JAKARTA – The profit of PT Mitra Bara Adiperkasa Tbk (MBAP) slipped down 87.91% year-on-year (yoy) in 2023 from 2022, in which it scored 78.38% yoy surge from 2021. This downturn resulted from significant third-party coal sales decline throughout 2023.

In the Financial Report of 2023 quoted Monday (25/3), MBAP’s revenue was seen down 50.15% yoy to USD 224.08 million from USD 449.53 million in 2022. Coals sales to third party, the highest contributor, generated USD 172.61 million, shrinking from USD 294.30 million, while coals sales and mining contractors to related parties also slumped 66.84%, down to USD 51.46 million from USD 155.23 million.

The third parties with over 10% contribution to total revenue of MBAP were KCH Energy Co Ltd of USD 74.17 million and PT Paiton Energy of USD 26.52 million. In the meantime, the related party with over 10% revenue contribution was Brooklyn Enteprise Pte Ltd of USD 48.73 million.

This issuer recorded gross profit of USD 46.31 million, decreasing 82.57% yoy from USD 265.77 million. Its operating profit also shrank 93.12% yoy to USD 15.82 million from the initial USD 229.98 million, while its net profit was recorded slipping to USD 21.86 million from USD 179.39 million.

However, the percentage of net profit decline is still lower than the percentage of operating profit decrease, thanks to increased financial income to USD 6.27 million from USD 1.39 million, declined financial expenses to USD 95,834 from USD 274.21 million, and other income of USD 4.82 million from the previous zero.

In 2021, MBAP booked revenue of USD 309.40 million, gross profit of USD 167.79 million, operating profit of USD 128.65 million, and net profit of USD 100.56 million. (LK/ZH)