PT Indo Tambangraya Megah Tbk (ITMG) recorded a coal production volume of 8.2 million tons as of June 2023, an increase of 6% compared to the same period the previous year.
Main Director of Indo Tambangraya Megah Mulianto said that this achievement had exceeded the target, which was supported by good weather conditions and operational management.
As a result, in the first half of 2023, Indo Tambang was able to record net revenues of US$ 1.3 billion with a gross profit of US$ 458 million and a gross profit margin of 35%, as well as an EBITDA of US$ 408 million.
The average selling price of Indo Tambang's coal in the first semester of 2023 is US$ 130.6 per ton. This price decreased compared to the previous US$ 175.1 per ton. As a result, the company's net profit shrank 33 percent to US$ 307 million compared to the same period last year.
However, As a result of cash management, Mulianto stated that Indo Tambang was still able to maintain a healthy balance sheet.
"Until the end of June 2023, the company recorded total assets of US$ 2.2 billion with total equity of US$ 1.8 billion. Cash and cash equivalents were also solid, reaching US$ 1 billion," said Mulianto in his statement, Wednesday (16/ 8/2023). ITMG shares also recorded earnings per share of US$ 0.27.
Meanwhile, ITMG recorded a sales volume of 9.9 million tons, consisting of the Chinese market 3.6 million tons, Indonesia 2.2 million tons, Japan 0.9 million tons, Philippines 0.8 million tons, Thailand 0.5 million tons, and other countries in Asia Pacific and Europe.
This year, ITMG is targeting a coal production volume of 16.6-17 million tons with a sales volume of 21.5-22.2 million tons. Of the sales volume target, 56% has been set at a selling price, then 32% refers to the coal price index and the remaining 12% has not been sold.
Furthermore, Mulianto said that ITMG established PT ITM Bhinneka Power (IBP) to participate in the renewable energy and energy technology business. This is in line with the government's plan through PT PLN (Persero) which targets renewable energy capacity to increase by 20.9 GW until 2030 to support zero emissions in 2060.
IBP has formed two subsidiaries, namely PT Cahaya Power Indonesia (CPI) which focuses on developing solar panel roofs for commercial and industrial use and PT IBP Hydro Power (IHP) which is engaged in the renewable energy business based on hydroelectric power plants.
As of semester I-2023, the company has secured a cumulative contract of 9.7 MWp. An additional 1.0 MWp contract was won in the second quarter of 2023. Of this amount, the total project capacity that has been or is being worked on is 5.8 MWp.
Image source: Perseroan
Source: https://investor.id/market/338221/indo-tambang-itmg-dongkrak-bisnis-batu-bara-dan-energi-terbarukan
