United Tractors Recorded Net Income of Rp1.9 Trillion in the First Quarter of 2021

21 April 2021 – Jakarta

Today PT United Tractors Tbk (“the Company”) has released its consolidated financial statements for the first quarter of 2021. The Company recorded consolidated revenue of Rp17.9 trillion, down by 2% from Rp18.3 trillion in the same period of 2020. However, lower selling expenses combined with reduced finance cost and other expenses resulted an increase of the Company’s net profit by 2% to Rp1.9 trillion compared to Rp1.8 trillion in 2020.

Overall, to the Company’s consolidated net revenue, Mining Contracting segment contributed 39%, followed by 24% from Construction Machinery, 22% from Coal Mining, 13% from Gold Mining and 2% from Construction Industry.

Construction Machinery Segment
Construction Machinery segment recorded an increase in Komatsu sales volume by 12% to 688 units from 617 units in the same period last year, while revenue of spare parts and maintenance services decreased by 7% to Rp1.6 trillion. Based on internal market research, Komatsu maintained its position as market leader with 22% market share.
Sales volume of UD Trucks increased from 73 units to 129 units, as well as Scania products from 64 units to 126 units. In total, Construction Machinery segment recorded the same revenue with the first quarter of 2020 amounting to Rp4.3 trillion.

Mining Contracting Segment
The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (PAMA). As of March 2021, Mining Contracting recorded net revenue of Rp7.0 trillion, down by 15% from Rp8.2 trillion in the same period of 2020. PAMA recorded 4% decrease in coal production from 28.0 million tons to 26.9 million tons, and 10% decrease in overburden removal volume, from 212.7 million bcm to 191.0 million bcm.

Coal Mining Segment
The Company’s coal mine segment was operated by PT Tuah Turangga Agung (TTA). As of March 2021, TTA recorded total coal sales volume of 3.7 million tons including 849 thousand tons of coking coal, up by 17% compared to 6.5 million tons in the same period of 2020. In line with the increase in coal sales volume, Coal Mining segment recorded a 18% increase in revenue to Rp4.0 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 March 2021, the total sales volume of gold equivalent from Martabe was recorded at 95.3 thousand ounces, up by 1% compared to 94.8 thousand ounces last year. Gold Mining segment recorded net revenue of Rp2.2 trillion or increased by 15% from Rp2.0 trillion.

Construction Industry Segment
The Construction Industry segment was represented by PT Acset Indonusa Tbk (ACSET). As of March 2021, Construction Industry reported net revenue of Rp380 billion compared to Rp475 billion in the same period of 2020. ACSET recorded a net loss of Rp80 billion, mainly due to the slowdown of several ongoing projects and lower new awarded contracts 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 March 2021, the construction progress has reached 98%. BJP is a joint venture between a subsidiary of the Company, Sumitomo Corporation, and Kansai Electric Power Co. Inc.

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