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Coal Miner Indo Tambangraya Achieves Record Profit in 2022

Adi Ahdiat 31/03/2023 14:14 WIB

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Indo Tambangraya Megah Tbk (ITMG) achieved a net profit of USD 1.2 billion, or approximately Rp 18.3 trillion, in 2022, a 152% increase from the previous year.

Net Profit of PT Indo Tambangraya Megah (2018-2022)

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Coal Miner Indo Tambangraya Achieves Record Profit in 2022

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Net Profit of PT Indo Tambangraya Megah (2018-2022)

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PT Indo Tambangraya Megah Tbk (ITMG) achieved a net profit of USD 1.2 billion, or approximately Rp 18.3 trillion, in 2022.

This profit increased by approximately 152% year-on-year (yoy), setting a new record high, as shown in the graph.

ITMG's revenue in 2022 increased by 75% (yoy) to USD 3.63 billion, or approximately Rp 55.3 trillion. Almost all of this came from the coal segment, valued at Rp 55.23 trillion, while revenue from the services segment amounted to Rp 37.84 billion.

In 2022, ITMG's cost of revenue also increased to USD 1.74 billion, or Rp 26.5 trillion, mainly due to increased coal mining and transportation costs.

Selling expenses reached USD 169.76 million, or Rp 2.58 trillion, while general and administrative expenses amounted to USD 41.91 million, or Rp 637.06 billion.

By the end of 2022, ITMG's total assets had grown by 58.45% (yoy) to USD 2.64 billion, or Rp 40.13 trillion. Liabilities amounted to USD 689.89 million, or Rp 10.48 trillion, and equity to USD 1.95 billion, or Rp 29.64 trillion.

Despite its strong financial performance, ITMG's coal production decreased from 4.6 million tons in Q3 2022 to 4.3 million tons in Q4 2022.

Production is also projected to decrease further to 3.8 million tons in the first quarter of this year.

"Q1 2023 production is targeted to be lower due to weather obstacles and the lack of contribution from the Embalut mine," said ITMG management in their Analyst Briefing report dated March 1, 2023.

ITMG's coal mine located in Embalut Village, East Kalimantan, has been out of operation since February 2022.

Currently, ITMG still controls five mining sites in East Kalimantan. In 2023, total production is targeted to reach between 16 and 17 million tons.

This year, ITMG remains in the LQ45 index for the February-July 2023 period. The LQ45 is an index containing 45 issuers selected by the Indonesia Stock Exchange (BEI) based on certain criteria, such as large market capitalization and high liquidity.

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."