PT Bumi Resources Tbk : BUMI ANNOUNCES FULL YEAR 2024 RESULTS

Published: 2025-03-28 03:34:07 ET BUMI.JK

Bakrie Tower,12th floor Komplek Rasuna Epicentrum Jl. H.R. Rasuna Said

Jakarta, INDONESIA 12940 Website:www.bumiresources.com

Company Information

BUMI ANNOUNCES FULL YEAR 2024 RESULTS

• NET INCOME USD170.9 MILLION, SHARPLY INCREASED 45.5%

• VOLUME DROPS 4%

• COAL PRICE DROPS 12%

• REVENUE DIPS 13%

• OPERATING EXPENSES RISES 8.6%

• OPERATING MARGIN 5.9%

• PROFIT BEFORE TAX USD289.7 MILLION

Jakarta, 28 March 2025

PT Bumi Resources Tbk (BUMI) confirms that the audited Financials for Full Year 2024 with notes have been posted on IDX web on 27 Mar 2025.

BUMI submits its financials based on PSAK 111 on Joint Venture Accounting which consolidates Arutmin, but its major coal subsidiary, Kaltim Prima Coal (KPC) is equity accounted and is not consolidated.

Attached are the following 3 Appendices for information:

a) FY 2024 - Operating Metrics on 100% KPC & Arutmin basis (YOY) (Appendix 1).

b) FY 2024 - Consolidated Income Statement (YOY) this includes KPC and Arutmin - for benefit of investors (Appendix 2).

c) FY 2024 - Audited Income Statement on PSAK 111 basis (consolidates Arutmin but KPC is equity accounted) (YOY) (Appendix 3).

Operating Metrics FY 2024 - on 100% Basis for KPC & Arutmin - Key Highlights

• Coal Sales of 75.8MT decreased by 4% vs 78.7MT in FY 2023

• Coal Mined of 74.7MT decreased by 4% vs 77.8MT in FY 2023

• Overburden Removed of 649.7 mbcm decreased by 15% vs 765.0 mbcm last year

• End Year inventory reduced 22% from 2.1MT vs 1.6MT YOY.

The average Coal Price realized of USD71.8/ ton declined by 12% vs USD81.3/ ton in FY 2023.

Strip Ratios reduced in line with the Long Term mine plans, which helped keep costs down despite a rise in fuel costs.

Key Highlights - FY 2024 - Consolidated Financials 2024 YOY

Gross Revenue USD5,718.9 million vs USD6,574.5 million or decreased by

13.0%.

USD5,127.0 million vs USD5,978.7 million or decreased by

Cost of Revenue

14.2%.

Gross Margin

USD591.9 million vs USD595.8 million or decreased by 0.7%.

Operating Expenses

USD254.1 million vs USD234.0 million or increased by 8.6%.

Operating Income

USD337.8 million vs USD361.8 million or decreased by 6.6%.

Operating Margin (% to revenue)

5.9% vs 5.5%.

Income before Tax

USD 289.7 million vs USD 254.3 million or increased by 13.9%.

Net Income for the Year

Increased by 45.5% to USD 170.9 million vs USD117.4 million - Sharply Rise of USD53.5 million.

Total Net Income for the Year

Attributable to Owners of The Parent

Increased by 517.8% to USD 67.5 million vs USD 10.9 million - Sharp Rise of USD56.6 million.

• Gross Revenue of USD5.72 billion in FY 2024 compares with $6.57 billion in FY 2023 - a sharp drop of 13% - due to market conditions and price, which declined by 12% (YOY).

• Royalty, government profit sharing and price subsidies on domestic supplies amounted to over 40% of gross revenue in FY 2024.

• BUMI is the largest domestic supplier of coal for power, cement, and fertilizer sectors at controlled prices which additionally pressures revenue and margins.

• Fuel prices remain high.

Above has impacted margins and net income.

BUMI has made efforts to reduce costs - operating expenses yet increased by 8.6% to USD254.1 million in FY 2024 (vs USD234.0 million in FY 2023).

BUMI is making progress on its coal downstream project with an overseas partner and is in dialogue with Authorities to reach closure for this project and other non-coal/minerals projects pursuit.

Performance FY24 vs FY23 on Statutory PSAK111 Basis - Consolidates Arutmin but Equity Accounted KPC

Highlights of FY 2024 performance vs FY 2023 is given below for your information.

