AADI - FY24 results

AADI - FY24 results Adaro Andalan Indonesia's (AADI) FY24 revenue fell -10% yoy to USD5.32 bn, despite record sales of 68.06 Mt (+7%), as a 17% ASP decline offset gains. Core earnings reached USD1.04 bn, while operational EBITDA declined -19% yoy to USD1.32 bn, maintaining a 25% margin. Excluding a one-time USD323 mn gain from ADMR’s divestment, these figures reflect the company's true operational performance. Overburden removal increased 7% to 286.01 Mbcm, with a 4.35x strip ratio, while fuel consumption and costs rose 11% and 6% due to higher production. Coal cash costs (ex-royalty) dropped 8% yoy. Capex surged +36% yoy to USD370 mn, primarily for investments in Kaltara Power Indonesia, logistics, and infrastructure. For 2025F targets include 65-67 Mt in sales, a 4.3x strip ratio, and USD250-300 mn in capex. (Source : Company)