Coal price soars, Bayan Resources posted 500% net profit growth
JAKARTA. The increase of the average selling price of coals drove PT Bayan Resources Tbk (BYAN) to score massive upturns in its revenue and net profit, impressively proliferating by 74.34% and 500.88% each.
Jenny Quantero, Corporate Secretary of Bayan Resouces, claimed that the significant jump in revenue resulted from the surge in the coal average selling price to IDR 59.7 per metric ton (MT) in Q3 2021. In the same period last year, the said price only reached USD 38.6 per MT. “The higher selling price goes hand in hand with a higher coal sales volume,” she added through a virtual public expose. The coal sales volume, in fact, rose 12.69%, going from 26 million MT to 29.3 million MT.
Throughout the first nine months of this year, BYAN scored USD 1.74 billion in revenue, equivalent to IDR 25.07 trillion (assuming USD 1 = IDR 14,337). It soared 74.34% from USD 1 billion reported in the same period in 2020, equivalent to IDR 14.39 trillion. This revenue realisation even surpassed the initial target of USD 1.4 to 1.6 billion for its 2021 revenue.
Moreover, the current year profit attributable to the parent company skyrocketed 500.88% to USD 650.32 million by the end of September 2021 from USD 108.22 million in Q3 2020.
Bayan Resources has distributed its coals to the domestic market, China, Korea, India, Malaysia, and other countries. However, the most extensive distribution was made to the Philippines of 28%, followed by China of 17%, Korea 14%, Indonesia 11%, India 10%, Malaysia 10%, and other countries. (AM/ZH)