PT RMK Energy Tbk. recorded an operating profit of IDR 404.1 billion last year. This profit reached a record high during the company's operation. Finance Director of RMK Energy, Vincent Saputra, said the company is targeting operating revenues of IDR 2.5 trillion and operating profits of IDR 398.2 billion in 2022. This target has been achieved with a respective percentage of 105.3 percent and 101.5 percent. The operating profit target in 2022 is IDR 398.2 billion and 101.5 percent has been achieved, so that RMK Energy's operating profit exceeds the target to IDR 404.1 billion.
"Achieving this target supports the company to maintain financial ratios (EBITDA to liability), above the minimum credit covenant requirements, which is 14.3 times," Vincent said in a press conference 'Full year 2022 Performance Announcement' in Jakarta on Monday, 3 April 2023. In addition, Vincent said that RMK Energy had also succeeded in reducing financial debt by 49.9 percent to IDR 217.1 billion and was able to manage a Debt to Equity (DER) financial ratio of 0.2 times which also met the minimum credit covenant requirements. "The improvement in financial ratios was also supported by an increase in the Company's equity which increased by 50.3 percent year on year to Rp 1.2 trillion," he said.
Furthermore, Vincent assesses that the company's cash flow is getting healthier on an ongoing basis with the increase in the contribution of coal services. He is also optimistic that RMK Energy can achieve a bigger target with the support of PT Bukit Asam Tbk. as partners. As is known, RMK Energy has collaborated with PT Bukit Asam Tbk, a company that is part of the MIND ID mining BUMN holding, which is currently in the finalization process. "Until March 2023, the company has identified a growth in coal service volume of 55.6 percent year on year compared to the same period last year," said Vincent. Meanwhile, Director of Operations at RMK Energy, William Saputra, said that energy security is an opportunity for the company to meet energy needs, both at home and abroad.
"In 2022, the company targets the volume of coal barge loading and unloading services to reach 7.8 million metric tons, respectively, and has achieved 149.5 percent and 100.2 percent of the 2022 target," said William. For the coal sales segment, said William, management is targeting a volume of 2.5 million tons of which 50 percent of the target will come from PT Truba Bara Banyu Enim's in-house mine. "At the end of 2022, the sales volume of coal is 2.5 million metric tons or has reached 100 percent of this year's target. This year the company has also managed to maintain zero fatality for the last 3 years," said William. Meanwhile from the coal sales segment, RMK Energy recorded operating revenues of IDR 2.1 trillion, an increase of 45.3 percent year on year. This increase in revenue was supported by an increase in coal sales volume which increased 45.1 percent year on year to 2.5 million tonnes.
Revenue from this segment contributes 77.3 percent to RMK Energy's total revenue. The gross profit from this segment was IDR 406.7 billion, an increase of 75.8 percent year on year and contributing 69.1 percent of the company's total gross profit. From the coal services segment, RMK recorded operating income of IDR 620.5 billion, an increase of 51.2 percent year on year. The increase in revenue for this segment was supported by an increase in the volume of rail loading and unloading services for coal barges, which increased 94.8 percent year on year and 31.3 percent year on year. Revenue from this segment contributes 22.7 percent to the company's total revenue. Meanwhile, the gross profit from the coal services segment was IDR 181.9 billion, an increase of 89.9 percent year on year, and contributed 30.9 percent of the company's total gross profit.
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