Coal prices surge led to ITMG’s net profit surge of 229.89%

16 November 2022 13:35

JAKARTA. The coal prices throughout the first nine months of 2022 that soared as high as 113% has boosted the revenue of PT Indo Tambangraya Megah Tbk. (ITMG) by 98% year-on-year (yoy), and its net profit by 229.89% yoy.

“These significant increases in selling prices have allowed the company to score net sales of USD 2.6 billion, increasing 98% from the sales recorded in the same period last year,” Mulianto, President Director of ITMG, claimed in the press release earlier today (16/11). The average selling price of coal from January to September 2022 arrived at USD 190 per ton, shifting 113% from USD 89 per ton seen in the same period last year.

Futhermore, in this period, the gross profit margin shifted from 40% to 54%. ITMG also posted EBITDA increase of 161% yoy to USD 1.3 billion in September 2022. In the end, the company also reported a net profit surge of 229.89%, from USD 271 million to USD 894 million. “With an efficient and cautious management, ITMG managed to maintain a more solid balance,” Mulianto stated.

Until the end of September 2022, the company’s total assets reportedly reached USD 2.5 billion, with its cash and cash equivalent of USD 1.3 billion. Meanwhile, ITMG also recorded total equity of USD 1.9 billion. (AM/ZH)

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