This is the Main Factor for Bukit Asam to be Able to Make a Profit of IDR 2.8 Trillion in Semester I 2023

JAKARTA - PT Bukit Asam Tbk (PTBA) managed to record a net profit of IDR 2.8 trillion during the first semester of 2023. From the revenue side, PTBA posted IDR 18.9 trillion, growing 2 percent compared to the same period last year.

Corporate Secretary of Bukit Asam Niko Chandra explained that the company's total assets as of 30 June 2023 amounted to IDR 46.3 trillion, while as of 31 December 2022 it was IDR 45.4 trillion.

"The achievement of net profit was supported by an increase in the company's operational performance throughout the first semester of 2023," he said in a statement to the media, Tuesday, August 29.

Meanwhile, PTBA's total coal production in Semester I 2023 reached 18.8 million tons, growing 18 percent compared to the same period in 2022 which amounted to 15.9 million tons. The increase in production was in line with the increase in coal sales volume by 19 percent to 17.4 million tons.

In Semester I 2023, the Company recorded export sales of 7.1 million tons, up 37 percent compared to the same period the previous year. Meanwhile, the realization of the Domestic Market Obligation (DMO) was recorded at 57 percent.

"Various things have become challenges for the Company this year, including corrections in coal prices and market fluctuations," continued Niko.

Niko added that the price of ICI-3 coal decreased by around 48 percent from USD 138.5 per ton in June 2022 to USD 72.63 per ton in June 2023.

On the other hand, Cost of Goods Sold experienced an increase, including the components of royalty fees, rail transportation and mining services.

"Therefore, PTBA continues to strive to maximize the potential of the domestic market and export opportunities to maintain positive performance," he continued.

Furthermore, Niko added, the Company also consistently prioritizes cost leadership in every line of the company, so that the application of sustainable efficiency can be carried out optimally.

"In addition, the Company hopes that the establishment of Management Agency Partners (MIP) can be realized soon and will have a positive impact on PTBA's financial performance," concluded Niko.