ILUSTRASI. Taipan Low Tuck Kwong. BYAN Dominates Indonesian Coal Mining Industry with Impressive 2022 Performance
Reporter: Akhmad Suryahadi | Editor: Hasbi Maulana
KONTAN.CO.ID - JAKARTA. Bayan Resources Tbk (BYAN) Posts Impressive Performance with Net Income of US$2.17 Billion in 2022
Indonesia's coal mining companies have been performing remarkably well in recent years, and 2022 appears to be no exception.
The latest financial report from PT Bayan Resources Tbk (BYAN), released on Friday (10/3) on the Indonesia Stock Exchange, shows that the coal mining giant owned by Low Tuck Kwong recorded a net profit of US$2.17 billion in 2022.
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Converted to Indonesian Rupiah, BYAN's net profit reached Rp 33.73 trillion, up 79.7% annually from its 2021 achievement of US$1.2 billion. The increase in BYAN's net income was supported by its growing revenue.
BYAN's revenue in 2022 was US$4.70 billion, up 64.8% annually from US$2.85 billion in 2021. The company's revenue was dominated by third-party coal sales, which reached US$4.39 billion, followed by coal sales to related parties worth US$300.31 million.
Some of BYAN's major customers who contributed more than 10% of its revenue were China National Machinery Import and Export Corporation, valued at US$577.63 million, and TNB Fuel Service Sdn. Bhd., valued at US$319.2 million.
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Geographically, BYAN's coal sales were mostly exported to Southeast Asian markets, including Malaysia, Singapore, the Philippines, and Vietnam, with sales amounting to US$2.26 billion.
The company also sold coal to East Asia, including China, Japan, Korea, and Taiwan, worth US$1.08 billion, South Asia to India, Pakistan, and Bangladesh worth US$873.13 million, and Europe worth US$6.63 million.
However, despite the impressive performance, BYAN's stock performance has yet to reflect the company's success. Yesterday, BYAN's stock was still in the red zone, down slightly by 0.13% from the previous day, to reach Rp 18,650. This has accumulated a decline of 11.19% since the beginning of the year.
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Head of Research at Phintraco Sekuritas, Valdy Kurniawan, believes that the declining coal prices, especially at the beginning of 2023, is one of the reasons behind the correction in coal mining stocks. This is due to the news that the number of coal-fired power plants reactivated in Europe was not as much as expected.
"Profit-taking cannot be ruled out as a factor behind the decline in coal mining stocks at the beginning of this year," said Valdy.