Quarterly
Report

United Tractors Recorded Net Income of Rp4.5 Trillion

On 29 April 2024, United Tractors (UT/the Company) released its consolidated financial statements for the first quarter 2024. In the first quarter 2024, the Company recorded net revenue of Rp32.4 trillion, decreased by 7% compared to Rp34.9 trillion in the same period of 2023 due to lower performance by construction machinery and coal mining segment. The decrease in revenue, combined with higher finance costs and foreign exchange losses resulted in a decrease in net profit by 15% to Rp4.5 trillion from Rp5.3 trillion.

Komatsu heavy equipment sales segment decreased by 37% to 1,126 units from 1,791 units. Revenues from spare parts and services decreased by 11% to Rp2.6 trillion from Rp3.0 trillion. Overall, Construction Machinery segment recorded revenue of Rp8.3 trillion or decreased by 22% year on year. Mining Contracting segment recorded 14% higher revenue of Rp13.3 trillion. Overburden removal increased by 17% to 286 million bcm and 20% higher coal production at 32 million tons. Coal Mining segment posted a 33% increase in coal sales at 4.0 million tons, but revenue declined by 21% to Rp8.3 trillion due to lower coal prices. Gold and Other Mineral Mining segment recorded revenue of Rp1.8 trillion, increased by 8%, with gold sales volume achieved 49 thousand ounces. Construction Industry recorded revenue of Rp535 billion, up by 55%. Energy segment recorded revenue of Rp17 billion.

In January 2024, the Company through PT Energia Prima Nusantara (EPN) completed the acquisition of 49.6% of shares in PT Supreme Energy Sriwijaya (SES) for USD51.9 million. SES is a 25.2% shareholder of PT Supreme Energy Rantau Dedap (SERD), which owns an operating geothermal project in South Sumatera with an existing capacity of 2 x 49 MW.

In March 2024, the Company through EPN completed the acquisition of a total 20.2% shares in SERD for USD80.7 million. Following this transaction, the EPN’s total direct and indirect shareholding in SERD is 32.7%.