PT Indo Tambangraya Megah Tbk (ITMG) is recorded to produce 16.9 million tons of coal in 2023. This production volume increased slightly compared to 2022.

In its official statement, ITMG management explained that the coal production volume in 2023 increased slightly by 1% to 16.9 million tons. Previously, in 2022, ITMG produced 16.6 million tons of coal.

"Coal production volume reached 16.9 million tons in 2023," wrote ITMG management on Thursday (22/2/2024).

Meanwhile, coal sales increased by 11% to 20.9 million tons in 2023 from 18.9 million tons.

The average selling price of ITMG's coal is USD 113.1 per ton, down from USD 192 per ton in 2022. The selling price dropped by 41% year on year (YoY).

Meanwhile, ITMG's largest coal export is to China, which contributed USD 650 million to ITMG's revenue. Furthermore, it exports to Japan for USD 500 million, the Philippines for USD 237 million, and Thailand for USD 138 million.

ITMG recorded domestic sales of USD 431 million in 2023, which is a 35% decrease compared to USD 664 million in 2022.

For the record, the Banpu Group entity recorded revenue of USD 2.37 billion in 2023, down 35% compared to the full year 2022 of USD 3.63 billion.

Meanwhile, ITMG's net profit also eroded by 58% in 2023 to USD 500 million from USD 1.19 billion in the previous year.

With the release of this financial report, ITMG shares closed down 0.94% in the first session to IDR 26,225 per share. ITMG shares were traded at IDR 26,000-IDR 26,275 per share in the first session today.

Image source: Bisnis.com / itmg.co.id
Source: https://market.bisnis.com/read/20240222/192/1743231/indo-tambangraya-itmg-produksi-169-juta-ton-batu-bara-pada-2023