Had Faced Operational Obstacles, RMKE Earns IDR 308.9 Billion Profit Throughout 2023

Illustration (Photo: Doc. ANTARA)

JAKARTA - PT RMK Energy Tbk (RMKE) managed to maintain a sustainable positive performance supported by the service segment when focusing on resolving operational constraints that occurred in the second half of 2023.

Throughout 2023, RMKE managed to record a net profit of IDR 308.9 billion.

RMKE President Director, Vincent Saputra said, in mid-November 2023, the company had returned to normal operations after completing the fulfillment of administrative sanctions to regulators.

"Until the end of 2023, RMKE managed to record operating income of IDR 2.6 trillion or slightly decreased by 6.6 percent yoy, but this income has achieved the company's adjusted target of 100 percent," he said at a press conference in Jakarta, Thursday, April 18.

Vincent continued, the negative impact of closing the company's operations over the past 3 months could be minimized with revenue growth from the service segment of 24.0 percent yoy to IDR 769.5 billion.

However, the coal sales segment had a considerable impact because apart from normalizing coal prices, coal production was also affected by the bad weather in the first half and operational constraints faced by the Company in the second half.

"This condition resulted in operating income from the coal sales segment decreasing by 15.6 percent yoy to Rp1.8 trillion," Vincent continued.

In total, he continued, operating income was not significantly affected because it was supported by operational performance that could be maintained and driven at the end of 2023 with a barge load volume of 7.6 million MT of coal, slightly decreased by 3.2 percent yoy and coal sales volume of 2.4 million MT of coal or decreased by 5.4 percent yoy compared to the same period last year.

"By spurring the year-end performance, RMKE managed to maintain a gross profit from the service segment, growing by 42.1 percent yoy to Rp230.1 billion," added Vincent.

Thus, RMKE managed to record a gross profit of Rp489.1 billion or a decrease of 16.9 percent yoy.

In line with the net profit performance, RMKE managed to increase equity by 23.1 percent yoy to Rp1.5 trillion and was able to manage financial ratios well and in accordance with credit requirements determined by creditors, DER by 0.52 times.

RMKE's financial debt increased by 133.8 percent yoy to Rp507.8 billion to fund the company's working capital. Until the end of 2023, RMKE managed to keep cash from operating activities positive of Rp187.4 billion.