AGMS Holds, TOBA Earns IDR 337 Billion Profit Throughout 2023

Photo: (Maria Trisnawati/VOI)

JAKARTA - PT TBS Energi Utama Tbk (TOBA) announced its financial performance throughout 2023 at the Annual General Meeting of Shareholders (AGMS).

Director of FFB, Mufti Utomo said, throughout 2023, FFB recorded the company's net profit of 20.8 million US dollars or Rp337.7 billion (assuming an exchange rate of Rp16,237).

This number increased by 77.8 percent compared to the previous year.

TOBA also recorded an increase in total assets of US$947.8 million or equivalent to Rp15.37 trillion, up 5.4 percent from the previous year.

Then in terms of income, TOBA posted a total revenue of 501.3 million US dollars or Rp. 8.14 trillion.

This number has increased by 21.2 percent from the previous year.

"The company continues to show a strong commitment in the transition to greener business. Despite facing global economic slowdown and falling coal prices in 2023, the company has succeeded in strengthening its business fundamentals and accelerating the development of a green business portfolio," said Mufti at a press conference in Jakarta, Friday 26 April.

Mufti said, TOBA has also succeeded in developing and adding green portfolios in the waste management sector through the acquisition of AMES and ARAH, obtaining new and renewable energy electricity buying and selling contracts through the Floating PLTS (46 MWp) project in Batam, launching the Electrum H5 electric motor, and recording healthy financial performance from the power generation sector.

Mufti added that the FFB business diversification strategy has yielded positive results. The TOBA power generation sector recorded an increase in revenue of 25.53 percent yoy to reach 59.17 million US dollars or Rp960.7 billion.

Mufti explained that the contribution from this segment is very important in stabilizing the company's financial condition amid coal price fluctuations.

Meanwhile, revenue from electric vehicle rental increased significantly by 189.2 percent to 217.99 thousand US dollars or Rp3,53 billion in waste management businesses generated revenue of US$3.18 million or 51.63 trillion in 2023.

At the AGMS, it has also been agreed to use the company's 2023 net profit.

Director of TBS, Juli Oktarina said that a total of 790,651 US dollars or Rp12,83 billion will be set aside as reserve funds, while the remaining net profit of 7,115,865 US dollars or Rp115.5 billion will be recorded as retained earnings to strengthen long-term capital and support the company's business and investment growth plan.

"This net profit allocation is also to support the company's business diversification, including investment in the electricity sector which focuses on new and renewable energy, electric vehicles, and waste management," concluded Juli.