PT TBS Energi Utama Tbk (TOBA) recorded a net profit of 16.4 million US dollars or equivalent to Rp263.33 billion (assuming an exchange rate of Rp. 16,057 per US dollar) in the first quarter of 2024, an increase of 12.3 percent compared to the same period the previous year.
Meanwhile, adjusted income before interest, tax, depreciation and amortization (EBITDA) recorded an increase of 14.5 percent year on year (YoY) to 38 million US dollars or equivalent to Rp610.17 billion.
"Our decision to enter the power plant sector has had a positive impact, with a contribution of about 44 percent to the adjusted EBITDA," said FFB Director Mufti Utomo in a press statement in Jakarta, quoted from Antara, Tuesday, May 7.
The company's financial stability is mainly supported by Steam Power Plant (PLTU) operations at PLTU Sulbagut-1 (2x50MW) in Gorontalo and PLTU Sulut-3 (2x50MW) in North Sulawesi. According to the company, the PLTU sector made a significant contribution amid coal price fluctuations.
The company recorded a significant increase in operational efficiency, with an increase in coal production and sales volume by 28.6 percent and a reduction in stripping ratio by 25.5 percent.
This operational efficiency helps the company record positive cash flow and EBITDA for its business. This strategic step, the company noted, shows the adaptability of FFB in the midst of coal price fluctuations.
Following the acquisition of waste management companies, ARAH Group and Asia Medical Environmental Services (AMES), FFB recorded an increase in EBITDA of US$1.3 million or equivalent to Rp20.87 billion from the green business line.
Positive performance in the green business line, according to the company, marks a significant step forward in commitment to sustainable growth. This strategic step is expected to provide stability in EBITDA and stronger cash flow when entering fiscal year 2024 and beyond.
Mufti said the company is also determined to overcome global challenges by implementing a sustainable diversification strategy, including investment in green initiatives such as the construction of the Batam Floating PLTS project with a capacity of 46 MWp and the development of electric motor Electrum H5.
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As for Electrum, a subsidiary of FFB in the two-wheeled electric vehicle sector, recorded the presence of 1,000 electric motors on the road and the addition of 147 Battery Swap Stations.
Director of FFB Juli Oktarina added that the diversification strategy that has been focused on for the past few years has increasingly shown its results and this strengthens the company's commitment to developing a sustainable business.
"This diversification strategy not only improves our financial performance, but also significantly lowers the company's stable and healthy risk profile," he said.
With strong support from the renewable energy sector and initiatives in other environmentally friendly business sectors, the company is also optimistic that it can achieve the "Towards a Better Society 2030" (FFB2030) commitment and strengthen its commitment to creating a more sustainable future.
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