Coal Boom Boosts Indika Energy's 2022 Profits by 684%

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Adi Ahdiat 04/04/2023 18:43 WIB

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Indika Energy Tbk (INDY) reported a net profit of USD 452.7 million in 2022, a 684% increase compared to the previous year.

Net Profit/Loss of PT Indika Energy Tbk (2018-2022)

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Net Profit/Loss of PT Indika Energy Tbk (2018-2022)

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PT Indika Energy Tbk (INDY) reported a net profit of USD 452.7 million in 2022. This achievement surged 684% year-on-year (yoy), setting a new record high, as shown in the graph.

The increase in profit for this coal mining issuer was supported by a 41.2% yoy increase in revenue in 2022, reaching USD 4.3 billion. Conversely, INDY's finance costs decreased by 1.3% yoy in 2022, reaching USD 103.5 million.

"The increase in the company's revenue is primarily due to the increase in coal selling prices, where the Indonesian Coal Index (ICI) 4 in 2022 reached USD 86.1 per ton, or a 30.7% increase compared to the previous year," said INDY management in its press release on Wednesday (29/3/2023).

INDY also claimed to have made significant progress in non-coal investments throughout 2022.

"This investment progress primarily comes from the electric vehicle, renewable energy, nature-based solutions, and minerals sectors. In addition, we also recorded significant progress in ESG performance through a 14% reduction in Scope 1 emissions," said INDY management.

Throughout 2022, INDY's capital expenditure for existing businesses reached USD 24.3 million. They also made new investments totaling USD 97.0 million, including acquisitions, to expand their business diversification.

Furthermore, INDY reduced its debt by USD 371.2 million, reaching USD 1.09 billion at the end of 2022. This debt reduction largely stemmed from faster-than-expected repayments of the company's bonds.

This year, INDY remains in the LQ45 index for the February-July 2023 period. The LQ45 is a list of 45 selected issuers according to the Indonesia Stock Exchange (BEI), whose performance is considered good based on certain criteria, such as having a 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."

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Coal Boom Boosts Indika Energy's 2022 Profits by 684%

Coal Boom Boosts Indika Energy's 2022 Profits by 684%

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Coal Boom Boosts Indika Energy's 2022 Profits by 684%

Coal Boom Boosts Indika Energy's 2022 Profits by 684%

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20.04 Thousand Jayawijaya Regency Residents are Junior High School Graduates by End of 2024

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