Harum Energy, Coal Mining Company Owned By Conglomerate Kiki Barki Earns IDR 4.52 Trillion Profit In 2022

Illustration. (Photo: Doc. Antara)

JAKARTA - The coal mining company PT Harum Energy Tbk posted a net profit which increased 306 percent year on year (yoy) to 301.75 million US dollars or equivalent to Rp4.52 trillion in 2022, from the previous US$74.32 million in 2021.

In HRUM's financial report on the information disclosure of the Indonesia Stock Exchange (IDX), quoted from Antara, Monday, April 3, the net profit growth of the company coded HRUM shares was supported by an increase in revenue which reached 169.03 percent yoy to 904.43 million US dollars or equivalent to Rp13.55 trillion in 2022, from the previous 336.17 million US dollars in 2021.

This revenue was contributed by the sale of export coal amounting to US$794.40 million or equivalent to Rp11.90 trillion, and local coal sales of US$95.94 million or equivalent to Rp1.43 trillion throughout 2022.

Then, heavy equipment rental contributed US$5.05 million or equivalent to Rp75.78 billion, the road transportation segment contributed US$4.95 million or equivalent to Rp74.22 billion, as well as the time, freight, and voyage charter segments contributed US$4.07 million or Rp61.13 billion.

However, as revenue increases, the company also recorded a cost of revenue and direct expenses which increased 125 percent yoy to 362.94 million US dollars in 2022, from the previous 161.5 million US dollars in 2021.

Then, HRUM's selling expenses increased to US$65.43 million in 2022 from the previous US$16.09 million in 2021, as well as general and administrative expenses recorded at US$35.86 million in 2022.

Until the end of 2022, the company recorded a total equity of 992.27 million US dollars, an increase from the previous 651.47 million US dollars in 2021, while, the total liabilities amounted to 286.53 million US dollars, or an increase from the previous 223.18 million US dollars at the end of 2021.

Thus, HRUM's total asset value increased 46.20 percent yoy to 1.27 billion US dollars or equivalent to Rp. 19.16 trillion at the end of 2022, compared to 874.62 million US dollars at the end of December 2021.

In business development, the company does not rule out the possibility of exploring all business development opportunities to the new and renewable energy industry (EBT), both in the upstream and downstream sectors.

HRUM and its subsidiaries have been investing in the upstream sector and the midstream sector, in accordance with the company's business and background capabilities.

However, it is possible for the company to explore the electric vehicle business, as a form of the company's diversification business to a new ecosystem.