PT Bukit Asam Tbk (PTBA) recorded a net profit of IDR 3.23 trillion and EBITDA of IDR 5.65 trillion in the Q3 of 2024. This achievement was supported by increased revenue from coal sales.

Corporate Secretary of PTBA, Niko Chandra, stated that during this period, the company’s revenue rose by 11% year-on-year (yoy) to IDR 30.66 trillion. As of September 30, 2024, the company’s total assets stood at IDR 40.15 trillion.

“This achievement is a result of the positive growth in the company’s operational performance in the Q3 of 2024,” he said in an official statement on Wednesday (October 30).

Niko noted that PTBA’s total coal sales from January to September this year reached 31.28 million tons, up 16% year-on-year. 

In addition, PTBA’s coal exports during this period amounted to 14.29 million tons, an increase of 27% compared to the same period last year, which recorded 11.25 million tons in export sales.

Meanwhile, PTBA’s realization of Domestic Market Obligation (DMO) coal reached 16.98 million tons, growing by 8% compared to the 15.76 million tons in the Q3 of 2023.

As of September 2024, PTBA’s coal production reached 32.97 million tons, a 3% increase year-on-year. Rail transportation reached 26.42 million tons, up 11% year-on-year.

Niko highlighted that PTBA achieved this performance despite various challenges, including coal price corrections and market fluctuations.

He mentioned that the average ICI-3 coal price index dropped around 14% year-on-year from USD 86.32 per ton in the Q3 of 2023 to USD 74.59 per ton by the Q3 of 2024.

Meanwhile, the average Newcastle coal price index fell 28% year-on-year, reaching USD 133.89 per ton in the Q3 of 2024, down from USD 185.45 per ton in the Q3 of 2023.

“Therefore, PTBA continues to strive to maximize domestic market potential as well as export opportunities to maintain its strong performance,” said Niko.

Additionally, he explained that the company consistently prioritizes cost leadership across all business lines, enabling continuous efficiency to be implemented optimally. This is reflected in the reduction of cash cost per ton, which decreased from IDR 853,000 to IDR 835,000 year-on-year.

“The company hopes that the establishment of the Managing Institution Partner (MIP) can be realized soon and provide positive impacts on PTBA’s financial performance,” added Niko.