Towards the end of the year, PT ABM Investama Tbk (ABMM) is increasingly optimistic that revenue in 2022 can exceed the initial target. ABMM Director Adrian Erlangga estimates that ABMM's consolidated revenue could be close to US$ 1.5 billion by the end of this year.
"(The increase in income) is due to the volume of work and the increase in coal prices," Adrian told Kontan.co.id on Sunday (23/10).
Just so you know, previously ABMM set a revenue target of US$ 900 million - US$ 1.10 billion for 2022. This amount is close to the realization of ABMM's revenue in 2021 which reached US$ 1.01 billion.
Dus, according to a rough count of Kontan.co.id, if ABMM succeeds in scoring revenue of US$ 1.5 billion this year, the increase in the company's revenue will be close to 46.79% compared to the realization in 2021.
In addition to setting revenue targets, ABMM also sets a number of operational performance targets. In the coal mining business line, ABMM is eyeing coal production and sales volumes of 13 million-14 million tons each.
In 2021, the realization of ABMM's coal production volume amounted to 13.22 million tons, while the realization of sales volume amounted to 13.53 million tons.
In the mining contract business line, ABMM set a stripping and removal target aka stripping and overburden removal of 180 million - 200 million bcm by 2022, while the target of leasing equipment for coal extraction is targeted to be equivalent to 30 million-35 million tons of coal.
Previously, the realization of ABMM stripping and overburden removal in 2021 amounted to 178.56 million bcm, while the realization of equipment rental for taking ABMM i coal in 2021 reached the equivalent of 30.61 million tons.
Until the end of the year, ABMM is still pursuing the same operational target. Adrian did not specify how much the realization of ABMM's operational performance so far. What is clear is that he ensures that the realization of ABMM's operational performance is still in line with the target.
"The weather is indeed very challenging. But we continue to strive so that all targets can be achieved. Hopefully, all operations will remain safe and be carried out," said Adrian.
In addition to maintaining performance to be in line with the target, ABMM also oversees the expansion agenda. In September 2022, ABMM through its indirectly wholly-owned subsidiary, PT Radhika Jananta Raya, effectively acquired 1.76 billion shares or equivalent to 30% of GEMS shares. The acquisition value reached US$ 420 million.
"(The realization of ABMM's capital expenditure/capex) is close to US$ 600 million including the acquisition of 30% of the shares in GEMS," Adrian said without specifying the details of the capex realization.
During January-June 2022, ABMM has posted revenues of US$ 652.20 million, an increase of 51.81% compared to the realization of January-June 2021 of US$ 429.60 million.
From the revenue, ABMM pocketed a profit for the current period attributable to the owners of the parent entity aka net profit of US$ 95.48 million in January-June 2022. This amount increased by 73.69% compared to ABMM's net profit in the first semester of 2021 which was US$ 54.97 million.
Image source: KONTAN/Dimas Andi Shadewo
