PT RMK Energy Tbk (RMKE) recorded a net profit of IDR 308.9 billion throughout 2023. In line with that, the company pocketed operating revenue of IDR 2.6 trillion, or slightly down by 6.6% year on year, achieving the company's adjusted target of 100%.
On the other hand, profit was also affected by the negative impact of RMKE's operational closure over the past three months, which could be minimized by revenue growth from the services segment of 24.0% year on year to IDR 769.5 billion.
"However, the coal sales segment experienced a considerable impact because in addition to the normalization of coal prices, it was also affected by lower coal production due to bad weather in the first semester, as well as operational constraints faced by the company in the second semester," said RMKE President Director Vincent Saputra during a press conference at Wisma RMK Jakarta on Thursday (18/4/2024).
Meanwhile, this condition resulted in operating income from the coal sales segment decreasing by 15.6% year-on-year to IDR 1.8 trillion. In total, operating income was not significantly affected because it was supported by operational performance that could be maintained and accelerated at the end of 2023.
The company's barge load volume was 7.6 million metric tons of coal, a slight decrease of 3.2% and coal sales volume was 2.4 million metric tons of coal, a slight decrease of 5.4% compared to the same period last year.
In addition, RMKE increased its equity by 23.1% year on year to IDR 1.5 trillion and managed its financial ratios well and following the credit terms set by its lenders, DER of 0.52 times.
RMKE's financial debt increased by 133.8% year-on-year to IDR 507.8 billion to fund the company's working capital. Until the end of 2023, RMKE managed to maintain positive cash from operating activities of IDR 187.4 billion.
Vincent said that the target to be achieved in 2023 is to maintain positive performance by minimizing the negative impact of operational constraints faced by RMKE in the second semester.
"Overall, RMKE is still performing very well despite the challenges of extreme weather, normalization of coal prices, and operational constraints," Vincent said.
"In 2024, the Management is more optimistic with the completion of operational constraints by fulfilling administrative sanctions to the regulator and RMKE is ready to focus on operational activities going forward," Vincent said.
Image source: IDX Channel / MNC Media
Source: https://www.idxchannel.com/market-news/rmk-energy-rmke-kantongi-laba-rp3089-miliar-di-2023
