PT Bukit Asam Tbk (PTBA), a member of the MIND ID Mining BUMN Holding, was able to maintain good performance in Semester I 2024.The Company managed to record revenue of IDR 19.64 trillion and EBITDA of IDR 3.63 trillion for the first half of 2024. After deducting costs, PTBA posted a net profit of IDR 2.03 trillion. As of June 30, 2024, the company's total assets amounted to IDR 38.39 trillion.
On quarter to quarter basis, PTBA's financial performance has increased significantly. Revenue in Q2 2024 was IDR 10.23 trillion, up 9 percent compared to Q1 2024. Net profit in Q2 2024 reached IDR 1.24 trillion, growing 57 percent from the previous quarter.
The net profit achievement was supported by the Company's increased operational performance throughout Semester I 2024. PTBA's total coal sales in January-June this year reached 20.05 million tons, increasing 15 percent year-on-year. PTBA's coal exports during this period were 8.48 million tons, up 20 percent year-on-year. In comparison, export sales in Semester I 2023 totaled 7.10 million tons.
Meanwhile, the realization of Domestic Market Obligation (DMO) was 11.57 million tons, growing 12 percent compared to Semester I 2023 of 10.33 million tons. As of Semester I 2024, PTBA's coal production reached 18.76 million tons and coal shipment by train reached 17.33 million tons.
The Company’s challenges this year included the correction of coal prices and market fluctuations. The average ICI-3 coal price index was corrected by around 19 percent annually from USD 93.49 per ton in Semester I 2023 to USD 75.89 per ton in Semester I 2024. Meanwhile, the average Newcastle coal price index was corrected by 36 percent annually to USD 130.66 per ton, from USD 204.27 per ton in Semester I 2023.
As a result, PTBA continues to strive to maximize domestic market potential as well as export opportunities in order to sustain strong performance. The company also consistently prioritizes cost leadership in every line of the company, allowing for optimal implementation of sustainable efficiency.
Aside from that, the Company anticipates that the formation of a Management Agency Partner (MIP) would be completed shortly and have a positive impact on PTBA's financial performance.
Development Project Progress
Coal Downstreaming
PTBA in collaboration with the National Research and Innovation Agency (BRIN) has launched a pilot project to convert coal into Artificial Graphite and Anode Sheet, which will be used as raw materials in Lithium-ion (Li-ion) batteries. The soft launch of the pilot project of Artificial Graphite and Anode Sheet took place in the Tanjung Enim Industrial Area on July 15, 2024.
This pilot project for converting coal into Artificial Graphite and Anode Sheet is the first in the world, and it could be a significant advance in the coal downstreaming business.
The development of coal into Artificial Graphite and Anode Sheet demonstrates PTBA's commitment to supporting government policies that encourage coal downstreaming, maintain national energy security, and support the development of the domestic electric vehicle industry.
Renewable Energy Development
The energy transformation is happening across the globe. With the government targets to achieve Net Zero Emissions by 2060 and PTBA’s vision of becoming a world-class energy company that cares about the environment, PTBA is diversifying its business into new and renewable energy (NRE) industry.
The Company has so far built a solar power plant at Soekarno-Hatta Airport in collaboration with PT Angkasa Pura II (Persero), which has been fully operating since October 2020. The solar power plant, which has a maximum capacity of 241 kilowatt-peak (kWp), is installed in the Airport Operation Control Center Building (AOCC).
Perseroan sejauh ini telah membangun PLTS di Bandara Soekarno-Hatta bekerja sama dengan PT Angkasa Pura II (Persero), yang sudah beroperasi penuh sejak Oktober 2020. PLTS tersebut berkapasitas maksimal 241 kilowatt-peak (kWp) dan terpasang di Gedung Airport Operation Control Center (AOCC).
PTBA is also collaborating with Jasa Marga Group to build solar power plant on toll roads. On September 21, 2022, solar power plant with a capacity of 400 kWp was inaugurated on the Bali-Mandara Toll Road. The Company is also collaborating with PT Semen Baturaja Tbk (SMBR) on the development of Solar Power Plant with a capacity of 23.07 kWp, reaching the COD stage in June 2023.
Currently, PTBA is also exploring opportunities to develop hydrogen-based NRE both for its own purposes and supporting future partnerships in PTBA's transportation and production business chain system.
Coal Transportation Project
PTBA had started construction of a new coal handling facility to increase coal transportation capacity along the Tanjung Enim - Keramasan railway line. On December 30, 2023, the groundbreaking procession was held in Tanjung Enim.
The construction of coal transportation facility of Tanjung Enim - Keramasan link, which has a capacity of 20 million tons per year, is part of PTBA's collaboration with PT Kereta Api Indonesia (Persero) or KAI. PT KAI is constructing the facilities and infrastructure for rail transportation, while PT Kereta Api Logistik (Kalog) is building the dock facilities in Keramasan.
Carbon Management
To support the Government in achieving the Net Zero Emission target by 2060, PTBA implements Good Mining Practice including decarbonization programs.
From an operational standpoint, the company utilizes Eco Mechanized Mining, replacing mining equipment that consumes fossil fuels with electricity. PTBA has used a variety of electricity-powered tools, including the PC-3000 Shovel Electric Excavator, a 100 Ton hybrid Dump Truck (Diesel and Electric), and an Electric-based Mining Pump. PTBA has also run electric buses at Tarahan Port and Tanjung Enim Mining Unit.
The company also implements E-Mining Reporting System, which is a real time and online production reporting system to minimize the need for conventional fuel-based monitoring. These decarbonization programs are part of PTBA's carbon management roadmap until 2060 which will be implemented and developed sustainably in every line of the company to provide optimal results.
