PT TBS Energi Utama Tbk (TOBA) has accomplished a net profit, attributed to the parent entity worth US$54.76 million in the third quarter of 2022, growing 60.24%, compared to the former worth US$34.17 million in 2021.
Heaptalk, Jakarta — Indonesia’s integrated energy company, PT TBS Energi Utama Tbk (issuer code: TOBA), has accomplished a net profit, attributed to the parent entity worth US$54.76 million, or approximately Rp859.31 billion per September 30th, 2022.
According to TOBA energy’s financial report, the net profit has increased by 60.24% compared to a similar period in 2021, worth US$34.17 million. The TOBA’s net income achievement has also contributed to the company’s revenue growth of 63.57%, becoming US$469.13 million, compared to the last September last year of US$286.8 million.
In addition, the coal sales business line-up has become the most significant contributor to TBS’s performance in the early nine months this year (9M22), enhancing 86.65% YoY, or equal to US$429.02 million for the 9M22 this year, compared to the earlier worth US$229.844 million in the equivalent period last year. Furthermore, another TOBA business line-up has demonstrated an increase, one of which is the electricity business line-up has enhanced worth US$35.58 million, or equal to 269.15% in the same period this year, compared to the former US$9.63 million.
Concurrently, the TOBA sales revenue of fresh fruit bunches, palm kernel, and crude palm oil business line-up has also significantly generated growth of 17.95% YoY, becoming US$4.48 million this 9M22, compared to the former worth US$3.80 million in the same period. The company also bags its revenue from the electric vehicle rental business line-up worth US$40.354 in the 9M22, after experiencing several obstacles to obtain the earnings of this line-up in the same period of 2021.
As cited by liputan6.com, the Vice Director of PT TBS Energi Utama Tbk, Pandu Patria Sjahrir, perceived several entrepreneurs need an incentive regulation, one of which is an electric vehicle investment. He claimed an investment activity around this sector is anticipated to produce a fifteenfold advantage as the electricity could deliver more productivity in expediting the net zero emission target.
Despite the company’s revenue improvement, TOBA also recorded a principal income burden of US$360.16 million in the third quarter of 2022, elevating 63.57% from the earlier US$243.45 million. However, the company’s gross profit is still climbing by 153.18%, or nearly worth US$108.97 million in this Q3 of 2022.
The TOBA report also noted several points, including the company’s general and administrative expenses of US$23.14 million, TOBA’s selling and marketing costs worth US$1.21 million, and other incomes of US$35.51 million. From the details, PT TBS Energi Utama has secured its operations profit worth US$120.03 million, enhancing 72.33% compared to the last September 2021 of US$69.65 million.
During this period, the company has also reported a financial income of US$3.31 million and a financial burden worth US$19.95 million. In terms of TBS Energi Utama’s assets, the company has recorded asset progress worth US$894.04 million, increasing from the last result worth US$858.1 million in 2021, consisting of the current assets worth US$236 million and the non-current asset of US$658.03 million.
Meanwhile, the report has also disclosed the company’s liability of US$474.29 million, consisting of a short-term debt worth US$122.82 million and a long-term debt of US$351.47 million until this quarter. This outcome delivered a decrease from the December 2021 period worth US$503.88 million. Also, the company’s equity has intensified to 419.75 million per September this year, compared to the last December of 2021, worth US$354.23 million.
