UNTR Revenue Drops 6 Percent In Semester I 2024

Photo: Doc. United Tractors

JAKARTA - PT United Tractors Tbk (UNTR) recorded a net profit of IDR 64.5 trillion throughout the first half of 2024. This number decreased by 6 percent when compared to the same period the previous year, which was IDR 68.67 trillion.

Corporate Secretary of PT United Tractors Tbk (UNTR) Sara K. Loebis said that the decline in revenue was due to sluggish performance from the coal construction and mining machine segment.

"Until the first half of 2024, the company's consolidated net income reached IDR 64.5 trillion," he said in a virtual Public Expose Live press conference, Friday, August 30.

Sara said that with the decline in revenue, plus higher financial costs and foreign exchange losses caused the profit attributable to the owners of the parent entity or the company's net profit to fall.

"It fell by 15 percent to Rp9.5 trillion from Rp11.2 trillion in the same period in 2023. The company's total assets reached Rp168.3 trillion, an increase of 25 percent compared to the same period last year," he explained.

UNTR, continued Sara, in the construction machine segment, recorded a sales volume of Komatsu heavy equipment reaching 2,515 units until July 2024.

"Or a decrease of 29 percent compared to the same period last year of 3,551 units. The decline was due to a decline in demand from the mining, construction and forestry sectors," he said.

Of the total sales, continued Sara, 63 percent were absorbed by the mining sector, 14 percent were in the plantation sector, 13 percent were in the construction sector, and 10 percent were in the forestry sector.

"The sale of UD Trucks turn 47 percent products from 195 units to 103 units, while Scania sales fell 56 percent from 526 units to 229 units due to declining demand mainly in the mining sector," he said.

For the full-sale service, continued Sara, revenue from sales of spare parts and equipment maintenance services fell 10 percent to Rp5.4 trillion until the first half of 2024.

In the mining contractor segment, the company's subsidiary PT Pamapersada Nusantara (PAMA) recorded an increase in coal production volume by 18 percent from 71 million tons to 84 million tons.

"However, there was an increase in the volume of land transfer (overburden removal) by 12 percent from 625 million bcm to 699 million bcm, with an average stripping ratio of 8.4 times," he explained.

Meanwhile, another subsidiary, PT Tuah Turangga Agung, has sold 8.5 million tons of coal, including 2.0 million tons of metalurgy coal, an increase of 17 percent compared to the same period last year.