By Romel S. Gurky
Coal miner PT Kideco Jaya Agung, a subsidiary of IDX-listed PT Indika Energy Tbk (IDX: INDY), reported a 16.9% year-on-year decrease in revenue for 2024, totaling US$1.85 billion. The decline was driven by lower average selling prices (ASP), despite a slight increase in sales volume.
According to a recent statement from Indika, Kideco's sales volume rose by 1.8% year-on-year to 31.1 million tons (MT) in 2024. Of this total, 36% (11.1 MT) was sold to the domestic market, while 64% (20.0 MT) was exported.
The average ICI-4 coal price in 2024 was US$53.9 per ton, a 15% drop from US$63.2 per ton in 2023. Consequently, Kideco's ASP fell by 18.3% year-on-year to US$59.5 per ton.
Read also: Kideco plans to maintain coal production this year
Kideco’s coal markets include Indonesia (accounting 36% of sales), China (36%), Southeast Asia (8%), India (6%), Korea (5%), Taiwan (3%), Japan (3%), and others (4%)
Kideco's production volume in 2024 increased by 2.1% to 30.7 MT, compared to 30.1 MT in the previous year. The overburden removal volume also rose by 4.3% year-on-year to 174.8 million bcm, up from 167.7 million bcm. As a result, the stripping ratio slightly increased to 5.7x, up from 5.6x in 2023.
In an interview with Petromindo.com in February, Kideco Director Anton Kristianto stated that the company aims to maintain a production target of around 30 MT in 2025.
Editing by Reiner Simanjuntak
