Mentari Puspadini, CNBC Indonesia
Market
Tuesday, 22/08/2023 21:00 WIB
Photo: CNBC Indonesia/Muhammad Sabki
Jakarta, CNBC Indonesia – Mining issuer PT Adaro Minerals Indonesia Tbk (ADMR) experienced a decrease in net profit attributable to the parent entity by 19.05% in the first half of 2023.
Referring to its financial report on Tuesday (22/8/2023), the profit of this issuer owned by Garibaldi ‘Boy’ Thohir as of June 2023 was recorded at US$ 163.51 million or the equivalent of IDR 2.50 trillion (IDR 15,324/US$). Meanwhile in 2022, the company posted a loss of US$ 202.00 million.
From the top line side, the Company posted revenue of US$ 463.60 million. This figure is up 6% compared to 2022 amounting to US$ 435.65 billion. Meanwhile, cost of goods sold also increased 42 percent to US$ 210.3 million.
The revenue support was coal sales to third parties, which rose 62.6% to USD 218.63 million. However, along with that, coal sales to related parties shrank 18.7% to USD243.88 million.
On the expense side, the burden that has burdened ADMR so far has been royalties to the government, which rose 11.3% to USD 81.616 million. Then, loading and unloading expenses jumped 56.2% to USD 53.6 million. In fact, mining service expenses soared 80% to USD 45.6 million.
In its official statement, ADMR reported that production volume rose 66% to 2.54 million tonnes. ADMR recorded overburden removal of 7.55 million bcm, or an increase of 116% from 1H22, resulting in a strip ratio of 2.97x for 1H23.
However, due to the increase in volume, payments to suppliers and royalty payments also increased which resulted in cash flow from operating activities falling 57% to $114.8 million. Corporate income tax payments also rose 141% to $102.3 million due to increased profitability in FY22.
However, President Director of ADMR, Mr. Christian Ariano Rachmat, said that his party would continue to support Indonesia’s downstream initiatives through aluminum smelters, which had received financial fulfillment this quarter.
“We enthusiastically welcome the opportunity to grow our mineral processing business in a sustainable manner, and remain focused on executing strategic projects in a responsible manner,” he said.
It is known that ADMR has obtained financial fulfillment for an aluminum smelter with a capacity of 500,000 tons per year under PT Kalimantan Aluminum Industry (KAI). This financing includes $981.4 million and IDR 1,547.9 billion.
Now, KAI has completed land preparation, earthworks and the construction of temporary jetties, and is continuing the construction of other infrastructure facilities.
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