by Wahyu Proweb | Dec 4, 2018 | Press Release
Tuesday, December 04, 2018
In addition to its current portfolio business in heavy equipment, mining contracting, mining concession, construction industry and energy, PT United Tractors Tbk (“the Company”) as one of the leading heavy equipment distributor in Indonesia, has successfully diversify its business through gold mine acquisition.
The Company through its wholly own subsidiary, PT Danusa Tambang Nusantara, on 4th December 2018 has completed the acquisition of 95% shares in PT Agincourt Resources, a mining company engaged in exploration, mining, and mineral processing of gold in North Sumatra, for approximately US$1.0 billion.
Upon completion of this transaction, PT Agincourt Resources is 95% owned by PT Danusa Tambang Nusantara, while the remaining 5% is held by PT Artha Nugraha Agung, which is owned by local government.
President Director of United Tractors, Gidion Hasan remarked, “The acquisition of PT Agincourt Resources is part of the Company’s strategic portfolio diversification and expansion in other mineral field, including gold. In the future, the Company expects to have a more balanced business portfolio that will generate sustainable earning contribution in the long term.”
PT Agincourt Resources operates Martabe Gold Mine located in North Sumatra in the District of South Tapanuli. Construction of Martabe Gold Mine was commenced in 2008 and production of gold and silver was commenced in 2012. As of December 2017, the mineral resource of Martabe Gold Mine was around 8.8 million ounces of gold, and estimated gold reserve was 4.7 million ounces. In 2017, Martabe Gold Mine sold around 352,000 ounces of gold.
Fur further information, please contact:
Sara Loebis
Corporate Secretary
Email : ir@unitedtractors.com
Alamat : Jl. Raya Bekasi Km.22 Cakung, Jakarta Timur 13910
Telp. : (62-21) 3511961, Fax : (62-21) 3441413
by Wahyu Proweb | Jul 26, 2018 | Press Release, Press Release, Press Release, Press Release
Thursday, July 26, 2018
PT United Tractors Tbk (“the Company”) posted a net income of Rp38.9 trillion during the first half of 2018, an increase of 32% compared to Rp29.4 trillion in the same period in 2017. This increase in net income was driven by improved performance from all lines Company’s business. Each business unit, namely: Construction Machinery, Mining, Mining, and Construction Industries respectively contributed 36%, 45%, 15% and 4% to the total consolidated net income.
Improved operational performance and higher revenue margins led to an increase in the Company’s net profit to grow by 60% to reach Rp.5.5 trillion compared to net profit in the same period in 2017 amounting to Rp3.4 trillion.
Construction Machinery Business Segment
In the first half of 2018, the Construction Machinery business segment recorded an increase in sales of Komatsu heavy equipment by 37% to 2,400 units, compared to 1,751 units in the same period in 2017. The increase in sales of heavy equipment was mainly driven by increased sales in the mining, plantation, and construction. Komatsu was able to maintain its position as heavy equipment market leader, with a domestic market share of 36% (source: internal market research). Sales of other brand products, UD Trucks, increased from 276 units to 417 units, while sales of Scania products slightly fell from 553 units to 533 units.
Increased sales of heavy equipment and customer needs to extend the life cycle of heavy equipment led to an increase in sales of heavy equipment spare parts and maintenance services by 35% to Rp4.4 trillion. In total, net revenue from the Construction Machinery business segment increased by 24% to Rp13.9 trillion.
Mining Contracting Business Segment
Mining Contracting business is operated by PT Pamapersada Nusantara (PAMA). During the first semester of 2018, PAMA posted a 32% increase in net income to Rp17.4 trillion. PAMA recorded an increase in coal production volume from 52.3 million tons to 56.6 million tons, while the volume of overburden removal increased from 360.9 million bcm to 444.9 million bcm.
Mining Business Segment
Mining business is run by PT Tuah Turangga Agung. Total coal sales up to June 2018 reached 4.4 million tons, an increase of 22% from 3.6 million tons in the same period in 2017. Increased coal sales volume and a significant increase in average coal selling prices make Mining business unit revenue increased by 51% to Rp6.0 trillion.
Construction Industry Business Segment
The Construction Industry business is run through PT Acset Indonusa Tbk (ACSET). As of the first semester of 2018, ACSET posted a net income of Rp1.7 trillion from the previous Rp1.0 trillion in the same period in 2017. Meanwhile, net income increased by 14% to Rp73 billion. The value of new contracts obtained up to June 2018 reached Rp300 billion.
