JAKARTA – PT Buma Internasional Grup Tbk (DOID), a mining contractor issuer, recorded a net loss of USD 61.2 million in 2024 due to various operational challenges and a weakening exchange rate.

According to the 2024 Financial Report, DOID posted a moderate revenue decline, down just 4% year-on-year (yoy) to USD 1.8 billion by the end of December.

However, the cost of revenue increased by 1%, causing gross profit to contract by 38% to USD 153 million.

Additionally, as cited in the company’s Public Exposure document, DOID’s EBITDA also plunged 24% to USD 314 million. "This was due to a drop in production and ramp-down costs at the Lati & Binungan sites," the management added.

Operationally, DOID’s overburden removal decreased by 12% to 545 MBCM due to bad weather and the aforementioned ramp-down. On the other hand, coal production managed to grow slightly by 5% to 90 million tonnes.

According to Iwan Fuad Salim, DOID’s Director, during a meeting in Jakarta on Monday (24/3), the 38% and 53% increase in rainfall in Indonesia and Australia respectively pressured the company’s operational performance in 2024.

Ultimately, DOID recorded a net loss of USD 61.3 million in 2024, a 270% drop from the net profit of USD 36 million recorded the previous year.

“This was caused by a USD 19 million currency exchange loss due to the weakening of the IDR and AUD, and financing costs to support growth, without impacting cash,” the management explained.

For 2025, the company plans to wrap up the acquisition of 51% of Dawson Complex, a metallurgical coal mine in Australia, which is expected to be completed in the second quarter of this year and begin contributing to the group’s consolidated revenue. (ZH)