27th February 2024 – Jakarta
Today PT United Tractors Tbk (“the Company”) released its consolidated financial statements for the fourth quarter of 2024. The Company recorded net revenue of Rp134.4 trillion, increased by 5% compared to Rp128.6 trillion in the same period of 2023. The revenue was
mainly derived from:
– Rp58.0 trillion in Mining Contracting, 8% higher than 2023
– Rp37.3 trillion in Construction Machinery, 2% higher than 2023
– Rp26.0 trillion in Thermal and Metallurgical Coal Mining, 15% lower than 2023 due to lower average coal price
– Rp9.9 trillion in Gold and Other Mineral Mining, 90% higher. In the fourth quarter of 2023, the Group entered nickel business and was in the process of developing the asset.
In 2024, the Company’s net profit was down by 5% from Rp20.6 trillion to Rp19.5 trillion due to lower gross profit mainly from thermal and metallurgical coal mining business and increased
interest expense.
Construction Machinery Segment
The Construction Machinery segment recorded a decrease in Komatsu sales volume by 16% to 4,420 units due to lower sales from mining, construction, and forestry sectors. Based on internal market research, Komatsu’s market share was 26%. Komatsu maintains its position as market leader in the mining sector.Sales volume of Scania mainly from trucks decreased from 715 units to 436 units and UD Trucks sales decreased from 272 units to 234 units primarily due to lower demand in mining sector. Revenue from spare parts and maintenance services slightly increased by 1% to Rp11.6 trillion. In total, the Construction Machinery segment recorded 2% increased net revenue of Rp37.3 trillion mainly due to product mix and higher revenue from spare parts and services.
Mining Contracting Segment
The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (PAMA) and its subsidiary PT Kalimantan Prima Persada (KPP Mining). PAMA and KPP Mining (PAMA Group) provide mining services to mine concession owners, by assisting them with coal and other mineral production and overburden removal. Until the fourth quarter of 2024, PAMA Group recorded increased overburden removal by 5% to 1,217 million bcm and increased coal production for its clients by 15% to 148 million tons, with an average stripping ratio of 8.2x.
Thermal and Metallurgical Coal Mining Segment
The Company’s thermal and metallurgical coal mining business segment is operated by PT Tuah Turangga Agung (Turangga Resources). In 2024, Turangga Resources’ coal mine reported coal sales volume of 10.2 million tons, including 3.2 million tons of metallurgical coal. Total coal sales volume including third party coal was 13.1 million tons, 11% higher compared to last year. Coal Mining segment recorded a 15% decrease in net revenue to Rp26.0 trillion due to the decline in the average selling price of coal.
Thermal and Metallurgical Coal Mining Segment
The Company’s thermal and metallurgical coal mining business segment is operated by PT Tuah Turangga Agung (Turangga Resources). In 2024, Turangga Resources’ coal mine reported coal sales volume of 10.2 million tons, including 3.2 million tons of metallurgical coal. Total coal sales volume including third party coal was 13.1 million tons, 11% higher compared to last year. Coal Mining segment recorded a 15% decrease in net revenue to Rp26.0 trillion due to the decline in the average selling price of coal.
Gold and Other Mineral Mining Segment
The Gold and Other Mineral Mining segment recorded 90% higher revenue to Rp9.9 trillion, mainly due to increased average gold selling price.
Gold Mining
The Company’s gold mining business operated by PT Agincourt Resources (PTAR) and PT Sumbawa Jutaraya (SJR) reported total gold sales equivalent of 232 thousand ounces, 32% higher year on year. PTAR operates Martabe gold mine located in South Tapanuli, North Sumatra. Martabe reported 230 thousand ounces of gold sales equivalent, 31% higher than last year. SJR operates a gold mine concession in Sumbawa Island, West Nusa Tenggara. SJR reported 1.8 thousand ounces of gold sales equivalent as it has just started gold sales by the fourth quarter of 2024.
Nickel Business
PT Stargate Pasific Resources (SPR) operates nickel mine which is located in Southeast Sulawesi. SPR reported 1,975 thousand wet metric tonnes (wmt) of nickel ore sales in 2024, comprising 1,282 thousand wmt of limonite and 693 thousand wmt of saprolite. 19.99%-owned Nickel Industries Limited (NIC) is an integrated nickel mining and processing company with major assets located in Indonesia. The Company recognised equity income from NIC for the 12-months period from the last quarter 2023 up to the first nine months of 2024. NIC’s RKEF operations reported 34.4 thousand tonnes of nickel metal sold in the last quarter of 2023 and 96.3 thousand tonnes in the nine months of 2024.
For further information, please contact the following:
Corporate Secretary : Sara Loebis
Email : ir@unitedtractors.com
Address : Jl. Raya Bekasi Km.22 Cakung, Jakarta Timur 13910
Phone : (62-21) 24579999, Fax: (62-21) 4600655