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Indo Tambangraya ITMG Net Profit Soars 291 Percent in Semester I/2022

www.market.bisnis.com

Wed 10 Aug 2022, 08:56 AM

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The listed coal mining company, PT Indo Tambangraya Megah Tbk. (ITMG) posted an increase in performance during the first semester of 2022. ITMG's net profit shot up 291.77 percent YoY in the first semester of 2022 to US$460.82 million or equivalent to Rp6.85 trillion (Jisdor exchange rate on June 30, 2022 Rp14,882 per US dollar). In semester I/2021, ITMG only pocketed a net profit of US$117.62 million.

The large increase in ITMG's net profit can not be separated from the increase in the company's net income during January-June 2022. In this period, ITMG's net income reached US$1.42 billion or around Rp.21.15 trillion, 110.19 percent higher than the net income of the first semester. 2021 amounting to US$676.30 million.

Meanwhile, sales of coal to related parties during this period was recorded at US$41.66 million. The increase in the company's revenue also helped to raise the cost of revenue to US$672.38 million during the first semester of 2022, up 49.76 percent from US$448.95 million in the first semester of 2021. The increase in expenses was mainly due to an increase in royalties/exploitation fees by 134.42 percent to US$185.93 million, from US$79.31 million in the same period in the previous year. The cost of purchasing coal also increased by 190.17 percent on an annual basis, from US$48.10 million in semester I/2021 to US$139.59 million in semester I/2022. 

ITMG recorded an increase in total assets of US$307.52 million to US$1.97 billion on June 30, 2022, from US$1.66 billion at the end of 2021. In addition to assets, the company's total liabilities at the end of June 2022 also increased by US$27.15 million to US$491.83 million, from US$464.68 million at the end of December 2021.

Previously, Director of Corporate Communications & Investor Relations of Indo Tambangraya Megah Yulius Gozali stated that ITMG targets a coal production volume of 17.5 million tons to 18.8 million tons and sales volume of 20.5 million to 21.5 million tons. "Currently, the company still maintains the same production target for 2022," said Yulius. Throughout 2021, ITMG produced 18.2 million tons of coal with a sales volume of 20.1 million tons. Meanwhile, net sales in 2021 were recorded at US$2.1 billion and gross profit margin rose from 17 percent last year to 44 percent.

Source: https://market.bisnis.com/read/20220810/192/1565413/laba-bersih-indo-tambangraya-itmg-melesat-291-persen-pada-semester-i2022


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