Monday, October 26, 2020


PT United Tractors Tbk (“the Company”) today released its consolidated financial statements until the third quarter of 2020. The COVID-19 pandemic and weakening coal price have severely impacted the Company’s overall performance. As of September 2020, the Company recorded consolidated revenue of Rp46.5 trillion, down 29% from Rp65.6 trillion in the same period last year. In line with the decrease in revenue, the Company’s net profit was down 38% to Rp5.3 trillion compared to Rp8.6 trillion.


Overall, 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.


Construction Machinery Segment

Construction Machinery segment recorded a decrease in Komatsu sales volume by 54% to 1,191 units from 2,568 units in the same period of 2019. The decline in commodity prices and activity in all sectors delivered severe impacts to heavy equipment demand. Along with the decline in heavy equipment sales, revenue of spare parts and maintenance services decreased by 31% to Rp4.7 trillion. Based on internal market research, Komatsu maintained its position as market leader with 31% market share.


Sales volume of UD Trucks was down from 387 units to 154 units, as well as Scania products from 382 units to 129 units. In total, Construction Machinery segment recorded a decrease in revenue by 43% from Rp18.2 trillion to Rp10.3 trillion.


Mining Contracting Segment

The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (PAMA). As of September 2020, Mining Contracting recorded net revenue of Rp22.1 trillion, down by 26% from Rp30.0 trillion in the same period of 2019. PAMA recorded 12% decrease in coal production from 96.5 million tons to 85.3 million tons, and 16% decrease in overburden removal volume, from 749.8 million bcm to 630.8 million bcm.


Coal Mining Segment

The Company’s coal mine segment was operated by PT Tuah Turangga Agung (TTA). As of September 2020, TTA recorded total coal sales volume of 7.1 million tons including 1.2 million tons of coking coal, or increased 11% compared to 6.5 million tons. Despite the increased volume, Coal Mining revenue was decreased by 11% to Rp7.5 trillion due to lower average coal selling price.


Gold Mining Segment

The Company’s gold mine segment was operated by PT Agincourt Resources (PTAR). PT Agincourt Resources operates Martabe gold mine located in South Tapanuli, North Sumatra. Until September 2020, the total sales volume of gold equivalent from Martabe was recorded at 256 thousand ounces, down 16% compared to 306 thousand ounces last year. Gold Mining segment recorded net revenue of Rp5.5 trillion or down 6% from Rp5.9 trillion. The average realized selling price for gold was USD1,482 per ounce, compared to USD1,354 per ounce in the same period last year.


Construction Industry Segment

The Construction Industry segment was represented by PT Acset Indonusa Tbk (ACSET). As of September 2020, Construction Industry reported net revenue of Rp958 billion compared to Rp3.1 trillion in the same period of 2019.

ACSET recorded a net loss of Rp753 billion, mainly due to the slowdown of several ongoing projects and reduced new project opportunities due to COVID-19 pandemic.


Energy Segment

PT Bhumi Jati Power (BJP) whose 25% shares are owned by the Company is currently in the construction process of 2×1,000 MW thermal power plant in Jepara, Central Java. Until September 2020, the construction progress has reached 95% and is scheduled to start commercial operation in 2021. BJP is a joint venture between a subsidiary of the Company, Sumitomo Corporation, and Kansai Electric Power Co. Inc.