Jakarta, October 31st, 2022 – Today PT United Tractors Tbk (“the Company”) released its consolidated financial statements until the third quarter of 2022. As of 30 September 2022, the Company recorded net revenue of Rp91.5 trillion, increased by 58% compared to Rp57.9 trillion in the same period of 2021. In line with the increase in net revenue, the Company’s net profit was up by 103% to Rp15.9 trillion, from Rp7.8 trillion.
Overall, to the Company’s consolidated net revenue, the Construction Machinery segment contributed 30%, followed by 36% from Mining Contracting, 27% from Coal Mining, 6% from Gold Mining and 1% from Construction Industry.
Construction Machinery Segment
The Construction Machinery segment recorded an increase in Komatsu sales volume by 107% to 4,534 units from 2,194 units. Based on internal market research, Komatsu leads the market with a 28% market share. Revenue from spare parts and maintenance services also increased by 35% to Rp7.5 trillion.
Due to issues of limited supply, the sales volume of UD Trucks decreased from 340 units to 331 units, and Scania products decreased from 471 units to 152 units. In total, the Construction Machinery segment recorded net revenue of Rp27.4 trillion, or increased by 74% compared to last year.
Mining Contracting Segment
The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (PAMA). As of September 2022, PAMA recorded net revenue of Rp33.2 trillion, up by 37% from Rp24.2 trillion. PAMA recorded a 5% decrease in coal production from 88 million tons to 83 million tons and a 10% higher inover burden removal volume from 630 million bcm to 691 million bcm, with an average strip ratio of 8.3x increased from 7.2x.
Coal Mining Segment
The Company’s coal mining business segment is operated by PT Tuah Turangga Agung (TTA). TTA operates two thermal coal mines: PT Asmin Bara Bronang (ABB) and PT Telen Orbit Prima (TOP), as well as one metallurgical coal mine: PT Suprabari Mapanindo Mineral (SMM).
As of September 2022, TTA recorded total coal sales volume of 7.8 million tons, including 1.6 million tons of metallurgical coal from SMM, or slightly increased compared to 7.7 million tons year on year, Coal Mining segment recorded a 138% increase in net revenue to Rp24.4 trillion due to higher average coal selling price.
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 September 2022, total sales volume of gold equivalent from Martabe was 216 thousand ounces, lower by 16% compared to 258 thousand ounces last year, due to lower grade extraction. Gold mining segment recorded net revenue of Rp5.8 trillion, decreased by 11% from Rp6.5 trillion. The average selling price for gold was USD1,826 per ounce, increased by 4% compared to USD1,750 per ounce in the same period of 2021.
Construction Industry Segment
The Construction Industry segment is represented by PT Acset Indonusa Tbk (ACSET). As of September 2022, Construction Industry reported net revenue of Rp729 billion, compared to Rp1.1 trillionin 2021. ACSET recorded a net loss of Rp227 billion, decreased compared to net loss in the same period last year of Rp386 billion. The net loss was mainly due to the slowdown of several ongoing projects and reduced new construction project opportunities.
Energy Segment
In line with the Company’s business development strategy in environmentally friendly energy sector, the Company has determined renewable energy business as one of its transition strategies. To accelerate the development of renewable energy, by the end of 2021 all energy businesses in the group have been consolidated through PT Energia Prima Nusantara (EPN). Until September 2022, EPN has installed 5.2 MWp Rooftop Solar PV and 837 kWp in installation progress.
In August 2022, the Company through its subsidiary invested in PT Arkora Hydro Tbk (Arkora) with a 31.49% shareholding. Arkora is a public company focusing on power plants using New and Renewable Energy. Currently, Arkora operates two Mini Hydro Power Plants, i.e. PLTM Cikopo 2 located in West Java with the capacity of 7.4 MW, and PLTM Tomasa located in South Sulawesi with the capacity of 10 MW. On top of those, Arkora has two PLTM projects under construction stage, i.e. PLTM Koro Yaentu with a capacity of 10 MW and PLTM Kukusan 2 with a capacity of 5.4 MW, both are expected to operate in 2023 and 2024. When the operation starts, Arkora will own power plants with a total capacity of 32.8 MW.
The Company currently operates one mini hydro power plant namely PLTM Kalipelus 0.5 MW in Central Java and in the process of constructing another mini hydro power plant, PLTM Besai Kemu in Lampung, Sumatra. The capacity of PLTM Besai Kemu is 7 MW and is expected to operate in 2023. In addition, the Company also targets several mini hydro projects in Sumatra area with total potential of more than 20 MW.
The Company plans to develop other types of renewable energy, such as hydropower, solar PV, geothermal, wind power, 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.
On 12 July 2022, the Company submitted a disclosure of information regarding Share Buyback with a maximum amount of Rp5.0 trillion. On 11 October 2022, the Company announced the extension of its buyback period for another three months.
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 |