Adaro Energy (ADRO) Targets Sales of up to 67 Million Tons of Coal This Year

ISSUER NEWS - JAKARTA. PT Adaro Energy Indonesia Tbk (ADRO) is targeting coal sales to reach 67 million tons for the year 2024.

Head of Corporate Communication ADRO Febriati Nadira said, this year Adaro targeting coal sales in the range of 65 million tons to 67 million tons. 

"Including 61 million tons to 62 million tons of thermal coal, and 4.9 million tons to 5.4 million tons of metallurgical coal from PT Adaro Minerals Indonesia Tbk (ADMR)," Febriati told Kontan some time ago.

In 2023, ADRO recorded a net profit attributable to the parent entity of US$ 1.64 billion. Compared to 2022, ADRO's net profit corrected by 34.17% year-on-year (YoY). ADRO's net profit in 2022 reached US$ 2.49 billion. 

Read Also: Bukit Asam (PTBA) Targets Sales of 43.1 Million Tons of Coal in 2024, Up 16.48%

Meanwhile, ADRO recorded revenues of US$ 6.51 billion throughout 2023, down 20% from the previous year's revenue of US$ 8.10 billion.

In detail, ADRO's revenue was supported by coal sales to third parties in the export market, reaching US$ 5.28 billion. Then, coal sales to third parties in the domestic market amounted to US$ 825.36 million.

The decrease in revenue was due to a decrease in the average selling price (ASP) by 26% throughout last year. This decrease in ASP is in line with the normalization of coal prices. 

However, the decrease in selling price was offset by a 7% increase in sales volume, where last year ADRO's coal sales volume reached 65.71 million tons. This figure exceeded the company's set sales volume target, which was in the range of 62 million tons to 64 million tons of coal.