Bayan Resources, Coal Company Owned By Conglomerate Low Tuck Kwong Raised Revenue Of IDR 11.35 Trillion And Profit Of IDR 5.34 Trillion In First Quarter 2022

Illustration. (Photo: Unsplash)

JAKARTA - A coal mining company owned by the conglomerate Dato Low Tuck Kwong, PT Bayan Resources Tbk. (BYAN) recorded a better performance growth throughout the first quarter of 2022 compared to the same period the previous year.

In BYAN's financial report, quoted on Sunday, May 1, the company recorded revenue of US$783.83 million or equivalent to Rp11.35 trillion (exchange rate of Rp.14,480 per US dollar) in the first quarter of 2022, growing by around 36.07 percent from the previous year. worth 501.03 million US dollars or Rp. 7.26 trillion.

Furthermore, Bayan Resources recorded an increase in cost of revenue from USD 217.98 million in the first quarter of 2021 to USD 242.05 million in 2022. However, BYAN was still able to score a gross profit of US$541.77 million, up 14.56 percent from the previous year's US$462.86 million.

With the performance during the first three months of this year, BYAN posted a net profit of US$368.56 million or Rp. 5.34 trillion in the first quarter of 2022, up 122.4 percent from US$ 165.86 million or Rp. 2.40 trillion in the same period. same last year.

Furthermore, the company's total assets increased from 2.43 billion US dollars in the first quarter of 2021 to 2.93 billion US dollars in the first quarter of 2022.

Meanwhile, total liabilities also increased to US$525.33 million in the first quarter of 2022, from US$452.98 million in the previous year. Previously, BYAN's Management said that the financial achievements for 2021 were the best achievements ever from the Bayan Group and became a reference for the years to come.

The coal produced by the Bayan Group is environmentally friendly coal that is managed in an integrated manner, from mining plans to coal delivery to customers.

"Coal quality control, effective and efficient production mechanisms, and focus on customer needs are the Bayan Group's superior strategies to improve performance," BYAN's management wrote in its annual report.

In addition, vertically integrated mining services, with goal-oriented design and coal handling as well as coal loading infrastructure support and self-operated logistics support, have also provided synergies and benefits that allow the Bayan Group to grow faster, thereby increasing shareholder value.