Harum Energy Mining Company Owned By Conglomerate Kiki Barki Raises Revenue Of IDR 2.17 Trillion And Profit Of IDR 898 Billion In First Quarter 2022

JAKARTA - The mining company owned by conglomerate Kiki Barki, PT Harum Energy Tbk (HRUM) managed to record a brilliant performance in the first quarter of 2022. The company's revenue and profit were able to grow significantly in the first three months of this year.

In Harum Energy's financial report, quoted on Wednesday, May 11, the company recorded a net profit of USD 62.8 million or around IDR 17.6 million US dollars.

The soaring profit was in line with the increase in HRUM's revenue by 166.6 percent to 152.2 million US dollars (approximately IDR 2.17 trillion) in the first quarter of 2022. For comparison, in the first quarter of 2021 HRUM posted revenue of 57.08 million US dollars.

In detail, Harum Energy's revenue consists of revenues from contracts with customers, namely export coal sales of USD 149.38 million.

This was followed by rental income, including heavy equipment rentals worth USD 966.491, Road haulage USD 933,568, and income from time, freight and voyage charter rentals valued at USD 891.248.

The customers whose transactions exceed 10 percent of the total net income are to China Huaneng Group Fuel Co., Ltd worth 96.21 million percent and to Equentia Natural Resources Pte., Ltd worth 17.05 million US dollars.

A number of HRUM expenses also increased along with the increase in income. Cost of revenue, for example, rose 80.46 percent to 85.26 million percent. Selling expenses rose 103.9 percent to 6.37 million US dollars, and general and administrative expenses slightly increased 5.6 percent to 6.47 million US dollars.