The increase in global coal demand has succeeded in improving the financial performance of PT Garda Tujuh Buana Tbk ( GTBO ). This is demonstrated by achieving a profit of USD 9.2 million until June 2023.
This value is better as a result of the positive sentiment received by the company when compared to its profit in the same period in 2022. At that time, the company only posted a profit of USD1.6 million.
"The company's performance is very good compared to the previous year's performance. Apart from that, due to better volume, cost control can also be achieved," explained GTBO in a statement uploaded to the IDX information disclosure on Friday (15/09/2023).
The increase in net profit is also inseparable from the increase in the company's revenue of USD35.72 million until June 2023. This figure is close to the revenue achieved by GTBO in 2022, which was valued at USD49.26 million.
GTBO also recorded an increase in coal production of 1.41 million metric tons until June 2023. Meanwhile, production levels in 2022 only reached 1.40 million metric tons, much higher than 2021 which was only 109 thousand metric tons.
"The company expects to increase its sales volume from 2,000,000 MT to 3,000,000 MT in the near future with better prices in new markets."
As part of these gains, GTBO had declared a dividend of 13.63% in June 2023. This action has pushed up the company's share price from IDR155 to IDR356.
"The company has also appointed a supply chain consultant who is currently reviewing the entire production and logistics process. As a key outcome of this engagement, the company hopes to achieve further cost reductions. The company has also begun exploring new markets globally such as Japan and the Philippines."
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