PT United Tractors Tbk (UNTR), a company engaged in the distribution of heavy equipment and mining contractors, managed to record an 8% increase in net profit to IDR 11.2 trillion in the first half of 2023, compared to the previous year which reached IDR 10.4 trillion.
According to Ellen May, Founder and CEO of Emtrade, simultaneously with an increase in net profit, UNTR recorded a net income of IDR 68.7 trillion, an increase of 14% from the same period the previous year which amounted to IDR 60.4 trillion.
"Technically, United Tractor's revenue rose 14% to IDR 68.7 trillion. Then the net profit has increased by 8% on an annual basis and on a quarterly basis it has increased by 10%,” explained Ellen, quoted from her Youtube channel on Tuesday (1/8/2023).
Ellen said that UNTR's performance was boosted because the income of each segment increased. Each segment contributes differently to the total consolidated net income. Mining contractors, construction machinery, coal mining, gold mining, construction industry and energy contributed 35%, 30%, 29%, 5%, 1% and less than 1% respectively to the total consolidated net income.
"The construction machinery business segment recorded an increase in sales starting from Komatsu heavy equipment by 9% to 3,145 units compared to last year's 2,873 units," he explained.
In total, the net income of the UNTR construction machinery business segment increased 16% to IDR 20.3 trillion. Pama's revenue as a mining contractor reached Rp 24.3 trillion, up 22% from Rp 20 trillion.
"Revenue for each segment has also increased from heavy equipment by 16%, mining contractors have increased by 22% , it's expensive. So, this is an expensive competitor," he explained.
Meanwhile, the coal mining business segment operated by PT Tuah Turangga Agung (TTA) until June 2023 managed to record total coal sales of 6.4 million tons, including 1.3 million tons of metallurgical coal. This figure represents an increase of 11% compared to the first half of 2022.
"Revenue of the coal mining business segment increased by 8% to IDR 20.1 trillion from IDR 18.7 trillion in the same period in 2022," he added.
Furthermore, PT Agincourt Resources (PTAR) in the Martabe gold mine segment in North Sumatra recorded total gold equivalent sales of 110,000 ounces until June 2023. This figure shows a decrease of 24% compared to the same period in 2022 which reached 144,000 ounces.
"The gold segment fell by 24%, so it was just 110,000 ounces," he concluded.
Image source: UNTR
