Bisnis.comJAKARTA – Listed coal producers PT Indo Tambangraya Megah Tbk. (ITMG) is targeting the coal export market to Europe in 2023.

ITMG Director of Corporate Communications and Investor Relations Yulius Gozali said that this year ITMG would still focus on targeting export in established markets such as China and Japan. ITMG also continues to look for opportunities in countries with growing economies such as Bangladesh, Vietnam and other countries.

“In addition, various European countries will also become potential markets in 2023, because they use coal as an energy option. This is because of conflict Russia-Ukraine which is still ongoing,” Yulius told Bisnis, Monday (27/2/2023).

For information, throughout 2022 ITMG was recorded to have exported US$958.7 million to several countries in Asia such as Taiwan, China, Hong Kong and Korea. Exports to this region increased by 45.83 percent compared to US$657.4 million in 2021.

Likewise, exports to neighboring countries in Southeast Asia, India and Pakistan, which rose 84.65 percent on an annual basis in 2022 to reach US$1.02 billion, from US$555.08 million in 2021.

Meanwhile, exports to Japan also increased 157.4 percent to US$962.5 million, from US$373.9 million in 2021. Meanwhile, the company’s exports to the European market throughout 2022 amounted to US$25.3 million, which was not previously done in 2021.

For information, throughout 2022 ITMG posted a 75 percent increase in its net income, from US$2.07 billion in 2021 to US$3.63 billion in 2022.

ITMG subsidiary Indominco Mandiri (IMM) contributed US$1.05 billion to ITMG’s net income, followed by Trubaindo Coal Mining (TCM) of US$1.27 billion. Then Bharinto Ekatama for US$1.59 billion, Jorong Barutama Greston (JBG) for US$103.91 million, and Kitadin for US$48.5 million.

The increase in ITMG’s revenue also contributed to an increase in cost of revenue to US$1.74 billion. This cost of goods increased by 50.12 percent compared to the same period last year of US$1.16 billion.

ITMG was able to record an increase in gross profit of up to 106.69 percent to US$1.89 billion in 2022, from US$916.5 million on an annual basis or year on year (yoy).

With these revenues and expenses, ITMG’s net profit throughout 2022 was recorded to have jumped by 152.3 percent from US$475.5 million in 2021, to US$1.2 billion in 2022 or the equivalent of Rp.18.26 trillion.

Check other news and articles at Google News

Watch the Featured Video Below:

Indo Tambangraya (ITMG) Aims for Coal Exports to Europe in 2023
Tagged on: