Lamseen – The world is currently transitioning towards the adoption of New and Renewable Energy (NRE). However, PT Bukit Asam Tbk (PTBA) remains optimistic about the continued profitability of fossil fuel investments, particularly in coal, with potential returns expected to last for up to a century.
Farida Thamrin, the Director of Finance & Risk Management at PT Bukit Asam Tbk. Expressed her satisfaction with the company’s strong performance in the first half of 2024. Despite the current contraction in coal prices compared to 2023 and 2022. PTBA has managed to maintain a solid financial standing.
This confidence is bolstered by the vast coal reserves in PTBA’s operational area in South Sumatra. Farida noted that the unexploited resources are more than double the size of the current reserves.
“To all our investors, rest assured that PT Bukit Asam’s coal reserves remain abundant. We have approximately 2.98 billion tons of coal available.” Farida stated during a Public Expose session on Tuesday, August 27, 2024.
“To put this into perspective, with the current production level of around 40 million tons annually, we estimate that we can continue exporting for another 90 to 100 years. Additionally, there are 5.81 billion tons of coal resources that we have yet to explore fully. So, our reserves are indeed extensive,” she explained.
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From the exploitation of existing reserves, PT Bukit Asam Tbk recorded revenues of IDR 19.6 trillion, with a net profit of approximately IDR 2 trillion in the first half of 2024.
Farida also reported that the company’s coal production in the first half of 2023 was maintained at around 18.8 million tons. However, PTBA achieved its highest-ever sales volume for a six-month period. PTBA reaching 20.1 million tons in the first half of this year, a 15 percent increase compared to the first half of 2023.
“Since we still had stock from 2023, we utilized that stock first, which led to higher sales figures compared to 2023, totaling 20.1 million tons,” Farida elaborated.
“Revenue in 2024 also increased by 4 percent compared to 2023, amounting to IDR 19.6 trillion. Despite the drop in coal prices, we successfully maintained our net profit at IDR 2 trillion,” she added.
The achievements in the first half of 2024 were driven by coal export sales of 8.5 million tons, a 20 percent year-on-year (YoY) increase compared to the first half of 2023.
Several markets were optimized in the second quarter of this year, including Bangladesh and the Philippines. Major markets were also maximized, with exports to India rising by 37 percent to 3 million tons.
Additionally, exports to Thailand, Malaysia, and Vietnam saw significant growth. For instance, exports to Thailand surged by 605 percent YoY to 933 thousand tons. Meanwhile, exports to Malaysia soared by 257 percent to 488 thousand tons. Also the exports to Vietnam increased by 164 percent from 461 thousand tons to 1.2 million tons.
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