PT Bukit Asam Tbk (PTBA) announced a net profit of IDR 3.23 trillion and EBITDA of IDR 5.65 trillion for the third quarter of 2024, driven by higher revenue from coal sales.
Corporate Secretary of PTBA, Niko Chandra, revealed that the company’s revenue increased by 11% year-on-year (yoy) to IDR 30.66 trillion. As of 30 September 2024, PTBA’s total assets stood at IDR 40.15 trillion.
“This success is attributed to the positive growth in the company’s operational performance during Q3 2024,” Niko said in an official statement on Wednesday, 30 October.
Between January and September 2024, PTBA achieved coal sales of 31.28 million tonnes, marking a 16% year-on-year rise. Exports reached 14.29 million tonnes, up 27% from the 11.25 million tonnes recorded during the same period last year.
The Domestic Market Obligation (DMO) realisation stood at 16.98 million tonnes, an 8% increase compared to 15.76 million tonnes in Q3 2023. Coal production reached 32.97 million tonnes, reflecting a 3% year-on-year growth, while rail transport volumes rose by 11% to 26.42 million tonnes.
Niko acknowledged that PTBA achieved these results despite challenges such as coal price corrections and market fluctuations. The average ICI-3 coal price index fell by approximately 14% year-on-year, from USD 86.32 per tonne in Q3 2023 to USD 74.59 per tonne in Q3 2024. Similarly, the Newcastle coal price index dropped by 28% year-on-year, from USD 185.45 per tonne to USD 133.89 per tonne over the same period.
“PTBA continues to maximise domestic market opportunities and capitalise on export potential to sustain its robust performance,” Niko emphasised.
He added that the company prioritises cost leadership across its operations, achieving notable efficiency improvements. This is evident in the reduction of cash cost per tonne, which decreased from IDR 853,000 to IDR 835,000 year-on-year.
Niko also expressed hope that the establishment of the Managing Institution Partner (MIP) will materialise soon, bringing positive financial impacts for PTBA.
Image source: ANTARA FOTO/Nova Wahyudi
Source Link:
– https://www.indonesiaminer.com/news/detail/2024-11-05232340-bukit-asam-ptba-posts-net-profit-of-idr-323-trillion-in-q3-of-2024
– https://kumparan.com/kumparanbisnis/bukit-asam-ptba-cetak-laba-bersih-rp-3-23-triliun-di-kuartal-iii-2024-23ohX4PuZdj
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