Jakarta –
Lately, the commodity price of coal continues to soar. Thanks to this, a number of Indonesian coal entrepreneurs have become richer, one of them Eddie Sugianto. Eddy Sugianto has now managed to hold the title of the new richest person in Indonesia according to the current version of Forbes.
According to ForbesOn Thursday (11/23/2022), it is known that the share price of its coal company, Prima Andalan Mandiri, has more than doubled over the past year.
This makes Eddy Sugianto the new billionaire in Indonesia with a net worth of 1.2 billion US dollars or Rp 18.8 trillion equivalent. (if calculated at an exchange rate of 15,700 Rp./US dollar).
The Eddy family owns about 70% of the company directly and indirectly through parent companies Edika Agung Mandiri and Prima Andalan Utama. It was reported that Eddy himself has been the chief commissioner of Prima Andalan Mandiri since 2005.
For information, Prima Andalan Mandiri was founded in 2005 by Edika Agung Mandiri and Prima Andalan Utama. In 2011 the company acquired coal miner Mandiri Intiperkasa, coal contractor Mandala Karya Prima and coal shipping company Maritim Prima Mandiri.
The company was awarded a coal contract in 1994 for an area of 50,000 hectares in North Kalimantan, one of Indonesia’s coal hubs. Mandiri Intiperkasa started production in 2004 and has been selling coal under the brand name Mandiri Coal ever since.
Meanwhile Prima Andalan Mandiri is a coal company in Indonesia, the world’s largest exporter of thermal coal, which has benefited from rising coal prices.
Newcastle Australia’s thermal coal benchmark for December 2022 jumped 181% to $330 per tonne on Tuesday from $117.55 per tonne last year. The price reached an all-time high of $442.8 per ton on Sept. 21.
As a result of the price spike, Prima Andalan Mandiri reported revenue of US$746.5 million in the first nine months of 2022, nearly double the same period a year earlier, while its net profit reached US$256 .2 million, up from the previous $129.1 million.
Limited supply due to Australia’s rainy season, strong demand from India and the energy crisis in Europe have pushed up coal prices globally this year, according to a report by Fitch Ratings.
(fdl/fdl)