Energy Business Segment
Bhumi Jati Power (BJP), which is 25% owned by a subsidiary, will develop and operate a 2×1,000 MW steam power plant in Jepara, Central Java. As of June 2018, the project development progress has reached 28.5% and is scheduled to start commercial operations in 2021. BJP is a joint venture between a subsidiary of the Company, Sumitomo Corporation and Kansai Electric Power Co. Inc.
by Wahyu Proweb | Feb 27, 2018 | Uncategorized
Tuesday, February 27, 2018
PT United Tractors Tbk (“the Company”) closed the year of 2017 with consolidated net revenue of Rp64.6 trillion, or increased by 42% from Rp45.5 trillion in 2016, driven by improved performance in all business segment. Overall, to the Company’s consolidated net revenue, Mining Contracting segment contributed 46%, followed by Construction Machinery with 38%, Mining with 11%, and Construction Industry with 5% contribution.
In line with the revenue, the Company’s net profit increased by 48% to Rp7.4 trillion compared to Rp5.0 trillion in 2016, mainly due to higher operational volumes and better profit margins.
Construction Machinery Segment
Construction Machinery recorded an increase in Komatsu sales volume by 74% from a total of 2,181 units in 2016 to 3,788 units. Such increase was due to sales increase particularly from mining and plantation sectors. Komatsu managed to maintain its position as market leader with 35% market share (according to internal market research). Sales volume of UT’s other distributed brands, such as UD Trucks was increased from 361 units to 700 units, and Scania products sales was increased from 532 units to 1,116 units.
In line with the growth of unit sales, spare parts and maintenance services also recorded an increase in revenue by 22% to Rp7.1 trillion due to the growing need of customers to maintain and improve the life cycle of their equipment fleets. In total, Construction Machinery business line recorded an increase in revenue by 69% to Rp24.7 trillion, compared to Rp14.6 trillion in 2016.
Mining Contracting Segment
The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (PAMA). In 2017, PAMA recorded 23% increase in net revenue to Rp29.6 trillion, with total coal production volume up by 3% from 109.2 million tons to 112.6 million tons, while overburden removal volume was up 14% from 701.5 million bcm to 800.8 million bcm.
Mining Segment
The Company’s Mining segment was operated by PT Tuah Turangga Agung. Total coal sales volume in 2017 decreased by 8% to 6.3 million tons, due to lower volume in coal trading business. However, the revenue was increased by 40% to Rp7.2 trillion, due to significantly higher average coal selling price.
Construction Industry Segment
The Construction Industry segment was represented by PT Acset Indonusa Tbk (ACSET). By the end of December 2017, ACSET booked revenue of Rp3.0 trillion, compared to Rp1.8 trillion in 2016. In line with revenue increase, net profit rose by 126% from Rp68 billion in 2016 to Rp154 billion.
In 2017, ACSET was awarded new contracts with total project valuation of Rp8.4 trillion, compared to Rp3.8 trillion in 2016. New notable contracts in 2017 are mostly infrastructure projects, including Jakarta-Cikampek II Elevated Toll Road, Bakauheni-Sidomulyo Toll Road, JORR II Kunciran-Serpong Toll Road, and Light Rail Transit (LRT) Cawang – Dukuh Atas.
In March 2017, 25%-owned PT Bhumi Jati Power (BJP) has completed its project financing agreement with lenders (financial close). BJP will develop and operate 2×1,000 MW thermal power plant in Jepara, Central Java. Until the end of 2017, the progress of development has reached 12% and scheduled to start commercial operation in 2021. BJP is a joint venture between a subsidiary of the Company, Sumitomo Corporation and Kansai Electric Power Co. Inc.
In March 2017, the Company through its subsidiary Tuah Turangga Agung has completed the acquisition of 80.1% ownership in PT Suprabari Mapanindo Mineral (SMM), a coking coal concession in Central Kalimantan. SMM has started its commercial production by the end of 2017.
by Wahyu Proweb | Jul 27, 2017 | Uncategorized
Thursday, July 27, 2017
PT United Tractors Tbk (“the Company”) booked a net income of Rp29.4 trillion during the first half of 2017, an increase of 30% over the same period in 2016. This increase in net income was mainly due to an increase in sales volume of heavy equipment, coal production and overburden removal, as well as the average selling price of coal. Each business unit, namely: Construction Machinery, Mining, Mining, and Construction Industries respectively contributed 38%, 45%, 13% and 4% to the total consolidated net income.
In line with improved operational performance accompanied by better revenue margins, the Company recorded a net profit during the first half of 2017 reaching Rp3.4 trillion, an increase of 85% when compared to net profit in the first half of 2016 amounting to Rp1.9 trillion.
