Jakarta, April 18th,2023 – Today PT United Tractors Tbk (“the Company”) released its consolidated financial statements for the first quarter of 2023. The Company recorded net revenue of Rp34.9 trillion, increased by 25% compared to Rp28.0 trillion in the same period of 2022. In line with the increase in net revenue, the Company’s net profit was up by 23% to Rp5.3 trillion, from Rp4.3 trillion.
Overall, to the Company’s consolidated net revenue, the Mining Contracting segment contributed 33%, followed by 31% from Construction Machinery, 30% from Coal Mining, 5% from Gold Mining, 1% from Construction Industry, and less than 1% from Energy.
*Profit after tax atributed to owners of the parent
**Expressed in full Rupiah
Construction Machinery Segment
The Construction Machinery segment recorded an increase in Komatsu sales volume by 6% to 1,791 units from 1,694 units. Based on internal market research, Komatsu leads the market with a 32% market share. Revenue from spare parts and maintenance services also increased by 24% to Rp3.0 trillion.
Sales volume of Scania increased from 62 units to 218 units, while UD Trucks products decreased from 127 units to 89 units due to limited supply availability from principal. In total, the Construction Machinery segment recorded net revenue of Rp10.6 trillion increased by 10% compared to the same period last year.
Mining Contracting Segment
The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (PAMA). As of March 2023, PAMA recorded net revenue of Rp11.7 trillion, up by 38% from Rp8.5 trillion. PAMA recorded an increase in coal production by 12% amounting to 24 million tons from 27 million tons in the same period last year and a 19% increase in overburden removal volume from 207 million bcm to 246 million bcm, with an average stripping ratio of 9.2x, increased from 8.7x.
Coal Mining Segment
The Company’s coal mining business segment is operated by PT Tuah Turangga Agung (TTA). TTA operates two thermal coal mines: PT Asmin Bara Bronang (ABB) and PT Telen Orbit Prima (TOP), as well as one metallurgical coal mine: PT Suprabari Mapanindo Mineral (SMM).
As of March 2023, TTA recorded total coal sales volume of 3.0 million tons, including 0.7 million tons of metallurgical coal from SMM, slightly increased compared to last year. Coal Mining segment recorded a 39% increase in net revenue to Rp10.5 trillion from Rp7.6 trillion due to higher average coal selling price.
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 March 2023, total sales volume of gold equivalent from Martabe was 59 thousand ounces, lower by 21% compared to 74 thousand ounces last year. The decline in gold sales this year is to allow the company to focus on long-term plans and improve the sustainability of the mine. Gold mining segment recorded net revenue of Rp1.7 trillion, decreased by 14% from Rp2.0 trillion.
Construction Industry Segment
The Construction Industry segment is represented by PT Acset Indonusa Tbk (ACSET). As of March 2023, Construction Industry reported net revenue of Rp345 billion, compared to Rp274 billion in the same period of 2021. ACSET recorded a net loss of Rp30 billion, increased from Rp25 billion in the same period last year. The increase in losses at ACSET was mainly due to higher financing costs.
Energy Segment
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. To accelerate the development of renewable energy, by the end of 2021 all energy businesses in the group have been consolidated through PT Energia Prima Nusantara (EPN). Until March 2023, EPN has installed 6.2 MWp Rooftop Solar PV across UT and Astra group.
The Company currently operates one mini hydro power plant namely PLTM Kalipelus 0.5 MW in Central Java and in the process of constructing another mini hydro power plant, PLTM Besai Kemu in Lampung, Sumatra. The capacity of PLTM Besai Kemu is 7 MW and is expected to operate in 2023. In addition, the Company also targets several mini hydro projects in Sumatra area with total potential of more than 20 MW.
In August 2022, the Company through its subsidiary invested in PT Arkora Hydro Tbk (Arkora) with a 31.49% shareholding. Currently, Arkora operates two Mini Hydro Power Plants, i.e. PLTM Cikopo 2 located in West Java with the capacity of 7.4 MW, and PLTM Tomasa located in Central Sulawesi with the capacity of 10 MW. On top of those, Arkora has two PLTM projects under construction stage, i.e. PLTM Koro Yaentu with a capacity of 10 MW and PLTM Kukusan 2 with a capacity of 5.4 MW, both are expected to operate in 2023 and 2025. When the operation starts, Arkora will own power plants with a total capacity of 32.8 MW.
The Company plans to develop other types of renewable energy, such as solar PV, geothermal, wind power, 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.
United Tractors’ Overview
PT United Tractors Tbk (UT) which is known as the largest heavy equipment distributor in Indonesia has been established since 1972. Currently, UT has grown and has six business pillars, namely Construction Machinery, Mining Contracting, Coal Mining, Gold Mining, Construction Industry, and Energy. As its contributions to the achievement of Sustainable Development targets (SDGs). UT consistently carries out activities to uphold sustainability.
ESG United Tractors
As a world-class heavy equipment, mining and energy company with more than 50 years of experience in Indonesia, UT is committed to presenting a sustainable future for Indonesia through the effective application of ESG principles by paying attention to the environment, having a good impact on society, and upholding good corporate governance. good corporate governance at all levels of its business operations, as well as optimizing its competencies, expertise, and strategic assets to bring added value to all stakeholders and the Indonesian people.
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For more information, please contact:
Sara K. Loebis Head of Corporate Governance and Sustainability Division PT United Tractors Tbk Email : ir@unitedtractors.com Address : Jl. Raya Bekasi Km.22 Cakung, Jakarta Timur 13910 Telp. : (62-21) 3511961, Fax : (62-21) 3441413 Medsos : IG (@unitedtractorsofficial & @ceritadi.ut) Website: www.unitedtractors.com |