Adaro Energy, A Company Owned By Conglomerate Garibaldi 'Boy' Thohir Targets Production Of 54 Million Tons Of Coal This Year

Illustration. (Photo: Unsplash)

JAKARTA - The coal mining company, PT Adaro Energy Tbk (ADRO) recorded the realization of coal production of 26.49 million tons of coal in the first semester of 2021. This achievement decreased by 3 percent from the total production in the same period in 2020 which was 27.29 million tons of coal.

"Nevertheless, we are targeting 52 million-54 million tons of coal this year", said Adaro Energy's Corporate Secretary, Mahardika Putranto in a virtual public expose, Monday, September 6.

The coal market this year, according to Mahardhika, is still very good in line with the economic recovery. Therefore, his party is still optimistic about achieving the target set by the company, even though the realization of production is still below last year.

The decline in coal production also reduced Adaro Energy's coal sales volume by 5 percent to 25.78 million tons compared to the first half of the previous year with a total of 27.13 million tons.

However, despite the decline in production and sales, the increase in coal prices was able to support Adaro's financial performance, which recorded a 15 percent yoy increase in revenue to USD 1.56 billion in the first half of 2021.

The company owned by conglomerate Garibaldi "Boy" Thohir pocketed a core profit of 330 million US dollars in the first half of 2021. This profit increased by about 45 percent compared to the same period last year.

Until the first half of this year, coal sales to the domestic market amounted to 28 percent. Sales to China are 20 percent, then Southeast Asia is 22 percent, East Asia is 18 percent, India is 10 percent, and New Zealand is 2 percent.