Bayan Resources, Coal Company Owned Conglomerate Low Tuck Kwong This Handful Profit 4.7 Trillion In 2020

Conglomerate Low Tuck Kwong. (Photo: Doc. Antara)

JAKARTA - A coal mining company, PT Bayan Resources Tbk, recorded performance growth in 2020 amidst the impact of the COVID-19 pandemic. The company coded BYAN shares posted a profit for the year attributable to owners of the parent entity amounting to US $ 328.73 million in 2020.

Quoted from the financial report of Bayan Resources on the information disclosure page of the Indonesia Stock Exchange (IDX), Sunday, April 4, the acquisition grew 47.15 percent compared to the achievements in 2019 which amounted to 223.39 million. With an estimated exchange rate of IDR 14,400 per US dollar, the company's net profit, which is owned by conglomerate Low Tuck Kwong, reaches IDR 4.7 trillion.

In terms of revenue, Bayan Resources recorded US $ 1.395 billion (around Rp.20.2 trillion) in 2020, a slight increase of 0.28 percent compared to 2019's revenue of US $ 1.391 billion. In detail, US $ 1.38 billion from the coal segment and US $ 6.16 million from the non-coal segment.

In line with revenue growth, Bayan Resources posted an increase in cost of revenue to US $ 932.24 million compared to US $ 902.2 million in the previous year.

Bayan Resources recorded a recovery in the decline in net mining property value of US $ 165.86 million and other income of US $ 6.69 million in 2020, thus becoming a post that will support good growth in the profit post in 2020.

On the other hand, BYAN recorded total liabilities of US $ 758.17 million at the end of 2020, swelled from the position at the end of 2019 of US $ 658.95 million. The total liabilities consist of short-term liabilities amounting to US $ 236.69 million and long-term liabilities amounting to US $ 521.47 million.

Meanwhile, the total assets of the coal mining company owned by the 25th richest person in Indonesia rose to US $ 1.61 billion at the end of 2020, compared to US $ 1.27 billion at the end of 2019.

These total assets include 383.8 million US dollars in cash equivalent to the company's cash, up 119.96 percent compared to the position at the end of 2019 of 174.48 million US dollars. In addition, net cash obtained from operating activities also increased significantly by 629.59 percent to 360.97 million US dollars compared to the proceeds in 2019 of only 49.47 million US dollars.