June 2024 saw a 10.87% decrease in Laba Adaro, attributed to the slump in coal prices.

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Erlina Fury Santika 29/08/2024 14:22 WIB

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Adaro Energy reported a net profit of Rp11.96 trillion in the first half of 2024. While seemingly large, this figure represents a 10.87% decrease.

PT Adaro Energy Tbk/ADRO Revenue and Net Profit for Semester I (2023-2024)

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June 2024 saw a 10.87% decrease in Laba Adaro, attributed to the slump in coal prices.

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PT Adaro Energy Tbk/ADRO Revenue and Net Profit for Semester I (2023-2024)

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PT Adaro Energy Indonesia Tbk's financial report, published by the Indonesia Stock Exchange (IDX), shows that net profit attributable to the parent entity reached US$778.77 million or Rp11.96 trillion (assuming an exchange rate of Rp15,359 per US$) in the first half of 2024.

This net profit decreased by 10.87% year-on-year (yoy) from US$873.83 million or Rp13.42 trillion in the first half of 2023.

Meanwhile, revenue for the ADRO-coded issuer reached US$2.97 billion or Rp45.66 trillion in the first six months of 2024. This is a 14.55% yoy decrease from US$3.47 billion or Rp53.44 trillion in the first half of 2023.

According to *Katadata.co.id*, one of the reasons for the decline in revenue and profit is the slump in coal prices. Although the company recorded a 7% increase in production volume to 34.94 million tons in the first half of 2024, ADRO's operating revenue decreased due to a 19% drop in the average selling price (ASP) caused by weakening coal prices.

Cost of goods sold decreased by 13% yoy to US$1.76 billion or Rp27.11 trillion, mainly due to a decrease in royalty expenses for PT Adaro Indonesia (AI). On the other hand, total fuel costs increased by 13% in line with a 15% increase in fuel consumption due to increased production volume.

"We remain committed to providing returns to shareholders in the form of cash dividends and a share buyback program. We would like to express our gratitude to our shareholders," said ADRO's President Director and CEO, Garibaldi Thohir, in a written statement on Wednesday (August 28, 2024).

As of June 2024, ADRO's assets were recorded at US$10.26 billion or Rp157.65 trillion. This represents a 1.98% decrease from December 2023, when assets totaled US$10.47 billion or Rp160.85 trillion. Liabilities were recorded at US$2.56 billion (Rp39.37 trillion) and equity at US$7.7 billion (Rp118.27 trillion) in June 2024.

(See also: Coal Sales Increase, but PTBA Profit Falls 26.75% as of June 2024)

Editor : Erlina Fury Santika

"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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June 2024 saw a 10.87% decrease in Laba Adaro, attributed to the slump in coal prices.

June 2024 saw a 10.87% decrease in Laba Adaro, attributed to the slump in coal prices.

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June 2024 saw a 10.87% decrease in Laba Adaro, attributed to the slump in coal prices.

June 2024 saw a 10.87% decrease in Laba Adaro, attributed to the slump in coal prices.

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