By Romel S. Gurky
IDX-listed coal mining company PT Bukit Asam Tbk (IDX: PTBA) reported a net profit of Rp 5.10 trillion in 2024, down 16.4% from Rp 6.10 trillion recorded in 2023.
The decrease came despite an 11% rise in revenue, which reached Rp 42.76 trillion, up from Rp 38.49 trillion the previous year.
The company attributed the decline in profit primarily to higher costs of revenue, which rose by 17.8% to Rp 34.56 trillion, reducing gross profit to Rp 8.20 trillion compared to Rp 9.16 trillion in 2023. Operating profit also fell to Rp 5.65 trillion from Rp 7.20 trillion in the previous year, impacted by increased selling and administrative expenses and lower other income.
Read also: PTBA coal sales hit record 42.9 MT in 2024
Finance income dropped to Rp 250.18 billion from Rp 584.34 billion, while finance costs increased to Rp 283.69 billion from Rp 204.04 billion.
However, the company recorded a positive contribution from its joint ventures and associates, with share of profit increasing to Rp 640.34 billion from Rp 571.30 billion.
Total comprehensive income for 2024 was Rp 5.61 trillion, slightly up from Rp 5.48 trillion in 2023, supported by foreign currency translation gains and post-employment benefit adjustments.
Bukit Asam’s total assets rose to Rp 41.79 trillion as of December 31, 2024, from Rp 38.77 trillion a year earlier, with equity increasing to Rp 22.64 trillion from Rp 21.56 trillion. The company distributed dividends totaling Rp 4.58 trillion in 2024.
Editing by Reiner Simanjuntak