Construction Machinery Business Segment
The Construction Machinery business segment recorded an increase in sales of Komatsu heavy equipment by 69% to 1,751 units, compared to 1,036 units in the first half of 2016. The increase in sales of heavy equipment was mainly driven by increased sales in the mining sector. Of the total sales of heavy equipment, 51% is absorbed by the mining sector, 22% is absorbed by the construction sector, 14% is absorbed by the plantation sector, and the remaining 13% is absorbed by the forestry sector. Komatsu was able to maintain its position as a heavy equipment market leader, with a domestic market share of 37% (based on internal market research). Sales of other brand products, namely UD Trucks, increased from 217 units to 276 units, while sales of Scania trucks and buses increased from 246 units to 553 units. On the other hand, sales of spare parts and heavy equipment maintenance services increased by 16% to Rp3.2 trillion. In total, net revenue from the Construction Machinery business segment recorded an increase of 63% to Rp11.2 trillion.
Mining Contracting Business Segment
The Mining Contracting business sector operated by PT Pamapersada Nusantara (PAMA) recorded a 15% increase in net income to Rp13.3 trillion. PAMA recorded an increase in coal production volume from 50.2 million tons to 52.0 million tons, while the volume of overburden removal increased from 341.1 million bcm to 360.4 million bcm.
Mining Business Segment
Mining business is run by PT Tuah Turangga Agung. Total coal sales up to the first half of 2017 reached 3.6 million tons, down by 18% from 4.5 million tons in the same period in 2016. The decline in coal sales was due to a decrease in volume from the coal trading business. However, the increase in the average selling price of coal made the Mining business unit revenue record a 24% increase in net income to Rp4.0 trillion.
Construction Industry Business Segment
The Construction Industry business is run through PT Acset Indonusa Tbk (ACSET). Up to the first semester of 2017, ACSET posted a net income of IDR1.0 trillion, an increase of 8% from the previous IDR944 billion in the same period in 2016. Meanwhile, net profit increased by 95% to IDR64 billion. The value of new contracts obtained up to June 2017 reached IDR 7.1 trillion compared to IDR 2.4 trillion in the same period in 2016. Significant increase in new contracts was obtained from several strategic contracts in the infrastructure sector, including the Jakarta-Layang Toll Road contract Cikampek II, Bakauheni-Sidomulyo Toll Road, and JORR II Toll Road Kunciran-Serpong Section.
In March 2017, Bhumi Jati Power (BJP), which is 25% owned by a subsidiary of the Company, reached an agreement regarding a project funding agreement with creditors (financial closing). BJP will develop and operate a 2×1,000 MW steam power plant in Jepara, Central Java. At present, the BOT (build, operate and transfer) project is under construction and is expected to begin commercial operations in 2021. Bhumi Jati Power is a joint venture between a subsidiary of the Company, Sumitomo Corporation and Kansai Electric Power Co. Inc.
In March 2017, the Company through its subsidiary PT Tuah Turangga Agung, completed the acquisition of 80.1% ownership of PT Suprabari Mapanindo Mineral, a coking coal company (high calorie coal which is commonly used as a mixture in steel smelting) located in Central Kalimantan . The concession is currently in the process of supporting infrastructure development and is expected to start production at the end of 2017.
by Wahyu Proweb | Apr 4, 2017 | Uncategorized
Tuesday, April 04, 2017
PT Bhumi Jati Power (“BJP”) has satisfied the required conditions precedent for the project financing of the Tanjung Jati B coal-fired power plant Units 5 & 6 Expansion Project or also called Pembangkit Listrik Tenaga Uap (PLTU) Jawa-4 (“Project”) and commenced construction work on the Project on March 31, 2017. BJP is owned by Sumitomo Corporation, The Kansai Electric Power Co., Inc., and PT United Tractors Tbk, through wholly-owned subsidiaries, respectively Sumi Energy Ventures LLC, KP Power Development B.V. , and PT Unitra Persada Energia.
This BOT (Build, Operate and Transfer) Project will cost approximately US$4.2 billion, and the project cost mainly funded with the loan from the Japan Bank for International Cooperation (JBIC) and a syndication of seven commercial banks: Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corporation, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sumitomo Mitsui Trust Bank, Limited, Mitsubishi UFJ Trust and Banking Corporation, The Norinchukin Bank, and Singapore’s Oversea-Chinese Banking Corporation Limited covered by NEXI Overseas Investment Insurance.
BJP will build two new units of a high efficiency ultra-supercritical coal-fired power plant (generation capacity of 2,000 MW) that introduces efficient and environmentally friendly technology in an area adjacent to the existing Tanjung Jati B coal-fired power plant (Units 1-4), located in Jepara Regency, Central Java. The power plant will supply electricity over a period of 25 years to Indonesian power utility company PT PLN (Persero), following the completion of plant construction.
The project is scheduled to achieve commercial operation in 2021 and positioned as a part of 35,000MW power plants construction program promoted by Indonesian government.
Profile of PT Bhumi Jati Power (“BJP”)
BJP is a joint venture company established for the purpose of development and operation of the Project. PT Unitra Persada Energia holds 25% shares, Sumi Energy Ventures LLC holds 50% shares, and KP Power Development B.V. holds 25% shares in BJP.
