RMKO Books Net Profit Of IDR 19.8 Billion Throughout 2023

Illustration - (Photo: Doc. RMKO)

JAKARTA - PT Royaltama Mulia Konthorindo Tbk (RMKO IJ) managed to record a brilliant performance in 2023 by reaping a net profit of IDR 19.8 billion.

Throughout 2023, RMKO increased operating income by 47.4 percent yoy to IDR 272.4 billion at the end of 2023.

Operating income comes from the mining, rental and construction services segments, the three segments contribute sequentially to 52.2 percent, 23.3 percent and 24.5 percent of RMKO's total operating income.

"Along with the increase in operating income, RMKO scored an EBITDA which grew by 64.0 percent yoy to Rp76.1 billion," said RMKO President Director Vincent Saputra at a press conference in Jakarta, Thursday, April 18.

Vincent said, along with the increase in net profit, the Company's capital also increased by 111.3 percent yoy to Rp246.3 billion.

With this increase in profit, RMKO can maintain financial ratios in accordance with credit provisions, the Company's DER is at the level of 1.17 times in 2023.

Liabilities also increased by 151.8 percent yoy to IDR 535.2 billion due to an increase in financial debt of 284.0 percent yoy to IDR 259.9 billion which was used for investment and working capital purposes.

Along with these investment activities, the Company's assets also increased by 131.4 percent to Rp535.2 billion due to the addition of down payment for asset purchases, additional assets and additional rights assets.

Furthermore, Vincent added, 2023 is a stage investment period and challenging for RMKO.

The reason is, the Company's operations were affected because RMKO's main client, RMKE's in-house mine, had stopped operating for 3 months due to administrative sanctions from regulators.

In the fourth quarter of 2023, RMKE has completed the fulfillment of the sanctions well so that the Company's operations will also return to normal in mid-November 2023.

In the short remaining time, RMKO managed to optimize its financial performance at the end of 2023 by being supported by the new business segment, namely the construction of supporting facilities for hauling road mining.

Until the end of the 2023 period, on average the Company has reached 102.5 percent of the targets that have been adjusted in the second half in connection with operational obstacles that occurred in the third quarter of 2023. We are more focused on completing the fulfillment of these administrative sanctions in order to ensure the Company's operational operations going forward. We are more optimistic that RMKO targets operating income of IDR 380 billion and net profit of IDR 62.9 billion in 2024, "explained Vincent.