JAKARTA – PT Indo Tambangraya Megah Tbk (ITMG), a coal mining company, reported a slight decline in net revenue of 2.9% year-on-year (yoy) in 2024, from USD 2.4 billion to USD 2.3 billion.

According to its 2024 Financial Report, the revenue drop was seen in its coal sales segment, which fell 3.4% yoy to USD 2.3 billion, and in its mining services segment, which plunged 11.7% yoy to USD 5.3 million.

However, a new source of revenue emerged from coal swap transactions, reaching USD 10.4 million at the end of 2024.

With a cost of revenue rising by only 1.6%, ITMG’s gross profit was only slightly corrected by 5.9% yoy, landing at USD 698.8 million by the end of 2024. This caused the gross profit margin to shrink slightly from 31.3% to 30.3%.

However, an 88.1% yoy surge in selling expenses, reaching USD 178.3 million, placed significant pressure on ITMG’s profit for the year and net profit attributable to the parent entity at the end of December 2024.

By the end of 2024, ITMG’s net profit attributable to its owners dropped by 25.2% yoy, from USD 500.3 million to USD 374.1 million. It brought its net profit margin plummeting from 21.1% to 16.2%. (ZH)