On 25 February 2021, United Tractors (UT/the Company) has released its consolidated financial statements for full year 2020. The COVID-19 pandemic and weakening coal price have severely impacted the Company’s overall performance. UT concluded the year 2020 with consolidated net revenue of Rp60.3 trillion or decreased by 29% from Rp84.4 trillion in 2019. The Company’s net profit was recorded at Rp6.0 trillion, decreased by 47% from Rp11.3 trillion.
Heavy equipment sales under Construction Machinery segment recorded a decrease in Komatsu sales volume by 47% to 1,564 units from 2,926 units. Sales of spare parts and maintenance services decreased by 34% to Rp6.0 trillion. Overall, Construction Machinery segment recorded revenue of Rp13.4 trillion or down 41%. Mining Contracting segment recorded 26% lower in net revenue at Rp29.2 trillion, with 114.6 million tons of coal production and 825.0 million bcm of overburden removal. Coal Mining segment was able to increase coal sales volume to 9.3 million tons, with net revenue decreased by 11% to Rp9.5 trillion, reflecting the decline in coal price. Gold Mining segment recorded revenue of Rp7.0 trillion, and gold sales volume achieved 320 thousand ounces. The last segment, Construction Industry, recorded net revenue of Rp1.2 trillion or down 70%.
To the Company’s consolidated net revenue, Mining Contracting segment contributed 48%, followed by 22% from Construction Machinery, 16% from Coal Mining, 12% from Gold Mining and 2% from Construction Industry.
Bhumi Jati Power, which is 25%-owned by the Company, is in the process of constructing 2×1,000 MW coal fired power plant in Jepara, Central Java. Until December 2020, the construction progress has reached 97%.