JAKARTA – PT Bayan Resources Tbk (BYAN), the coal company owned by Dato Low Tuck Kwong, reported revenue of USD 3.45 billion by the end of 2024, down 3.77% year-on-year (yoy) from USD 3.58 billion in 2023.

Despite a slight revenue decline, BYAN's cost of goods sold increased by 10.24% yoy to USD 2.11 billion, causing its gross profit to plummet by 19.92% yoy to USD 1.33 billion.

This decline also led to a drop in gross profit margin from 46.47% in 2023 to 38.67% by December 2024.

Meanwhile, escalating expenses further reduced BYAN’s net profit attributable to the parent entity in 2024, which contracted 25.5% yoy to USD 922.64 million from USD 1.24 billion.

By the end of 2024, BYAN's net profit margin also fell to 26.77% from 34.58% in 2023.

According to BYAN’s 2025 guidance, the company produced 57.4 million metric tons (MT) of coal (unaudited) in 2024, with sales volume reaching 56 million MT.

For 2025, BYAN aims to increase production to 69-72 million MT, with coal sales projected to rise to 70-72 million MT.

With an average selling price (ASP) projected at around USD 58-60/MT, BYAN anticipates revenue for 2025 to reach USD 4.1-4.4 billion, a 25.71% yoy increase from 2024 revenue. (ZH)