition of USD 404.19 million. This is in line with the declining revenue of the company owned by Garibaldi Thohir.

Citing Adaro's financial report, the company pocketed USD 2.53 billion in revenue in 2020 or a 26.68 percent decrease year on year (yoy) from USD 3.45 billion in 2019.

Garibaldi Thohir, who is the President Director, and Chief Executive Officer of Adaro Energy, said that the decline in revenue was mainly due to the 18 percent drop in average selling price and 9 percent decrease in sales volume on an annual basis.

Eric Thohir's Brother added that in 2020 Adaro recorded a decrease in production volume by 6 percent yoy to 54.53 million tons, or slightly higher than the revised 2020 guideline to 52 million - 54 million tons.

The man who is familiarly called Boy Thohir said that Adaro's performance reflects the resilience of an integrated business model, thanks to the focus on efficiency and operational excellence in all business lines.

"Even though we have to face many challenges, from the global pandemic to unfavorable weather, we are able to meet the revised coal production guidelines and operational EBITDA", said the 15th richest person in Indonesia in a written statement, quoted on Friday, March 5.

In the future, Boy Thohir continued, Adaro will remain focused on improving operational excellence, cost control, and efficiency, as well as continuing to execute strategies for business continuity.

"In 2021, Adaro is targeting coal production of 52 million - 54 million tons", said Boy Thohir.