JAKARTA – PT Dana Brata Luhur Tbk (TEBE) recorded a significant decline in revenue in Q1 2024 by up to 42.3% year-on-year (yoy) due to slowing-down of coal industry.

The company, focusing on coal transport, reported revenue of IDR 97.3 billion at the end of the first quarter (Q1) of 2024, down below IDR 168.7 billion seen in the same quarter last year.

“The revenue is declining due to lower tonnages, followed by smaller number of potential customers,” added Yudo Wijayanto, Director of Finance of TEBE, during the Annual Public Expose 2024 of TEBE today (8/5).

Furthermore, Wijayanto also admitted that the decline of the coal prices, now arriving at USD 109.77 per ton, further dragged down the price of port services of the company.

According to the Financial Repot Q1 2024, it is mentioned that port services dominated 93% of total revenue, equal to IDR 90.7 billion.

Then, another 7% came from rental services, worth IDR 6.6 billion, while road facility services did not generate any income in the first quarter of 2024.

The dwindling coal industry forces the company to come up with diversification initiatives. The closest diversification plan of TEBE, according to Dian Heryandi, President Director of TEBE, would be diversification to silica sand industry.

“Although the next study has not been completed yet, as there are some legal aspects to be concluded, it basically has been progressing almost 40%,” added Heryandi.

In addition, in line with renewable energy industry trend, there have been talks to shift into clean energy, starting from biodiesel industry and carbon credit, both of which are still under review. (ZH)