JAKARTA - PT Bumi Resources Tbk (BUMI) recorded a net profit of US$67.5 million in 2024, soaring by 517.7% from US$10.9 million in 2023.

BUMI's growth in 2024 was supported by the financial performance of PT Kaltim Prima Coal (KPC) and PT Arutmin.

Adika Nuraga Bakrie, the President Director of BUMI, stated that revenue in 2024 decreased by 13% to US$5.71 billion. "Market conditions and coal prices fell by 12% from the previous year," said Adika, in an information disclosure.

With lower coal prices, BUMI's coal sales and production volumes also declined, as reflected in coal sales falling by 4% to 75.8 million metric tons (MT).

The volume of coal mined by BUMI dropped by 4% to 74.7 MT, overburden removal decreased by 15% to 649.8 million bank cubic meters (mbcm), and year-end inventory fell by 22% to 1.6 MT.

In response to this decline, BUMI managed to reduce its cost of revenue by 14.2% to US$5.12 billion in 2024. Meanwhile, operating expenses increased by 8.6% to US$254.1 million.

"BUMI has made efforts to improve cost efficiency," said Adika.

BUMI's total assets at the end of 2024 decreased by 0.95% to US$4.16 billion, while its total equity rose by 3.25% to US$2.86 billion. (LK/VA/LM)