Jakarta, 28th July 2023 – Today PT United Tractors Tbk (“the Company”) released its consolidated financial statements for the first half of 2023. The Company recorded net revenue of Rp68.7 trillion, increased by 14% compared to Rp60.4 trillion in the same period of 2022. In line with the increase in net revenue, the Company’s net profit was up by 8% to Rp11.2 trillion, from Rp10.4 trillion.
Overall, to the Company’s consolidated net revenue, the Mining Contracting segment contributed 35%, followed by 30% from Construction Machinery, 29% fromCoal Mining , 5% from Gold Mining, 1% from Construction Industry, and less than 1% from Energy.
Construction Machinery Segment
The Construction Machinery segment recorded an increase in Komatsu sales volume by 9% to 3,145 units from 2,873 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 Rp6.0 trillion.
Sales volume of Scania increased from 111 units to 449 units, while UD Trucks sales decreased from 258 units to 170 units due to limited supply availability from principal. In total, the Construction Machinery segment recorded net revenue of Rp20.3 trillion increased by 16% compared to the same period last year.
Mining Contracting Segment
The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (PAMA). As of June 2023, PAMA recorded net revenue of Rp24.3 trillion, up by 22% from Rp20.0 trillion. PAMA recorded an 18% increase in coal production from 50 million tons to 59 million tons in the same period last year and a 20% increase in overburden removal volume from 437 million bcm to 524 million bcm, with an average stripping ratio of 8.9x, increased from 8.7x.
Coal Mining Segment
The Company’s coal mining business segment is operated by PT Tuah Turangga Agung (TTA).
As of June 2023, TTA recorded total coal sales volume of 6.4 million tons, including 1.3 million tons of metallurgical coal from SMM, 11% increase compared to last year. Coal Mining segment recorded an 8% increase in net revenue to Rp20.1 trillion from Rp18.7 trillion.
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 June 2023, total sales volume of gold equivalent from Martabe was 110 thousand ounces, lower by 24% compared to 144 thousand ounces last year. The decline in gold sales this year is intended to allow the company to focus on long-term plans and improve the sustainability of the mine. Gold mining segment recorded net revenue of Rp3.2 trillion, decreased by 18% from Rp3.9 trillion.
Construction Industry Segment
The Construction Industry segment is represented by PT Acset Indonusa Tbk (ACSET). As of June 2023, Construction Industry reported net revenue of Rp798 billion, compared to Rp476 billion in the same period of 2022. ACSET recorded a lower net loss of Rp55 billion, compared with a net loss of Rp114 billion in the same period last year.
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. The Company’s energy business is conducted through its wholly owned subsidiary, PT Energia Prima Nusantara (EPN). In the first half of 2023, EPN had installed 7.0 MWp of Rooftop Solar PV. The overall installed Rooftop Solar PV is 12.4 MWp across UT and Astra group.
EPN is currently in the process of constructing a mini hydro power plant, PLTM Besai Kemu in Lampung, Sumatra. The capacity of PLTM Besai Kemu is 7 MW and is expected to operate by the end of 2023. In addition, EPN also targets several mini hydro projects in Sumatra area with total potential capacity of more than 20 MW.
In August 2022, the Company invested in PT Arkora Hydro Tbk (Arkora) with a 31.49% shareholding. Currently, Arkora operates two mini hydro power plants, PLTM Cikopo 2 in West Java with a capacity of 7.4 MW, and PLTM Tomasa in Central Sulawesi with a capacity of 10 MW. Arkora is currently developing another two mini hydro power plants, PLTM Koro Yaentu with a capacity of 10 MW and PLTM Kukusan 2 with a capacity of 5.4 MW, both are expected to start operation in 2024 and 2025. When the operation starts, Arkora will own power plants with a total capacity of 33 MW.
The Company plans to develop other types of renewable energy, such as solar PV, geothermal, 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.
Event Highlights
In June 2023, the Company through its wholly owned subsidiary PT Danusa Tambang Nusantara (DTN), entered into a subscription agreement to acquire a 19.99% stake in Nickel Industries Limited (NIC) with a total transaction value of A$943 million. The completion of this transaction is subject to the fulfillment of certain conditions, including approval by NIC shareholders under the Australian Securities Exchange Listing Rules.
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