Jakarta, 31st October 2023 – Today PT United Tractors Tbk (“the Company”) released its consolidated financial statements for the third quarter of 2023. The Company recorded net revenue of Rp97.6 trillion, increased by 7% compared to Rp91.5 trillion in the same period of 2022. The Company’s gross profit increased by 2% from Rp25.3 trillion to Rp25.7 trillion. Meanwhile, the Company’s net profit decreased by 3% to Rp15.3 trillion from Rp15.9 trillion due to higher finance costs and foreign exchange losses.
Overall, to the Company’s consolidated net revenue, the Mining Contracting segment contributed 40%, followed by 29% from Construction Machinery, 25% from Coal Mining, 4% from Gold Mining, 2% from Construction Industry, and less than 1% from Energy.
Construction Machinery Segment
The Construction Machinery segment recorded a decrease in Komatsu sales volume by 4% to 4,365 units from 4,534 units which was caused by declining demand from construction and plantation sectors. Based on internal market research, Komatsu leads the market with a 31% market share. Revenue from spare parts and maintenance services increased by 18% to Rp8.9 trillion.
Sales volume of Scania increased from 152 units to 605 units, while UD Trucks sales decreased from 331 units to 249 units due to limited supply availability from principal. In total, the Construction Machinery segment recorded net revenue of Rp28.7 trillion increased by 5% compared to the same period last year.
Mining Contracting Segment
The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (PAMA). As of September 2023, PAMA recorded net revenue of Rp39.1 trillion, up by 18% from Rp33.2 trillion. PAMA recorded a 16% increase in coal production from 83 million tons to 96 million tons in the same period last year and a 23% increase in overburden removal volume from 692 million bcm to 853 million bcm, with an average stripping ratio of 8.9x, increased from 8.3x.
Coal Mining Segment
The Company’s coal mining business segment is operated by PT Tuah Turangga Agung (TTA).
As of September 2023, TTA recorded total coal sales volume of 8.5 million tons, including 1.8 million tons of metallurgical coal from SMM, a 10% increase compared to last year. Coal Mining segment recorded a 2% decrease in net revenue to Rp24.0 trillion from Rp24.4 trillion due to the decline in the average selling price of coal.
Gold Mining Segment
The Company’s gold mine business is operated by PT Agincourt Resources (PTAR). PTAR operates Martabe gold mine located in North Sumatra.
Until September 2023, total sales volume of gold equivalent from Martabe was 147 thousand ounces, lower by 32% compared to 216 thousand ounces last year. The Gold Mining segment recorded net revenue of Rp4.3 trillion, decreased by 26% from Rp5.8 trillion.
Construction Industry Segment
The Construction Industry segment is represented by PT Acset Indonusa Tbk (ACSET). As of September 2023, Construction Industry reported net revenue of Rp1.5 trillion, compared to Rp729 billion in the same period of 2022. ACSET recorded a lower net loss of Rp151 billion, compared with a net loss of Rp227 billion in the same period last year.
In line with the Company’s business development strategy in green energy sector, the Company has determined renewable energy business as one of its transition strategies. The Company’s energy business is conducted through its wholly owned subsidiary, PT Energia Prima Nusantara (EPN). As of September 2023, EPN has installed 12.8 MWp of Rooftop Solar PV in UT and Astra group.
EPN is currently in the process of constructing a mini hydro power plant, PLTM Besai Kemu in Lampung, Sumatra. The capacity of PLTM Besai Kemu is 7 MW and is expected to operate by the end of 2023. In addition, EPN also targets several mini hydro projects in Sumatra area with total potential capacity of more than 20 MW.
In August 2022, the Company invested in PT Arkora Hydro Tbk (Arkora) with a 31.49% shareholding. Currently, Arkora operates two mini hydro power plants, PLTM Cikopo 2 in West Java with a capacity of 7.4 MW, and PLTM Tomasa in Central Sulawesi with a capacity of 10 MW. Arkora is currently developing another two mini hydro power plants, PLTM Koro Yaentu with a capacity of 10 MW and PLTM Kukusan 2 with a capacity of 5.4 MW, both are expected to start operation in 2024 and 2025. When the operation starts, Arkora will own power plants with a total capacity of 33 MW.
The Company plans to develop other types of renewable energy, such as geothermal and waste-to-energy projects. These projects are consistent with UT’s strategy to increase its competence in various renewable energy potentials to achieve a sustainable business portfolio.
On 7th August 2023, the Company through its wholly owned subsidiary PT Energia Prima Nusantara (EPN) signed a subscription agreement to acquire 40.476% of new shares issued by PT Supreme Energy Sriwijaya (SES) for a total value of USD42.3 million. SES is a 25.2% shareholder of PT Supreme Energy Rantau Dedap (SERD), which owns a license to operate geothermal with an existing capacity of 2 x 49 MW that is already in operation in South Sumatera. Completion of the transaction is still subject to certain conditions precedent.
On 21st September 2023, the Company through its wholly owned subsidiary PT Danusa Tambang Nusantara (DTN), completed a transaction to subscribe for a 19.99% shareholding in Nickel Industries Limited (NIC) for AUD942.7 million. NIC, which is listed on the Australian Securities Exchange, is an integrated nickel mining and processing company with major assets located in Indonesia.
For further information, please contact the following:
Corporate Secretary: Sara Loebis