JAKARTA - Net profit attributable to the parent entity of PT Indika Energy Tbk (INDY) fell 91.57% in 2024 from 2023 as revenue decreased by 19.16%.

In the 2024 Financial Report quoted on Friday (28/3), M Arsjad Rasjid, President Director of INDY said that the company posted revenue of US$2.44 billion, corrected from US$3.02 billion. The largest contributor to revenue was the Contracts and Services segment at US$296.51 billion, up 7.94% from US$274.69 billion, followed by Coal Sales in domestic and exports at US$2.05 billion, down 22.61% from US$2.65 billion, and Others at US$96.45 million, down 2.57% from US$98.99 million.

Referring to Indika Group's operating segments, Energy Sources contributed US$2.05 billion in revenue, down 22.87% from US$2.66 billion; Energy Services US$238.10 million, up 8.18% from US$220.53 million; Logistics and Infrastructure US$38.81 million, stable from US$38.89 million; Green Business US$37.98 million, up 241.95% from US$11.10 million; Digital Ventures US$14.62 million, up 73.79% from US$8.41 million; Minerals US$6.70 million, up 10% from US$6.09 million; and Others US$56.75 million, down 28.66% from US$79.55 million.

Gross profit fell 39.54% to US$332.69 million from US$551.97 million and gross profit margin was 13.59%, down from the previous gross profit margin of 18.23%. Profit before tax fell 64.39% to US$84.88% from US$238.43 million and net profit for the year fell 78.93% to US$31.81 million from US$151.04 million.

Previously, Retina Rosabai, Director of INDY said that the average selling price of coal fell in the third quarter of 2024 compared to the same period in 2023, which 77% of the company's revenue from the coal sector. (LK/LM\)