PT Adaro Minerals Tbk (ADMR), a coal mining company under PT Adaro Energy Indonesia Tbk (ADRO), recorded a net profit of USD 204.11 million at the end of the first half of 2022.

ADMR’s net profit in H1 2022 proliferated almost 500% compared to the number seen in the same period in 2021. In H1 2021, the company only managed to bring in profit of USD 34.53 million.

Christian Ariano Rachmat, President Director of ADMR, believed that the satisfactory net profit performance in H1 2022 resulted from the increases in demand and the average selling price (ASP). “We detected a peaking interest in cokes, allowing the sales in H1 2022 to climb 9% year-on-year (yoy),” he added in the official press release.

Rachmat also mentioned that ADMR is currently dealing with the slowing down of manufacturing and construction activities. This decrease will probably drag the demand of metallurgical coal down. Thankfully, the company’s performance still aligns with the 2022 production target.

“We are on a right track to attain the production target of 2.8 to 3.3 million tons in 2022,” Rachmat added.

Throughout H1 2022, ADMR’s production volume reached 1.53 million tons, shifting 7% yoy, while its sales volume was recorded at 1.28 million tons, moving 9% yoy.

Source: https://www.idnfinancials.com/news/44109/adaro-minerals-profit-surge-hit-yoy-h