JAKARTA – PT TBS Energi Utama Tbk (TOBA) posted a net profit of USD 28.47 million throughout 2024, soaring 260.08% year-on-year (yoy) from USD 7.9 million in 2023.

Dicky Yordan, President Director of TOBA, stated that this growth reflects the success of the company’s business transition strategy towards renewable energy (EBT), particularly in waste management.

“The now-mature waste management segment has demonstrated significant potential in driving the company’s growth,” Dicky said in a press release on Thursday (13/3).

On another note, TOBA recorded revenues of USD 445.6 million, with adjusted EBITDA reaching USD 131.4 million, a 34.5% increase from the previous year’s figure of USD 97.7 million.

Additionally, TOBA’s operating income rose by 46.9% to USD 93.9 million, with a gross profit margin of 18.2%.

“This 2024 financial performance shows that our strategy of transitioning from a coal-based business to a sustainable business is yielding positive results,” he added. (DK/KR/ZH)