ITMG – Net profit up 152% yoy at USD1.2 bn

Indo Tambangraya Megah (ITMG) profit increased by 152% yoy from 2021 profit of USD475.57 mn. ITMG's revenue in 2022 reached USD3.63 bn, up 75% yoy from USD2.07 bn in 2021. However, on a quartalan basis, ITMG's profit fell 46.6% qoq to USD231.4 mn. The profit generated in 2022 was supported by a decrease in operating expenses by 79.3% yoy and the impact of an increase in coal ASP by 86% yoy to USD192 per ton. This offset the decline in coal sales volume by 6.2% yoy to 18.9 mn tons. ITMG will increase production in 2023-2024 from the Bharinto mine and a slight increase from the Indominico mine. The two mines are predicted to produce production increases of 3.8% and 3.9% respectively to 18 mn tons and 18.2 mn tons. (Source : Investor Daily)