United Tractors Recorded Net Income of Rp4.5 Trillion in the First Half of 2021

“The increased activities across markets of heavy equipment as well as higher commodity price have resulted in improved Company’s performance during first half 2021. Despite the continuing presence of Covid-19 pandemic challenges, the Company expects that the commodity price trend will remain positive until end of this year. UT management is fairly optimistic that the full year target will be achieved as planned.”

Frans Kesuma
President Director

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29 July 2021 – Jakarta

Today PT United Tractors Tbk (“the Company”) has released its consolidated financial statements for the first half of 2021. The Company recorded consolidated revenue of Rp37.3 trillion, increased by 12% from Rp33.2 trillion in the same period of 2020. In line with the increase in net revenue, the Company’s net profit was up by 11% to Rp4.5 trillion compared to Rp4.1 trillion in 2020.

Overall, to the Company’s consolidated net revenue, Mining Contracting segment contributed 41%, followed by 25% from Construction Machinery, 20% from Coal Mining, 12% from Gold Mining and 2% from Construction Industry.

*Profit after tax attributable to owners of the parent

Construction Machinery Segment
Construction Machinery segment recorded an increase in Komatsu sales volume by 60% to 1,361 units from 853 units in the same period last year. Revenue of spare parts and maintenance services also increased by 8% to Rp3.6 trillion. Based on internal market research, Komatsu market share is 22%.

Sales volume of UD Trucks increased from 94 units to 289 units, as well as Scania products from 100 units to 346 units. In total, Construction Machinery segment recorded an increase in revenue by 29% to Rp9.4 trillion compared to Rp7.3 trillion in the same period of 2020.

Mining Contracting Segment
The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (PAMA). As of June 2021, Mining Contracting recorded net revenue of Rp15.4 trillion, up by 3% from Rp15.1 trillion in the same period of 2020. PAMA recorded 3% increase in coal production volume from 56.0 million tons to 57.6 million tons, while overburden removal volume decreased by 3% from 421.0 million bcm to 409.1 million bcm.

Coal Mining Segment
The Company’s coal mine segment was operated by PT Tuah Turangga Agung (TTA). As of June 2021, TTA recorded total coal sales volume of 6.3 million tons including 1.4 million tons of metallurgical coal, up by 12% compared to 5.6 million tons in the same period of 2020. In line with the increase in sales volume and average selling price, Coal Mining segment recorded a 23% increase in net revenue to Rp7.5 trillion.

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 June 2021, the total sales volume of gold equivalent from Martabe was recorded at 176 thousand ounces, down by 5% compared to 186 thousand ounces in the same period of 2020. However, net revenue was up 7% from Rp4.0 trillion to Rp4.3 trillion due to increase in the average selling price for gold.

Construction Industry Segment
The Construction Industry segment was represented by PT Acset Indonusa Tbk (ACSET). As of June 2021, Construction Industry reported net revenue of Rp636 billion compared to Rp746 billion in the same period of 2020. ACSET recorded a net loss of Rp153 billion, mainly due to COVID-19 situation that impacted to ongoing projects and reduced project opportunities.

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 June 2021, the construction progress has reached 99%. BJP is a joint venture between a subsidiary of the Company, Sumitomo Corporation, and Kansai Electric Power Co. Inc.

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