PT Bukit Asam Tbk (PTBA) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached Rp42.76 trillion, up 11% year-over-year, but net profit declined 18% to Rp5.14 trillion due to higher costs and lower gross margin.

• Coal sales remain the core business, with 98% of revenue from this segment; major customers include PLN Group and MIND ID Trading.

• The company maintained a strong cash position with Rp4.13 trillion in cash and equivalents at year-end.

• The Board and auditors confirmed the financial statements present fairly in all material respects, in accordance with Indonesian standards.

Financial highlights

• Revenue increased to Rp42.76 trillion in 2024 from Rp38.49 trillion in 2023.

• Net profit attributable to owners was Rp5.10 trillion, down from Rp6.11 trillion year-over-year.

• Gross profit margin fell to 19.2% from 23.8% as cost of revenue rose 18% to Rp34.56 trillion.

• Basic and diluted EPS was Rp444, compared to Rp532 in the prior year.

• Total assets grew to Rp41.79 trillion, and equity attributable to owners rose to Rp22.51 trillion.

Outlook and guidance

• The company is adapting to new government regulations on export proceeds, requiring 100% of export cash to be held in Indonesia for 12 months starting March 2025.

• Legal certainty for 10-year IUP mining permit extensions supports sustainable operations.

• Management is evaluating the impact of regulatory changes on operations and liquidity.