Adaro Energy Roars, Records Highest-Ever Profit of Rp 38.17 Trillion in 2022

The net profit of coal mining issuer PT Adaro Energy Indonesia Tbk reached a record high of US$2.49 billion, or Rp38.17 trillion in 2022 (assuming an exchange rate of Rp15,312 per US dollar).

This achievement represents a 167% increase compared to the 2021 figure of US$933.4 million, or Rp14.28 trillion.

However, during the Covid-19 pandemic in 2020, net profit amounted to only US$146 million, equivalent to Rp2.23 trillion. Before the pandemic, the net profit of the company (ADRO) frequently exceeded US$400 million.

Net profit in 2019 was US$404.1 million (Rp6.18 trillion), in 2018 it was US$417.7 million (Rp6.38 trillion), and in 2017 it was US$483.2 million (Rp7.39 trillion).

As reported by *Katadata*, Garibaldi Thohir, CEO of Adaro Energy Indonesia, stated that this represents the company's highest-ever performance. Revenue more than doubled to $8.1 billion thanks to efficient operations and support from the increase in selling prices of the company's products.

This, said the businessman known as Boy Thohir, is reflected in the operational EBITDA of US$5.0 billion and net profit of US$3.0 billion, which recorded increases of 139% and 140% year-on-year, respectively.

"This high profitability will support us in accelerating transformation projects and building a larger and more environmentally friendly Adaro," said Boy Thohir in a press release on Friday, March 3, 2023.

(See also: Adaro Energy Has Always Paid Dividends Since its IPO, How Much Each Year?)