PT Kideco Jaya Agung (Kideco) has realized coal production of 25.4 million tons during January-October 2023. This figure is approximately 81.93% of the company's full-year production target.
For your information, Kideco aims for a production target of 31 million tons of coal throughout 2023. The subsidiary of PT Indika Energy Tbk (INDY) is currently facing coal demand from several countries in the export market.
"The highest demand in the export market comes from China, India, Japan, South Korea," said Ricky Fernando, Head of Corporate Communications at Indika Energy, to Kontan.co.id (15/11).
The realized coal production of Kideco in the first 10 months has decreased compared to the production figure for the same period last year. Throughout January-October 2022, Kideco's coal production reached 29.4 million tons.
Despite the decrease in production, the management is optimistic about achieving the production target set for the year 2023. According to Ricky, INDY has prepared strategies to maintain the company's performance.
"Strategies include optimizing productivity, improving efficiency, maintaining cash position, and optimizing capital expenditures," explained Ricky.
For your information, coal sales continue to be the main support for INDY's consolidated revenue in January-September 2023. The company's interim financial report (unaudited) shows that INDY generated revenue of USD 2.04 billion in January-September 2023 in the coal sales business line.
This amount is equivalent to 88.90% of the total consolidated revenue of INDY for the January-September 2023 period, which amounted to USD 2.29 billion.
Image source: Sriwijaya Post/Syahrul Hidayat
