JAKARTA. PT MNC Energy Investment Tbk (IATA) recorded growth of over 100% both in revenue and net profit throughout January-November 2022. Its revenue increased 130.2% year-on-year (yoy), while its net profit soared 100.1%.

Natassha Yunita, Head of Investor Relations of IATA, said that the profit and revenue increases resulted from the management’s initiatives in directing the company’s focus to investments in the energy sector. “The company will still continue to boost the production, riding the momentum of high demand and prices of coals in the international market,” she explained in the official announcement quoted Wednesday (4/1).

From January to November 2022, the revenue of this Harry Tanoesoedibjo’s energy company clocked up to USD 166.6 million, proliferating from USD 72.4 million seen last year. Its EBITDA also shifted 127.6% year-on-year (yoy) from USD 9.1 million to USD 66.3 million. Lastly, its net profit increased 100.1% yoy from USD 22.9 million to USD 45.8 million in November 2022.

Yunita further mentioned that in 2023, the coal production is targeted to arrive over 7 million metric tons (MT). This number will continue to rise as IATA acquires more mining business licenses in operation and seeks new coal purchase contracts. As of now, IATA recorded coals reserves of 332 million MT, which are gathered from 20% of the entire mining area of 72,478 hectares (Ha). (AM/ZH)