Throughout 2023, the soaring prices of commodities due to
the energy crisis have driven up the prices of Indonesia's main export
commodity, coal. The country is certainly reaping profits from the surge in
coal prices.
One such beneficiary is the coal company owned by Low Tuck
Kwong, PT Bayan Resources Tbk (BYAN). BYAN contributes to the national treasury
through payments of coal royalties and taxes.
According to the financial report of of PT Bayan Resources Tbk (BYAN) for the second quarter of 2023, based on cash flow from the company's operating activities, the total deposits paid to the government reached USD 789.7 million or equivalent to IDR 11.86 trillion (exchange rate on June 31, 2023 IDR 15,026 per US dollar).
The two main sources of deposits come from mining royalty payments and tax payments. If broken down further, BYAN's royalty payments until the second quarter of 2023 reached USD 238.2 million or the equivalent of IDR 3.57 trillion.
Meanwhile, the income tax obtained by BYAN is more
substantial at USD 551.6 million, equivalent to IDR 8.28 trillion.
Compared to the same period last year, BYAN's deposit value nearly doubled, rising by 42.7%. In 2022, BYAN's royalty payments and the two components of corporate tax and income tax were 'only' USD 452 million or the equivalent of IDR 6.79 trillion.
Narrow Margin
On the other side, Bayan Resources reported a decrease in
net profit in the first half of 2023. Their net gain reached USD 723.85 million
or approximately IDR 11.5 trillion (assuming an exchange rate of IDR 15,900 per
USD).
The net profit shrank 25.4% compared to the first semester of 2022 worth USD 970.75 million or equivalent to IDR 15.4 trillion. BYAN's reduced profits coincided with the implementation of Government Regulation (PP) Number 26 of 2022 concerning Types and Rates of Non-Tax State Revenues applicable to the Ministry of Energy and Mineral Resources.
For information, the increase in PNBP from coal royalties has increased with the enactment of Government Regulation (PP) Number 26 of 2022 which took effect in September 2022.
The PP regulates the new price of coal royalties up to 13.5% of the original price of only 7% of the price for the reference coal price/HBA equal to or greater than USD 90 per ton.
Image source: Reuters/Willy Kurniawan
