Bayan Resources Owned By Conglomerate Low Tuck Kwong Earns Revenue Of IDR 156.37 Trillion In The First Quarter Of 2023

JAKARTA - A coal company owned by conglomerate Low Tuck Kwong, PT Bayan Resources Tbk. (BYAN) posted an increase in performance during the first quarter of 2023. The company's revenue and net profit were able to increase significantly in the first three months of 2023.

In the company's financial report, quoted on Wednesday, May 3, BYAN posted revenues of US$1.04 billion or equivalent to Rp15.37 trillion (Jisdor exchange rate of Rp14,661 per US dollar) in the first quarter of 2023. This revenue increased 33.83 percent compared to the same period the previous year of US$783.8 million.

This revenue was driven by coal export revenue to third parties, namely KCH Energy Co. Ltd amounting to 116.32 million US dollars, TNB Fuel Service Sdn. Bhd. 91.99 million US dollars, and others below 10 percent worth 719.9 million US dollars. This coal export revenue dominates BYAN's total revenue, which is up to 942.2 million US dollars.

Meanwhile, BYAN's domestic revenue reached 104.79 million US dollars during the first three months of 2023. This increase in BYAN's revenue also increased BYAN's cost of revenue by 65.77 percent from USD 275.4 million to USD 456.6 million in the first quarter of 2023.

However, BYAN's gross profit rose 16.53 percent to 592.3 million US dollars, from 508.33 million US dollars.

Meanwhile, BYAN recorded a net profit of 463.1 million US dollars in the first quarter of 2023, or equivalent to Rp6.78 trillion. This net profit rose 12.27 percent compared to the same period last year of 412.4 million US dollars.

Until the first quarter of 2023, BYAN recorded cash receipts from customers of US$1.03 billion, with cash and cash equivalents at the end of the period of US$1.21 billion.

BYAN's total assets during the first 3 months of 2023 fell to 3.47 billion US dollars, from 3.94 billion US dollars throughout 2022. BYAN's total liabilities decreased to 985.8 million US dollars in the first quarter of 2023, from 1.95 billion US dollars at the end of 2022.

In detail, short-term liabilities amounted to 864.29 million US dollars and long-term liabilities worth 121.5 million US dollars.

BYAN's total equity during the first quarter of 2023 increased to 2.48 billion US dollars, from 1.99 billion US dollars throughout 2022. This increase in equity was due to an increase in the amount of unbacked retained earnings from 1.81 billion US dollars at the end of December 2022, to 2.23 billion US dollars at the end of March 2023.