Quarterly
Report

United Tractors Recorded Net Income of Rp20.6 Trillion

On 27th February 2023, United Tractors (UT/the Company) released its consolidated financial statements for the full year of 2023. As of 31 December 2023, the Company recorded net revenue of Rp128.6 trillion, increased by 4% compared to Rp123.6 trillion in 2022. The Company’s gross profit increased by 3% from Rp34.8 trillion to Rp35.8 trillion. Meanwhile, the Company’s net profit slightly decreased by 2% to Rp20.6 trillion from Rp21.0 trillion due to higher finance costs and foreign exchange losses.

Heavy equipment sales under Construction Machinery segment recorded a decrease in Komatsu sales volume by 8% to 5,270 units from 5,753 units. Sales of spare parts and maintenance services increased by 12% to Rp11.6 trillion. Overall, Construction Machinery segment recorded revenue of Rp36.6 trillion, slightly increased year on year. Mining Contracting segment recorded net revenue of Rp54.0 trillion, up by 14% with 129 million tons of coal production and 1.2 billion bcm of overburden removal. Coal Mining segment posted revenue of Rp30.5 trillion, down by 2% from Rp31.1 trillion and recorded 19% increase in coal sales at 11.8 million tons. Gold and Other Mineral Mining segment recorded revenue of Rp5.2 trillion, decreased by 32%, with gold sales volume achieved 175 thousand ounces. Construction Industry recorded net revenue of Rp2.2 trillion.

On 30th November 2023, the Company through its wholly owned subsidiary PT Danusa Tambang Nusantara (DTN) completed a transaction to acquire 70% share ownership of PT Stargate Pasific Resources (SPR), a nickel mining company and PT Stargate Mineral Asia (SMA), a nickel processing company both located in North Konawe, Southeast Sulawesi, for a total investment of Rp3.2 trillion.  Subsequently on 1st December 2023, the Company through DTN completed the transaction to acquire 66.67% share ownership of PT Anugerah Surya Pacific Resources (ASPR), the holding company which has 30% ownership of SPR and SMA for a total value of Rp1.6 trillion. 

On 27th December 2023, the Company through its wholly owned subsidiary PT Energia Prima Nusantara (EPN) completed a new share subscription to acquire 49.6% of PT Supreme Energy Sriwijaya (SES) for a total value of USD51.9 million. SES is a 25.2% shareholder of PT Supreme Energy Rantau Dedap (SERD), an operating geothermal power plant located in South Sumatera, with the existing capacity of 2 x 49 MW.