Bakrie Tower,12th floor
Komplek Rasuna Epicentrum
Jl. H.R. Rasuna Said
Jakarta, INDONESIA 12940
Website: www.bumiresources.com
Company Information
BUMI ANNOUNCES AUDITED YTD SEPTEMBER 2024 RESULTS
ALL ROUND CHALLENGES LEADS TO 13% & 10% DROP IN COAL PRICE & REVENUE RESPECTIVELY, HOWEVER:
- TOTAL INCOME DOUBLES ON CONSOLIDATED BASIS
- NET ATTRIBUTABLE INCOME UP 111% TO $123 MILLION YOY
- DIRECT COSTS REDUCED BY 11% DUE 14% DROP IN STRIP RATIO YOY
- FY 24 VOLUME GUIDANCE 76MT - 78MT
- ANNUAL PUBLIC EXPOSE ON 11 DEC 24
Jakarta, 4 December 2024
PT Bumi Resources Tbk. ("BUMI" or "The Company") confirms that it has published its audited YTD Sep 24 Financials on 2 Dec 24 - these are posted on IDX and our web site.
PSAK 111 does not permit us to consolidate KPC (which is equity accounted), hence we are presenting both the PSAK 111 and consolidated figures for comparison and benefit for investors. Please refer to the summarized release below and the appendices.
The detailed audited financials with comprehensive notes are publicly available and already available on IDX and BUMI websites.
Attached for your information are:
- The Audited Income Statement for YTD Sep 24 PSAK 111 compliant (excludes KPC which is equity accounted) (Appendix 1).
- The Consolidated Income Statement YTD Sep 24, (including KPC ) is also given below for benefit of investors and compared with YTD Sep 23 (Appendix 2).
- Operating Metrics of BUMI on full basis are presented quarterwise and YTD Sep 24 compared with YTD 23 (Appendix 3).
Comments on PSAK111 Performance 9M-2024 vs 9M-2023
Gross Revenue | US$926.9 million vs US$1,174.7 million or a decrease by 21% |
Cost of Revenue | US$833.3 million vs US$1,095.8 million or a decrease by 24% |
Gross Margin | US$93.6 million vs US$78.9 million, an increase by 19% |
Operating Expenses | US$68.2 million vs US$62.0 million or an increase by 10% |
Operating Income | US$25.4 million vs US$16.9 million, an increase by 50% |
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Operating Margin | 2.7% vs 1.4% |
Income before Tax | US$88.2 million vs US$77.3 million |
an increase by US$10.9 million or up 14% | |
Profit For the Period | US$136.4 million vs US$68.5 million |
- Net | an increase by US$67.9 million or up 99% |
Profit for the Period | US$122.9 million vs US$58.3 million |
Attributable to Owners of | an increase by USD 64.6 million or up 111% |
The Parent Company | |
Comments on Consolidated Performance 9M-2024 vs 9M-2023
Revenue | USD 4,298.4 million vs USD 4,761.3 million or decreased by 10% |
Cost of Revenue | USD 3,866.9 million vs USD 4,322.5 million or decreased by 11% |
Gross Profit | USD 431.5 million vs USD 438.8 million or decreased by 2% |
Operating Expenses | USD 180.2 million vs USD 173.1 million or increased by 4% |
Operating Income | USD 251.3 million vs USD 265.7 million or decreased by 5% |
Operating Margin (% to revenue) | 5.8% vs 5.6% |
Income (Loss) Before Tax & Profit | decreased by 9% to USD 204.9 million compared with USD 225.6 million, a |
Sharing | negative swing of USD 20.7 million |
Income (Loss) For The Period | Increased by 35% to USD 199.4 million from USD 147.4 million, a positive swing |
of USD 52.0 million | |
Net Income (Loss) Attributable to | increased by 111% to USD 122.9 million compared with USD 58.3 million, a |
Owners of The Parent | positive swing of USD 64.6 million |
TAKEAWAYS FROM YTD SEP 24 FINANCIALS AND OPERATIONS
The geopolitical and economic factors have severely affected global markets and the sector.
Despite these challenges which led to coal prices dropping by 13% leading to a 10% revenue drop YTD Sep 24 YOY, however, there were some offsets we prioritized such as:
- Direct Costs (COGS) reduced by 11%
- Strip Ratio dropped by 14% leading to 12% lower overburden removed (500.9 bcm YTD Sep 24 vs 571.2 bcm YTD Sep 23), leading to a 2% & 3% increase in production and sales YTD Sep 24 YoY respectively.
- Total Income increased 35% to $ $199.4 million( vs $ 147.4 million YTD Sep 23).
- Net Attributable Income more than doubled by 111% to $122.9 million (vs $ 58 million in YTD Sep 23).
CURRENT FY 24 VIEW
Our current view is a Volume of 76MT -78MT of production and sales in FY 23 due to heavy rains in South Kalimantan, market factors, and Arutmin subdued production.
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EXCELLENCE IN ESG
ESG report YTD Sep 24 as an Appendix 4.
List of the awards this year to Bumi & KPC/Arutmin as follows:
- Indonesia CSR Award (ICA) and Indonesia Sustainable Development Award (ISDA) 2024. KPC earns 12 awards and Arutmin 3 awards.
- Tamasya Award 2024 for Arutmin from ESDM.
- Investortrust ESG Awards 2024 for BUMI.
- The 15th IICD Corporate Governance Conference and Awards 2024 for BUMI.
- Prasetya Ahimsa Awards for Arutmin from LHK.
- Subroto Awards for Arutmin from ESDM.
