27 April 2022 – Jakarta
Today PT United Tractors Tbk (“the Company”) released its consolidated financial statements for the first quarter 2022. As of 31 March 2022, the Company recorded net revenue of Rp28.0 trillion, increased by 56% compared to Rp17.9 trillion in the same period of 2021. In line with the increase in net revenue, the Company’s net profit was up by 131% to Rp4.3 trillion, from Rp1.9 trillion.
Overall, to the Company’s consolidated net revenue, Construction Machinery segment contributed 35%, followed by 30% from Mining Contracting, 27% from Coal Mining, 7% from Gold Mining and 1% from Construction Industry.
Construction Machinery Segment
Construction Machinery segment recorded an increase in Komatsu sales volume by 146% to 1,694 units from 688 units. Based on internal market research, Komatsu leads the market with 29% market share. Revenue of spare parts and maintenance services also increased by 49% to Rp2.4 trillion.
Sales volume of UD Trucks decreased from 129 units to 127 units, and Scania products decreased from 126 units to 62 units, both due to limited supply issues. In total, Construction Machinery segment recorded net revenue of Rp9.7 trillion or increased by 122% 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 2022, PAMA recorded net revenue of Rp8.5 trillion, up by 22% from Rp7.0 trillion. PAMA recorded 12% decrease in coal production from 27 million tons to 24 million tons and 9% higher of overburden removal volume from 190 million bcm to 207 million bcm.
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 2022, TTA recorded total coal sales volume of 2.9 million tons, decreased by 21% compared to 3.7 million tons year on year, due to temporary coal export restriction that occurred in January 2022. The coal sales volume consisted of 611 thousand tons of metallurgical coal from SMM, 2.1 million tons from ABB and TOP, and 209 thousand tons from coal trading business. Despite the lower sales volume, Coal Mining segment recorded a 92% increase in net revenue to 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 2022, total sales volume of gold equivalent from Martabe was 74 thousand ounces, lower by 22% compared to 95 thousand ounces last year, due to lower grade extraction. Gold mining segment recorded net revenue of Rp2.0 trillion, decreased by 11% from Rp2.2 trillion. The average selling price for gold was USD1,871 per ounce, increased by 13% compared to USD1,659 per ounce in the same period of 2021.
Construction Industry Segment
The Construction Industry segment is represented by PT Acset Indonusa Tbk (ACSET). As of March 2022, Construction Industry reported net revenue of Rp274 billion, compared to Rp380 billion in 2021. ACSET recorded a net loss of Rp25 billion, decreased compared to net loss in the same period last year of Rp80 billion. The net loss was mainly due to the slowdown of several ongoing projects and reduced new construction project opportunities during the pandemic.
In line with the Company’s business development strategy in environmentally friendly 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 2022, EPN has installed 4.7 MWp Rooftop Solar PV in the Company’s and Astra’s group facilities. This year, the Company targets an addition of 15 MWp new Rooftop Solar PV installations and more in the following years.
The Company currently operates one mini hydro power plant namely PLTMH Kalipelus 0.5 MW in Central Java and in the process of constructing another mini hydro power plant, PLTMH Besai Kemu in Lampung, Sumatra. The capacity of PLTMH 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.
At the same time, the Company actively conducts studies and reviews of other types of renewable energy, such as large-scale hydropower, floating 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.