Profit Of The Coal Mining Company Owned By Conglomerate Kiki Barki Drops 54.8 Percent In The Third Quarter Of 2023

Illustration. (Photo: Unsplash)

JAKARTA - The financial performance of a coal mining company owned by conglomerate Kiki Barki, PT Harum Energy Tbk (HRUM) was under pressure during the first nine months of 2023. This is reflected in the decline in net profit and also the company's revenue in the third quarter of 2023.

In HRUM's financial report, quoted Monday, December 18, it was stated that the company posted a net profit of 107.3 million US dollars as of the end of September 2023. This realization decreased 54.8 percent from net profit in the same period last year which reached 237.4 million US dollars.

This decrease in net profit is in line with the decline in HRUM's revenue. The company posted revenues of US$642.4 million, a decrease of 8.6 percent from revenue realization at the end of the third quarter of 2023 which reached US$702.8 million.

HRUM's revenue is dominated by revenue from contracts with customers, namely coal sales to the export market worth USD 536.78 million. Then, there is also coal sales to the domestic market worth USD 99.23 million.

HRUM also posted rental revenues worth US$6.42 million, which came from heavy equipment rentals worth US$2.43 million, transportation road rentals worth US$3.51 million, as well as the US$469,257 Time, freight and voyage charter segments.

The customer who has transactions exceeding 10 percent of net income is to Jera Global Markets Pte., Ltd. worth 155.33 million US dollars.

On the other hand, a number of HRUM expenses also increased in line with the increase in revenue. For example, the cost of revenue and direct expenses rose 29.16 percent to 265.56 million US dollars. General and administrative expenses also rose 46.3 percent to 35.57 million US dollars from the previous 24.31 million US dollars.