The absorption of PT Adaro Energy Indonesia Tbk's (ADRO) capital expenditure (capex) in the first quarter of 2023 reached US$ 132 million. This capex absorption rose 87% from capital expenditure in the first quarter of 2022 of US$ 70 million. Febriati Nadira, Adaro Energy's Head of Corporate Communication, detailed that capex spending in this period was mainly used for the construction of an aluminum smelter of US$ 15 million, ordering ships of US$ 31 million, and purchasing and overhauling heavy equipment of US$ US$ 48 million. ADRO has allocated capital expenditure (capex) of US$ 400 million to US$ 600 million for this year.
Meanwhile, ADRO's subsidiary, namely PT Adaro Minerals Indonesia Tbk (ADMR) spent US$ 21.6 million for capital expenditure in the first quarter of 2023, a significant increase compared to capex absorption in the first quarter of 2022 which was only US$ 0.28 million. The capex absorption was mainly related to the infrastructure project at PT Maruwai Coal and the construction of an aluminum smelter under PT Kalimantan Aluminum Industry (KAI), a subsidiary of ADMR.
ADRO's production and sales volume in the first quarter of 2023 rose 29% to 15.69 million tons and 15.72 million tons respectively. In comparison, production and sales volumes in the first quarter of 2022 were only 12.15 million tonnes and 12.20 million tonnes respectively. Thermal coal products with medium calorific value account for 70% of total sales in the period from January to March 2023. Sales of ADMR metallurgical coal also recorded a significant increase of 44% to 0.85 million tons from the previous 0.59 million tons in the first quarter of 2022.
This coal mining issuer posted a net profit of US$ 458.04 million during the first quarter of 2023, up 14.5% year-on-year (YoY). As a comparison, ADRO's net profit in the same period last year was US$ 400.07 million. This made ADRO's net profit per share increase to US$ 0.01478 from the previous US$ 0.01282. The increase in ADRO's net profit was in line with the increase in revenue. The issuer chaired by Garibaldi Thohir posted net income of US$ 1.83 billion, up 50% from revenue in the same period in 2022 of US$ 1.22 billion.
