Bukit Asam Ltd. is exploring the European market for coal exports. The exploration of this new market was initiated by exporting hundreds of tons of the commodity to Italy. Director of Finance and Risk Management of Bukit Asam Ltd. Farida Thamrin said that her party was trying to open up export opportunities in Europe and to take advantage of the moment of rising coal prices in the global market. “Bukit Asam continues to increase its exports portion, of course, it does not ignore domestic needs,” she said in a press statement in Palembang, Tuesday, (20/9/2022). According to Farida, the company’s main export market with the issuer code of Bukit Asam Ltd. is currently still dominated by India, and there has ever been an increase of up to two million tons year on year in the country. India is Bukit Asam Ltd.’s largest export destination with a portion reaching 18 percent of total sales, followed by South Korea, Thailand, China, and Cambodia. Farida explained that the portion of coal export sales increased from 33 percent in the first quarter of 2022 to 38 percent in the second quarter of 2022. The increase in the second quarter caused the export portion in the first semester of 2022 to reach 35 percent of all sales. Average Selling Price (ASP) or the average selling price in the second quarter of 2022 was recorded at IDR 1.3 million per ton, up 14 percent compared to the first quarter of 2022 due to an increase in the portion of export sales. Meanwhile, for the domestic market, she said, the company will still meet the coal supply for domestic needs by 65 percent. "With the high price of coal and the increasing demand and export demand, the company is optimistic that it can continue to improve its performance until the end of 2022," she said.
Per semester I-2022, Bukit Asam Ltd. posted a net profit of IDR 6.2 trillion, up 264 percent compared to the same period last year which was worth IDR 1.8 trillion. The achievement of net profit was supported by revenues of IDR 18.4 trillion, an increase of 79 percent over the same period last year. The cash reserve position was well maintained despite the highest dividend payment of IDR 7.9 trillion in June 2022. Net cash was recorded at IDR 11.1 trillion. The achievement is also supported by the company’s solid operational performance throughout the first semester of 2022. Meanwhile, Bukit Asam Ltd.’s total coal production during semester I-2022 reached 15.9 million tons, an increase of 20 percent compared to semester I-2021 which amounted to 13.3 million tons, with coal sales per semester I-2022 were 14.6 million tons, growing by 13 percent on an annual basis.
