Down 25 Percent, Indo Tambangraya Megah Earns 374 Million US Dollar Net Profit

Rupiah (Photo: Antara)

JAKARTA - PT Indo Tambangraya Megah Tbk (ITMG) submitted a financial report for the 2024 financial year.

In the financial report, the company posted a profit for the year attributable to the parent entity of US$374.11 million, down 25 percent compared to the previous year which was recorded at US$500.33 million.

In terms of revenue, ITMG also recorded a decrease in revenue of 3 percent to 2.30 billion US dollars from the previous year's 2.37 billion US dollars. Meanwhile, the company's coal sales volume increased by 15 percent to 24 million tons amid the decline in commodity prices.

The cost of revenue fell slightly by 2 percent yoy to 1.6 billion US dollars from the previous year which was recorded at 1.63 billion US dollars in 2023, in line with the decline in coal prices (ASP) and Reference Coal Prices (HBA).

Then there was an increase in mining and transportation costs by 8 percent due to an increase in production volume to 20.2 million MT throughout 2024. This figure increased significantly compared to the production volume in 2023 which was recorded at 16.9 million tons.

ITMG also recorded financial income of 41 million US dollars, an increase of 20 percent compared to the previous year which was recorded at 35 million US dollars, while financial costs increased from 2.9 million dollars in 2023 to 4.1 million US dollars in 2024.

Amid the decline in commodity prices, deposits to the government through royalties decreased by 22 percent to 260 million US dollars from the previous year amounting to 332 million US dollars.