First half saw ITMG’s profit plummeting 56%
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JAKARTA – The performance of PT Indo Tambangraya Megah Tbk (ITMG) was being constrained in the first half (H1) of 2024 compared to H1 2023. Its revenue and net profit both slipped 19.24% and 56% year-on-year (yoy).
Based on Financial Report of H1 2024 quoted today (23/8), the revenue was recorded at USD 1.04 billion, down from USD 1.29 billion. Its gross profit also plummeted 39.93% yoy to USD 275.23 million from USD 458.24 million, bringing the gross profit margin down to 26.22% from 35.27%.
Then, profit for the year shrank 58.05% yoy to USD 128.66 million from USD 306.70 million. This decline resulted from increases in other costs. Meanwhile, net profit attributable to the parent entity was USD 129.07 million, down from USD 306.94 million.
Revenue came from coal sales to third parties of USD 983.67 million, followed by coal sales to related parties of USD 52.34 million, services of USD 2.56 million, and others USD 10.93 million.
Customers with contributions of over 10% of total revenue were China Bai Gui International Trade Ltd that brought in USD 143.92 million and Shenhua Hong Kong International Trading Ltd, USD 80.27 million.
On the other hand, this issuer reported dividend distribution of USD 125.94 million or IDR 4,407 per share for the fiscal year (FY) 2023, with dividend yield of 17.38%. (LK/ZH)