- Indonesia CSR Awards 2024 for BUMI.
- GMP Awards 2024 from ESDM. Arutmin earns 16 awards, KPC earns 3 awards,
- TOP GRC Awards 2024 for BUMI.
- Green Economy Awards 2024 from Detik.com for BUMI, KPC & Arutmin.
- Best Sustainability Report Awards for BUMI.
- Best Corporate Transparency & Emission Reduction 2024 for BUMI & KPC.
- TOP CSR Awards 2024 for BUMI & Arutmin.
- Corporate Social Responsibility (CSR) and Sustainable Village Development (GDP) 2024 for KPC & Arutmin.
-
Corporate Taxpayer with Largest Contribution to the Exchequer 2023 from the Regional Office of
Directorate General of Taxes of Special Jakarta ("Kanwil DJP") for BUMI.
Annual Public Expose 2024
This virtual hybrid event is planned for 11 December 24 and regulators informed.
The presentation will be posted on 6 Dec as per regulatory deadline.
We would be privileged if you could join but wish to advise pre-register for the event. We will shortly advise the link and joining details.
For further information, please contact:
Dileep Srivastava
Director & Corporate Secretary
PT Bumi Resources Tbk.
Tel | (62-21) 5794 2080 |
Fax | (62-21) 5794 2070 |
dileep@bumiresources.com | |
www.bumiresources.com |
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Appendix - 1
PSAK111 Income Statement 9M-2024 vs 9M-2023
30 Sept/Sept 30, 2024 | 30 Sept/Sept 30, 2023 | |||
Setelah PSAK111 | Setelah PSAK111 | |||
After PSAK111 | After PSAK111 | |||
PENDAPATAN | 926,881,924 | 1,174,724,674 | REVENUES | |
BEBAN POKOK PENDAPATAN | (833,276,545) | (1,095,797,903) | COST OF REVENUES | |
LABA BRUTO | 93,605,379 | 78,926,771 | GROSS PROFIT | |
BEBAN USAHA | (68,181,317) | (62,004,438) | OPERATING EXPENSES | |
LABA USAHA | 25,424,062 | 16,922,333 | OPERATING INCOME | |
(BEBAN) PENDAPATAN LAIN-LAIN - NETO | 62,802,983 | 60,405,867 | OTHER (EXPENSE) INCOME - NET | |
LABA SEBELUM BEBAN | INCOME BEFORE INCOME | |||
PAJAK PENGHASILAN | 88,227,045 | 77,328,200 | TAX EXPENSE | |
BEBAN PAJAK PENGHASILAN | 49,402,068 | (6,717,300) | INCOME TAX EXPENSE | |
LABA NETO SETELAH PAJAK | 137,629,113 | 70,610,900 | NET INCOME AFTER TAX | |
BAGI HASIL | (1,214,320) | (2,146,209) | PROFIT SHARING | |
LABA PERIODE BERJALAN - NETO | 136,414,793 | 68,464,691 | PROFIT FOR THE PERIOD - NET | |
Laba Periode Berjalan Yang Dapat | Profit for the Period | |||
Diatribusikan Kepada: | Attributable To: | |||
Pemilik Entitas Induk | 122,865,616 | 58,264,457 | Owners of the Parent Company | |
Kepentingan Non-Pengendali | 13,549,177 | 10,200,234 | Non-Controlling Interests | |
136,414,793 | 68,464,691 |
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Appendix - 2
Consolidated Income Statement 9M-2024 vs 9M-2023 - Including KPC & Arutmin
30 September / | 30 September / | |||
September 30, 2024 | September 30, 2023 | |||
Metode Konsolidasi/ | Metode Konsolidasi/ | |||
Consolidation Method | Consolidation Method | |||
PENDAPATAN | 4,298,441,609 | 4,761,287,918 | REVENUES | |
BEBAN POKOK PENDAPATAN | (3,866,933,588) | (4,322,500,029) | COST OF REVENUES | |
LABA BRUTO | 431,508,021 | 438,787,889 | GROSS PROFIT | |
BEBAN USAHA | (180,228,147) | (173,081,085) | OPERATING EXPENSES | |
LABA USAHA | 251,279,874 | 265,706,804 | OPERATING INCOME | |
(BEBAN) PENDAPATAN LAIN-LAIN - NETO | (46,342,789) | (40,108,310) | OTHER (EXPENSE) INCOME - NET | |
LABA SEBELUM BEBAN | INCOME BEFORE INCOME | |||
PAJAK PENGHASILAN | 204,937,085 | 225,598,494 | TAX EXPENSE | |
BEBAN PAJAK PENGHASILAN | 9,629,714 | (58,402,320) | INCOME TAX EXPENSE | |
LABA NETO SETELAH PAJAK | 214,566,799 | 167,196,174 | NET INCOME AFTER TAX | |
BAGI HASIL | (15,175,383) | (19,754,835) | PROFIT SHARING | |
LABA NETO | 199,391,416 | 147,441,339 | NET INCOME | |
Total Laba Tahun Berjalan Yang Dapat | Total Net Income For The Year | |||
Diatribusikan Kepada: | Attributable To: | |||
Pemilik Entitas Induk | 122,865,616 | 58,264,457 | Owners of the Parent Company | |
Kepentingan Non-Pengendali | 76,525,800 | 89,176,882 | Non-Controlling Interests | |
199,391,416 | 147,441,339 |
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Appendix - 3
Operational Summary (ON FULL BASIS) - 9M-2024 vs 9M-2023
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ESG Data - September 2024
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