Adaro Energy reports record high revenue, net profit soars Company,  Cost & Profit,  International 2022-08-31 14:25:01

Indonesia's coal giant Adaro Energy achieved a record revenue of $3.54 billion in the first half of 2022, soaring 127% from $1.56 billion over the same period last year, reported by local media Kontan.

The coal miner's net profit reached $1.21 billion, a surge of 613% against only $169,964 in H1 2021, the report showed.

Weather issues, escalating geopolitical tensions after the Russia-Ukraine conflict, and strong demand were main factors to drive the revenue to the highest in the company's history, Adaro's CEO Garibaldi Thohir said in a statement on August 30.

The cost increased 43% year on year to $1.52 billion, with the growth lower than that in earnings, suggesting the cost has been well controlled. This came with a rise in royalty payments, which are in line with the change in coal selling prices. Royalties paid to the government and income tax increased 315% to $1.207 billion over the period.

The miner's coal production reached 28 million tonnes in the first six months of this year, up 6% from 26.5 million against H1 2021, despite persistent rainfall and a lack of heavy equipment. The increase in production supported a 7% rise in coal sales to 27.5 million tonnes in the same period.

ADRO still maintains its production target of 58-60 million tonnes for 2022, the report said.

(Writing by Alex Guo  Editing by Tammy Yang)
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