27 February 2023 – Jakarta
Today PT United Tractors Tbk (“the Company”) released its consolidated financial statements for the full year 2022. As of 31 December 2022, the Company recorded net revenue of Rp123.6 trillion, increased by 56% compared to Rp79.5 trillion in 2021. In line with the increase in net revenue, the Company’s net profit was up by 104% to Rp21.0 trillion, from Rp10.3 trillion.
Overall, to the Company’s consolidated net revenue, the Mining Contracting segment contributed 38%, followed by 30% from Construction Machinery, 25% from Coal Mining, 6% 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 86% to 5,753 units from 3,088 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 33% to Rp10.4 trillion.
Sales volume of UD Trucks increased from 375 units to 429 units, while Scania products decreased from 545 units to 233 units due to limited supply availability. In total, the Construction Machinery segment recorded net revenue of Rp36.5 trillion increased by 60% compared to last year.
Mining Contracting Segment
The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (PAMA). As of December 2022, PAMA recorded net revenue of Rp47.4 trillion, up by 43% from Rp33.2 trillion. PAMA recorded coal production amounting to 116 million tons, relatively the same as last year and a 12% increase in overburden removal volume from 852 million bcm to 954 million bcm, with an average strip ratio of 8.2x, increased from 7.3x.
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 December 2022, TTA recorded total coal sales volume of 9.9 million tons, increased by 10% from 9.0 million tons last year, including 2.4 million tons of metallurgical coal from SMM. Coal Mining segment recorded 127% increase in net revenue to Rp31.1 trillion from Rp13.7 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 December 2022, total sales volume of gold equivalent from Martabe was 286 thousand ounces, lower by 13% compared to 330 thousand ounces last year, due to lower grade extraction. Gold mining segment recorded net revenue of Rp7.7 trillion, decreased by 8% from Rp8.3 trillion. The average selling price for gold was US$1,802 per ounce, increased by 2% compared to US$1,760 per ounce in 2021.
Construction Industry Segment
The Construction Industry segment is represented by PT Acset Indonusa Tbk (ACSET). As of December 2022, Construction Industry reported net revenue of Rp949 billion, compared to Rp1.5 trillion in 2021. ACSET recorded a net loss of Rp449 billion, improved compared to the net loss last year at Rp696 billion. The net loss was mainly due to the slowdown of several ongoing projects.
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. 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 December 2022, EPN has installed 6.2 MWp Rooftop Solar PV across UT and Astra group.
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.
In August 2022, the Company through its subsidiary invested in PT Arkora Hydro Tbk (Arkora) with a 31.49% shareholding. 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 Central 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 2025. When the operation starts, Arkora will own power plants with a total capacity of 32.8 MW.
The Company plans to develop other types of renewable energy, such as 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.
Event Highlights
On 3 December 2022, the Company through its subsidiary, PT Danusa Tambang Nusantara (Danusa) signed a Conditional Shares Sale and Purchase Agreement (CSPA) to acquire 90% of the shares of PT Stargate Pacific Resources (SPR) and 90% of the shares of PT Stargate Mineral Asia (SMA). SPR is a company that holds mining business license for nickel production operation in North Konawe, Southeast Sulawesi, which has low – high grade nickel reserves; while SMA is a company that holds license to develop and operate nickel processing facility (smelter). This corporate action was part of the Company’s strategy to diversify and expand the business portfolio into nickel commodities.
On 12 January 2023, the Company submitted a disclosure information regarding the result of the buyback of shares issued by UT. During the buyback period (from 12 July 2022 until 11 January 2023), the Company has repurchased 98,326,000 shares or equal to Rp3.2 trillion.
A Final Dividend of Rp6,185 per share (2021: Rp905 per share) will be proposed at the Annual General Meeting of Shareholders of the Company to be held in April 2023. The proposed Final Dividend, together with the Interim Dividend of Rp818 per share (2021: Rp335 per share) distributed in October 2022, will bring the total dividend for 2022 to Rp7,003 per share (2021: Rp1,240 per share).
The enhanced Final Dividend is proposed on the basis of strong profitability supported by unprecedented high coal prices and solid operational performance. The Company remains confident in its fundamental operating strength and strong balance sheet, which enables it to continue deploying capital in Indonesia and to accelerate its transition strategy towards increasing its non-coal revenue, as well as return some excess capital to shareholders.
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 |