Coal Company Owned By Conglomerate Low Tuck Kwong Earns Revenue Of IDR 14.88 Trillion And Profit Of IDR 5.23 Trillion

Illustration. (Photo: Pixabay)

JAKARTA - The coal company PT Bayan Resources Tbk posted performance growth in the first six months of this year. The issuer codenamed BYAN saw a surge in revenue and profit in the first semester of 2021.

In Bayan Resources' financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Tuesday, August 24, the company owned by the conglomerate Low Tuck Kwong recorded an increase in net profit of up to 374.23 percent in the first semester of 2021 compared to the same period last year.

Bayan Resources' net profit was recorded at US$359.7 million, or around Rp. 5.23 trillion from the previous US$75.7 million in the first half of 2020. The surge in net profit could not be separated from the increase in the company's revenue.

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BYAN managed to record revenues of 1.02 billion or equivalent to Rp14.88 trillion from US$695.7 million in the first half of 2020. This achievement jumped 47.14 percent.

Bayan Resources' coal production reached 18 million tons in the first semester of 2021, an increase of 50 percent from the first semester of 2020 of 12.1 million tons. Meanwhile, its sales volume rose 15 percent to 19.7 million tons from 17.1 tons in the same period earlier.

From the selling price itself, BYAN's products increased from US$40.7 per ton to US$52.1 per ton. Meanwhile, the average production cost fell from US$32.8 per tonne in the first half of 2020 to only US$25.2 per tonne in the first six months of 2021.