30th October 2024 – Jakarta
Today PT United Tractors Tbk (“the Company”) released its consolidated financial statements for the third quarter of 2024. The Company recorded net revenue of Rp99.6 trillion, increased by 2% compared to Rp97.6 trillion in the same period of 2023, mainly due to higher contribution from Mining Contracting and Gold & Other Mineral Mining segment, which more than offset of the decreased contribution from Construction Machinery and Coal Mining segment. In the first nine months of 2024, the Company’s net profit was up by 2% from Rp15.3 trillion to Rp15.6 trillion.
Construction Machinery Segment
The Construction Machinery segment recorded a decrease in Komatsu sales volume by 24% to 3,321 units from 4,365 units which was caused by declining demand from mining, construction, and forestry sectors. Based on internal market research, Komatsu leads the market with a 27% market share. Revenue from spare parts and maintenance services decreased by 6% to Rp8.4 trillion.
Sales volume of Scania mainly from trucks decreased from 605 units to 298 units and UD Trucks sales decreased from 249 units to 156 units primarily due to lower demand in mining sector. In total, the Construction Machinery segment recorded net revenue of Rp26.5 trillion decreased by 8% compared to the same period last year.
Mining Contracting Segment
The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (PAMA) and its subsidiary PT Kalimantan Prima Persada (KPP). PAMA and KPP (PAMA Group) provide mining services to mine concession owners, by assisting them with coal and other mineral production and overburden removal.
Until September 2024, PAMA Group recorded revenue of Rp43.6 trillion, up by 11% from Rp39.1 trillion. PAMA Group recorded increased overburden removal by 9% to 921 million bcm and increased coal production for its clients by 17% to 111 million tons, with an average stripping ratio of 8.3x.
Coal Mining Segment
The Company’s coal mining business segment is operated by PT Tuah Turangga Agung (TTA).
Until September 2024, TTA’s coal mine reported coal sales volume of 8.1 million tons, including 2.4 million tons of metallurgical coal. Total coal sales volume including third party coal was 10.2 million tons, 19% higher compared to the same period last year. Coal Mining segment recorded a 14% decrease in net revenue to Rp20.6 trillion from Rp24.0 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 57% higher revenue to Rp6.7 trillion, mainly due to increased average gold selling price by 21% (from US$1,933 per ounce to US$2,330 per ounce).
Gold Mining
The Company’s gold mining business is operated by PT Agincourt Resources (PTAR) and PT Sumbawa Jutaraya (SJR).
PTAR operates Martabe gold mine which is located in North Sumatra. Until September 2024, gold sales equivalent was 165 thousand ounces, 12% increased compared to last year.
SJR operates gold mine concession in Sumbawa Island, West Nusa Tenggara which has started production by the second quarter of 2024 and is expected to record gold sales starting in the fourth quarter of 2024.
Nickel Business
The Company’s nickel mining business comprises majority-owned PT Stargate Pasific Resources (SPR), which was newly acquired in December 2023, and 19.99%-owned Nickel Industries Limited (NIC), which was acquired in September 2023.
SPR operates nickel mine which is located in North Konawe, Southeast Sulawesi. SPR reported 1,369,000 wet metric tons (wmt) of nickel ore sales until the third quarter of 2024, comprising 599,000 wmt of saprolite and 770,000 wmt of limonite.
NIC is an integrated nickel mining and processing company with major assets located in Indonesia. NIC’s RKEF operations reported 34,427 tons of nickel metal sold in the last quarter of 2023 and 65,032 tons of nickel metal sold in the first half of 2024. For further detail information about NIC, please visit its website: www.nickelindustries.com/
Construction Industry Segment
The Construction Industry segment is represented by PT Acset Indonusa Tbk (ACSET). Until September 2024, ACSET reported net revenue of Rp2.1 trillion, compared to Rp1.5 trillion in the same period of 2023. ACSET reported an increased net loss of Rp286 billion, compared with net loss of Rp151 billion in the same period last year
Energy Segment
The Company’s energy business is conducted through its wholly owned subsidiary, PT Energia Prima Nusantara (EPN). Until September 2024, EPN completed the installation of 2.4 megawatt peak (MWp) rooftop solar photovoltaic (PV), bringing the cumulative installed Rooftop Solar PV from 2018 to 17.5 MWp.
EPN is currently operating two run-of-river hydro power plants, PLTM Kalipelus with the capacity of 0.5 MW and PLTM Besai Kemu in Lampung, Sumatra with the capacity of 7 MW which began commercial operation in January 2024.
31.49%-owned PT Arkora Hydro Tbk (Arkora) operates two run-of-river hydro power plants with a total capacity of 17.4 MW and another two run-of-river hydro power plants under construction with a total capacity of 15.4 MW, scheduled to start commercial operations in 2024 and 2025, respectively.
32.7%-direct and indirect owned PT Supreme Energy Rantau Dedap (SERD) has an operating geothermal project in South Sumatra with an installed capacity of 91.2 MW.
For further information, please contact the following:
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Corporate Secretary |
: Sara Loebis |
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Address |
: Jl. Raya Bekasi Km.22 Cakung, Jakarta Timur 13910 |
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Phone |
: (62-21) 24579999, Fax: (62-21) 4600655 |