PTBA Maintains Optimal Contribution Amid the Declining Coal Prices
PT Bukit Asam Tbk still recorded a positive performance and fully committed to give optimal contribution in the midst of the Covid-19 pandemic and the declining coal prices.
PTBA recorded a net profit of IDR4.06 trillion for 2019 performance, of which 90% – amounted to IDR3.65 trillion, was distributed as dividends to the shareholders. This was the largest dividend ratio in the history of PTBA and SOEs or public companies listed on Indonesia Stock Exchange (IDX).
In the past 3 years, PTBA had distributed dividends above 70% of the profits with details as follow:
- 2019 IDR3.65 trillion or 90% of IDR4.05 trillion net profit
- 2018 IDR3.76 trillion or 75% of IDR5.02 trillion net profit
- 2017 IDR3.35 trillion or 75% of IDR4.47 trillion net profit
Besides dividends, PTBA also contributed IDR4.83 trillion in royalties and taxes to the state in 2019.
PTBA also disbursed Corporate Social Responsibility funds of IDR177.4 billion last year. Funds were distributed in the form of partnership and community development programs.
However this year, PTBA faced greater challenges amid the covid-19 pandemic and the declining in coal prices.
The company's performance was receding by 20.57% in the first quarter of 2020 compared to the same period the previous year because of Covid-19 pandemic which impact had begun to be felt since March 2020.
The decreasing Newcastle Index by 28% and ICI-3 by 16% compared to Q1 last year also contributed to the waning performance.
PT Bukit Asam President Director Arviyan Arifin said the company's operational and financial conditions were still positive despite being hit by the Covid-19 pandemic and was estimated to remain positive until the end of the year.
PTBA had a number of strategic moves to maintain this year’s performance, for example by implementing efficiency and coal market expansion to Thailand, Brunei Darussalam, Bangladesh, Pakistan, Cambodia, the Philippines and others – to anticipate the decline in existing export market’s demand. The export sales performance had accordingly increased by about 20% until semester 1 compared to the same period the previous year.