Financial Performance

Financial Performance

Economic Performance

As of December 31, 2022, Bukit Asam managed to achieve a production target of 37.14 million tons or 102% of the target of 36.41 million tonnes and increase of 24% compared to the previous year. Then for sales, Bukit Asam was successfully recorded 31.65 million tons of coal sold, 12% higher from previous year. Of this amount, 60.57% was sold to meet the domestic market. The remainder is sold to meet export markets to Asia, which is Thailand, Vietnam, Taiwan, Japan, India, Pakistan, China, the Philippines, Malaysia, Cambodia, South Korea, and new markets in Italy.

n accordance with the financial statements that have been audited by a Public Accounting Firm, in 2022, Bukit Asam posted revenue of Rp42.65 trillion, an increase of 46% compared to 2021, which reached Rp29.26 trillion. The increase was influenced by rising world coal prices throughout 2022. Meanwhile, the cost of revenue as of December 31, 2022 was recorded at Rp24.68 trillion, an increase of 56% compared to 2021, which reached Rp15.78 trillion. The increase was due to increased mining service fees and royalty costs. Meanwhile, profit attributable to owners of parent entity in 2022 was recorded at Rp12.57 trillion, an increase of 59% compared to 2021, which reached Rp7.91 trillion. This increase was affected by the increase in the Company’s revenue in 2022.


With the above economic performance, direct economic value generated, economic value distributed, and economic value retained can be conveyed. The direct economic value generated is income derived from the results of the Company’s business activities, which was recorded at Rp44.43 trillion, an increase compared to 2021 reaching Rp29.89 billion.

While the economic value distributed is a variety of expenses incurred as a form of the Company’s contribution in increasing the rate of economic growth and welfare of stakeholders, such as payment of salaries, taxes, dividends, payments to suppliers, as well as the realization of funds for the community as a form of social and environment responsibility, which is implemented through various Corporate Social Responsibility (CSR) Programs. In line with its business development, this economic value has also increased significantly compared to the previous year, from Rp22.93 trillion in 2021 to Rp39.84 trillion in 2022.

Meanwhile, the retained economic value, namely the difference between the economic value generated minus the economic value distributed, which is used for the development of the Company’s business, has decreased from Rp6.96 trillion in 2021 to Rp4.59 trillion in 2022.

The decrease occurred partly due to an increase in dividend payments, including government dividends, from Rp835.39 billion in 2021 to Rp7.91 trillion in 2022 or up to 947%

Outlook and Opportunities

The government’s success in controlling the COVID-19 pandemic, as well as recording economic growth of 5.31% in 2022, is an important asset for realizing sustainable economic growth in 2023. However, the government still needs to apply the precautionary principle because as stated by the International Monetary Fund (IMF), Indonesia’s economic growth is predicted to slow down to around 4.8% in 2023.

The prediction of Indonesia’s economic slowdown is in line with a number of risks that overshadow the global economy, such as China’s yet to recover from the impact of the COVID-19 pandemic and the effects of the RussiaUkraine war. Therefore, the IMF estimated that global economic growth in 2023 will fall to 2.9% compared to growth in 2022 reaching 3.4%. Responding to the global economic predictions for 2023 which are colored by uncertainty, President Joko Widodo and a number of ministers have expressed their readiness. Although it is not easy, the government is optimist that the Indonesian economy will remain strong and grow positively.

The government’s commitment and belief is one of the foundations for Bukit Asam to set higher targets in the 2023 RKAP. Even more, the Ministry of Energy and Mineral Resources has set a coal production target for 2023 of 694 million tons, up 4.68% from 2022 reaching 663 million tons. In line with that, the projected demand for coal from the electricity sector (PLN and IPP) is also predicted to increase significantly throughout 2023 to 161.15 million tons from an estimated 115 million tons for 2022.

Based on these backgrounds, in 2023, Bukit Asam projects total production of 41.04 million tons, in line with increasing transportation capacity and plans to optimize sales with the Free on Truck (FOT) scheme. The volume of coal transportation is projected at 32.00 million tons. Furthermore, in terms of coal sales volume, both domestic and export, it is projected to be 41.24 million tonnes. In line with the spirit of running a sustainable business, the Company has also developed strategic policies and believes to be able to implement them throughout 2023. Apart from continuing to improve cost efficiency to increase revenue margins, another strategy is for the Company to continue expanding into the New Renewable Energy (EBT) business that is more environmentally friendly, such as solar power plants (PLTS) and wind power plants.