This is Bayan Resources, a coal company owned by Low Tuck Kwong.

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Adi Ahdiat 12/12/2022 15:30 WIB

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Low Tuck Kwong's coal company, Bayan Resources, reported fantastic increases in revenue and profit during the January-September 2022 period.

PT Bayan Resources Tbk Revenue and Net Profit, January-September (2021-2022)

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PT Bayan Resources Tbk Revenue and Net Profit, January-September (2021-2022)

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Low Tuck Kwong, owner of the coal company PT Bayan Resources Tbk (BYAN), ranked second on Forbes' list of the 50 richest people in Indonesia in 2022.

According to Forbes, Low Tuck Kwong's net worth this year reached US$12.1 billion, or approximately Rp189 trillion (using an exchange rate of Rp15,640/US$).

This year, Low Tuck Kwong's coal company recorded fantastic increases in revenue and profit. From January to September 2022, BYAN's revenue reached US$3.34 billion, a 91.5% increase compared to the same period last year.

From January to September 2022, BYAN also achieved a net profit of US$1.62 billion, soaring 148.9% compared to the same period the previous year.

According to company disclosures released on December 9, 2022, BYAN's directors will distribute an interim dividend for the 2022 fiscal year worth US$1 million, or US$0.03 per share.

This dividend will be distributed to shareholders recorded in the Register of Shareholders (Recording Date) on December 21, 2022, until 4:15 PM WIB.

BYAN's performance is also expected to remain strong in the coming years. At the end of the third quarter of 2022, BYAN announced an increase in coal reserves from exploration. They also plan to increase production in the future.

"PT Bayan Resources Tbk proudly announces an increase in JORC coal reserves for the Tabang/Pakar Utara coal deposit (East Kalimantan) from 1,475 million tons as of January 1, 2021, to 1,692 million tons as of April 1, 2022," stated BYAN management in its press release (September 29, 2022).

Currently, BYAN is constructing a 101-kilometer road from the Tabang/Pakar Utara coal deposit to the Mahakam River (East Kalimantan), and building a new barge loading facility on the river.

"This facility is targeted for completion in 2023. This will allow the Company to increase production from the Tabang/Pakar Utara coal deposit to more than 60 million tons per year in the coming years," BYAN management revealed.

Currently, BYAN, Low Tuck Kwong's coal company, holds exclusive rights to mine based on 5 Coal Mining Business Cooperation Agreements (PKP2B) from the central government, and 16 Mining Business Licenses (IUP) granted by local governments over a concession area of 124,087 hectares.

Therefore, BYAN is also included in the list of the 10 coal companies with the largest mining land concessions in Indonesia.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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This is Bayan Resources, a coal company owned by Low Tuck Kwong.

This is Bayan Resources, a coal company owned by Low Tuck Kwong.

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This is Bayan Resources, a coal company owned by Low Tuck Kwong.

This is Bayan Resources, a coal company owned by Low Tuck Kwong.

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