PT Bumi Resources Tbk (BUMI) scored a net profit of USD 1.16 billion, sporting a 138% year-on-year (yoy) increment  from USD 488.6 million in 2021. Reaching said number was made possible by 80% surge in coals sales in the global market. Dileep Srivastava, Director of Bumi Resourves, revealed that the revenue was recorded at USD 8.53 billion, 57% yoy higher than USD 5.41 billion, whereas its gross profit grew 74% yoy to USD 2.40 billion from USD 1.38 billion.

“The sales volume was 69.4 metric tons (MT), decreasing 12% yoy from 79 MT in 2021. The realisation of coal price, however, rose to USD 121 per ton from the initial USD 67.4 per ton,” Srivastava further added in the information disclosure quoted today (29/3). The operating profit shifted up 86% yoy to USD 2.06 billion from USD 1.11 billion. The profit margin was approximately 24.2% from the previous 20.5%, and the profit attributable to the parent entity reached USD 525.3 million, soaring 213% yoy or USD 357.3 million higher than USD 168 million in 2021. The volume of coals in mines was reportedly declining as well to 71.9 MT from the initial 78.8 MT, because yearlong rain (La Nina). (LK/ZH)

Source: https://www.idnfinancials.com/news/46448/victorious-bumi-recorded-shift-profit