Home / Directory / List News / Detail News

ABM Investama (ABMM) Aims for Overburden Removal Volume 300 Million BCM in 2024


Wed 10 May 2023, 12:00 PM



PT ABM Investama Tbk is pursuing an increase in overburden removal (OB) volume to a level of 300 million bank cubic meters (bcm) in 2024. Along with this ambition, the issuer codenamed ABMM stock has budgeted US$ 250 million - US$ 300 million capital expenditure (capex) to support its heavy equipment purchase expansion agenda this year.

ABMM Director, Adrian Erlangga said, his party had ordered heavy equipment at the beginning of the year. However, he did not specify the exact number of heavy equipment that ABMM had ordered or wanted to order this year. "Realized capex in the first quarter of 2023 is around US$ 100 million," Adrian said when met by reporters after the company's public expose event, Wednesday (10/5).

ABMM's overburden removal performance continues to increase from time to time. The ABMM report shows that ABMM's overburden removal volume has increased in the last three years. In 2020, the realization of ABMM's overburden removal was in the position of 139.67 million bcm. This realization then rose 28% to a level of 178.56 million bcm, then again rose 14% to 202.90 million bcm in 2022.

Meanwhile, ABMM's overburden removal volume in 2023 is planned to increase by 25% compared to the realization in 2022. In the first three months of 2023, the realization of overburden removal has again shown an increase to the level of 91 million bcm along with an increase in coal sales volume in other business lines, namely the coal mine. As a result, ABMM's revenue in the first three months increased 35.28% on an annual basis or year-on-year (YoY) from US$ 286.70 million in the first quarter of 2022 to US$ 387.86 million in the first quarter of 2023.

Most of the revenue, which amounted to US$ 321.45 million or approximately 82.87% of which came from revenue in the mining contractor and coal mining segments. As revenue increased, profit for the year attributable to owners of the parent entity, aka ABMM's net profit, skyrocketed 233.55% YoY from US$ 31.78 million in the first quarter of 2022 to US$ 106.03 million in the first quarter of 2023. "Our growth is driven by mining contracting, so mining contracting always requires new tools for its growth and we are continuously investing in new tools and replacement tools from those that have run out," said Adrian.

Taking a peek at the company's interim financial reports, ABMM's End of Year Cash and Cash Equivalents were in the position of US$ 266.23 million as of March 31, 2023. This amount increased by 20.16% compared to ABMM's Cash and Cash Equivalents at the Beginning of the Year which amounted to US$ 221.56 million.

Source: https://industri.kontan.co.id/news/abm-investama-abmm-incar-volume-overburden-removal-300-juta-bcm-pada-tahun-2024


Relate News

05 Jan 2023, 08:00 AM

Merdeka Copper Subsidiary (MDKA) Completes Rp 2.8 Trillion Transaction

03 Aug 2023, 12:00 PM

Ifishdeco (IFSH) Establishes a Subsidiary in Singapore to Strengthening Business Expansion

11 Aug 2023, 09:00 AM

Merdeka Copper Gold (MDKA) Paid off Bonds and Interest Worth IDR 745.41 Billion

KONTAN/Carolus Agus Waluyo
03 May 2023, 12:00 PM

ABM Investama (ABMM) Net Profit Increased 233%

Hello! We would like to talk to you.Please fill the details below to start chatting with us.