An investment company with a diversified business portfolio, PT Indika Energy Tbk released its Consolidated Financial Statements for the six month period ended June 30, 2022 (6M 2022). The Company recorded a Net Profit of US$ 200.7 million, a significant increase of
1,571.2% compared to US$ 12.0 million in the same period the previous year.
Core profit was recorded in 6M2022 of US$ 240.8 million, an increase of 331.7% from US$ 55.8 million in the 6M 2021 period. Driven by positive financial performance in 6M 2022, the Company also announced an interim dividend distribution of US$ 40 million for the fiscal year 2022 or IDR 114.46/share based on the BI exchange rate (US$/IDR 14,888 on 3 August 2022).
“As an appreciation to the shareholders who have supported the achievement of this positive performance, the Company will distribute an interim dividend of US$ 40 million this year,” said Indika Energy’s Deputy President Director and Group CEO, Azis Armand in a statement, quoted Saturday (6/6). /8).
The payment is planned to be made on August 30, 2022. The increased performance of the subsidiaries, as well as the increase in coal prices have significantly boosted Indika Energy’s performance.
Azis said, throughout 6M 2022 the Company managed to record a positive performance and exceeded the set target. The Company has also completed a tender offer for the Notes 2024 and 2025, as part of its liability management strategy.
Furthermore, according to him, the Company also continues to diversify its business in the non-coal sector and focus on sustainability to realize the Company’s Environmental, Social, and Governance (ESG) commitment towards carbon neutrality by 2050.
During 6M 2022, Indika Energy posted Revenue of US$ 1,939.0 million, or an increase of 66.5% from US$ 1,164.7 million in the same period the previous year.
The increase in revenue mainly came from PT Kideco Jaya Agung (Kideco) which was driven by an increase in the average selling price of coal by 86.7% to US$ 89.2 per tonne in 6M 2022.
Kideco also recorded coal sales volume of 17.0 million tons in 6M 2022. Of this volume, Kideco marketed 4.9 million tons or 29% of which was for the
domestic market, exceeding the Domestic Market Obligation (DMO) of coal by 25%.
Meanwhile, the volume of coal sales for the export market reached 12.1 million tons with destination countries of China, India, and other Southeast Asian countries.
The increase in revenue was also contributed by PT Indika Indonesia Resources which recorded a revenue increase of 138.1 percent to US$ 377.3 million in 6M 2022 from the same period previously of US$ 158.5 million. This achievement was driven by the increase in the average selling price of coal at PT Multi Tambang Jaya Utama (MUTU) and coal trading.
MUTU’s revenue increased 73.4% to US$ 122.9 million in 6M 2022, due to a 136.6% increase in average coal selling price to US$ 194.6 per tonne, despite a 26.7% decrease in sales volume to 0 ,6 million tons as a result of the ban on coal exports in January 2022 as well as challenges in transportation.
Other companies such as integrated logistics companies PT Interport Mandiri Utama (Interport) and PT Tripatra also contributed positively to the increase in the Company’s revenue.
Interport’s revenue increased 15.6% to US$ 16.8 million in 6M22, of which US$ 13.0 million came from PT Kariangau Gapura Terminal Energi (KGTE) fuel storage terminal.
Tripatra’s revenue also increased by 39.3% to US$ 134.1 million in 6M22, mainly due to increased revenues from BP Tangguh and new projects such as Star Energy Geothermal Salak and Cabott.\