Gross Revenue

Cost of Revenue

Gross Margin

Operating Expenses

Operating Income

Income before Tax

Profit For the Year - Net

Profit For the Year Attributable to: Owners of The Parent USD1,359.7 million vs USD1,679.9 million or decreased by 19.1%.

USD1,190.4 million vs USD1,542.7 million or decreased by 22.8%.

USD169.3 million vs USD137.3 million or increased by 23.3%.

USD108.2 million vs USD80.5 million or increased by 34.5%.

USD61.1 million vs USD56.8 million or increased by 7.5%.

USD121.9 million vs USD82.4 million or increased by 48.0%.

Increased by 235.1% to USD90.1 million vs USD26.9 million - Sharply Rise of USD63.2 million.

Increased by 517.7% to USD67.5 million vs USD10.9 million - Sharply Rise of USD56.6 million.

EARNINGS CALL ON FY 2024 RESULTS

An earnings call is planned - details would be advised separately.

For further information, please contact:

PT Bumi Resources Tbk.

Tel (62-21) 5794 2080 Fax (62-21) 5794 2070 Websitewww.bumiresources.com

Appendix - 1

Operating Metrics FY 2024 - on 100% Basis for KPC & Arutmin

Full Consolidation Method FY-24 vs FY-23

In USD

31 Desember /

December 31, 2024

December 31, 2023

Metode Konsolidasi/

Consolidation Method

PENDAPATAN

5,718,928,801

6,574,510,584

REVENUES

BEBAN POKOK PENDAPATAN

(5,127,042,188)

(5,978,687,734)

COST OF REVENUES

LABA BRUTO

591,886,613

595,822,850

GROSS PROFIT

BEBAN USAHA

(254,083,619)

(234,003,126)

OPERATING EXPENSES

LABA USAHA

337,802,994

361,819,724

OPERATING INCOME

(BEBAN) PENDAPATAN LAIN-LAIN - NETO

(48,071,717)

(107,496,111)

OTHER (EXPENSE) INCOME - NET

LABA SEBELUM BEBAN

INCOME BEFORE INCOME

PAJAK PENGHASILAN

289,731,277

254,323,613

TAX EXPENSE

BEBAN PAJAK PENGHASILAN

(97,457,975)

(111,258,331)

INCOME TAX EXPENSE

LABA NETO SETELAH PAJAK

192,273,302

143,065,282

NET INCOME AFTER TAX

BAGI HASIL

(21,421,316)

(25,644,025)

PROFIT SHARING

LABA NETO

170,851,986

117,421,257

NET INCOME

Total Laba Tahun Berjalan Yang Dapat

Total Net Income For The Year

Diatribusikan Kepada:

Attributable To:

Pemilik Entitas Induk

67,478,079

10,923,450

Owners of the Parent Company

Kepentingan Non-Pengendali

103,373,907

106,497,807

Non-Controlling Interests

170,851,986

117,421,257

Performance FY24 vs FY23 on Statutory PSAK111 Basis - Consolidates Arutmin but Equity Accounted KPC

In USD

31 Desember /

December 31, 2024

December 31, 2023

Metode PSAK111/

PSAK111 Method

PENDAPATAN

1,359,679,473

1,679,948,765

REVENUES

BEBAN POKOK PENDAPATAN

(1,190,389,426)

(1,542,653,836)

COST OF REVENUES

LABA BRUTO

169,290,047

137,294,929

GROSS PROFIT

BEBAN USAHA

(108,222,029)

(80,482,691)

OPERATING EXPENSES

LABA USAHA

61,068,018

56,812,238

OPERATING INCOME

(BEBAN) PENDAPATAN LAIN-LAIN - NETO

60,833,202

25,537,976

OTHER (EXPENSE) INCOME - NET

LABA SEBELUM PAJAK PENGHASILAN

121,901,220

82,350,214

PROFIT BEFORE INCOME TAX

BEBAN PAJAK PENGHASILAN

(28,222,308)

(49,924,476)

INCOME TAX EXPENSE

LABA SETELAH PAJAK PENGHASILAN

93,678,912

32,425,738

PROFIT AFTER INCOME TAX

BAGI HASIL

(3,545,548)

(5,524,771)

PROFIT SHARING

LABA TAHUN BERJALAN - NETO

90,133,364

26,900,967

PROFIT FOR THE YEAR - NET

Laba Tahun Berjalan Yang Dapat

Profit For The Year