Bukit Asam Posts Strong Revenue Growth in 2024, Profit Declines on Lower Coal Prices
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JAKARTA, investortrust.id – Indonesia’s state-affiliated coal producer PT Bukit Asam Tbk, a member of the Mining Industry Indonesia holding company, has reported a significant increase in revenue for 2024, reaching Rp 42.76 trillion, equivalent to approximately $2.61 billion. The growth was propelled by a sharp rise in coal sales volume, which hit a record high of 42.9 million tons, up 16 percent from the previous year.
The company, also known by its ticker symbol PTBA, attributed the surge in sales to both expanding domestic demand and a substantial boost in exports. In 2024, coal exports climbed 30 percent to 20.3 million tons, while domestic sales made up the remaining share. Overall, exports contributed 47 percent to total revenue, with domestic sales accounting for 53 percent.
Despite this strong top-line growth, PTBA saw a decline in profit as lower average selling prices and higher cost of revenue weighed on its margins. Net profit attributable to the parent entity slipped from Rp 5.10 trillion in 2023 to Rp 5.48 trillion in 2024. Earnings per share also fell to Rp 444, down from Rp 532 the previous year.
Gross profit declined to Rp 8.20 trillion from Rp 9.15 trillion, while operating profit dropped to Rp 5.65 trillion from Rp 7.20 trillion. The company cited softer coal prices throughout 2024 and elevated operational costs as key reasons behind the profit contraction.
Coal production also reached a new milestone in 2024, increasing to 43.3 million tons from 38.2 million tons the previous year. Transportation and logistics operations matched this pace, marking a new all-time high for PTBA.
“Our total sales volume of 42.9 million tons was underpinned by a 30 percent increase in exports,” said PTBA Corporate Secretary Niko Chandra. “While domestic demand remains the largest contributor to our sales, the share of exports is growing significantly and now represents nearly half of total revenue.”
Among PTBA’s key export destinations, India remained the largest buyer with 6.4 million tons. However, other Southeast Asian markets showed robust growth. Sales to Vietnam jumped 250 percent to 3 million tons, sales to Thailand rose 153 percent to 1.6 million tons, and shipments to Malaysia surged 221 percent to 888,700 tons.
The company also continued advancing its sustainability agenda by operating low-emission mining equipment and improving ESG performance. In 2024, PTBA was recognized with two PROPER Gold awards, the highest accolade from Indonesia’s Ministry of Environment and Forestry for environmental and social innovation.