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LISTED COMPANY - JAKARTA. PT Indika Energy Tbk (INDY) is aggressively expanding beyond its coal business. In addition to several acquisitions, INDY's focus on diversification is evident from the realization of its capital expenditure (capex).
Ricky Fernando, Head of Corporate Communications at Indika Energy, revealed that this year INDY has prepared a capex of US$ 267 million. To put it in perspective, this amount is equivalent to IDR 4.33 trillion when converted at a rate of IDR 16,230 per US dollar.
Ricky said the majority of INDY's capex is allocated to gold mining (Awak Mas project), developing the electric vehicle business segment, nature-based solutions, and minerals. Meanwhile, by the first quarter of 2024, INDY has realized a capex of US$ 37.8 million.
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If converted with the same exchange rate assumption, INDY's capital expenditure absorption in the first three months of 2024 is equivalent to IDR 613.49 billion.
"More than 90% is allocated for non-coal businesses including gold mining, electric vehicles, and nature-based solutions," Ricky told Kontan.co.id on Monday (3/6).
Ricky emphasized that INDY is committed to diversifying in non-coal businesses. This strategy is manifested in the establishment of new subsidiaries in the non-coal sector, in line with the company's strategy to reduce coal exposure.
This move is also aimed at supporting INDY's commitment to increase revenue by at least 50% from the non-coal sector, as well as achieving carbon neutrality.
"Over the past six years, we have expanded in the electric vehicle sector, new and renewable energy, nature-based solutions, logistics, gold mining, and others," Ricky explained.
In terms of performance, until the first quarter of 2024, INDY's top line and bottom line both declined. INDY achieved a net profit of US$ 20.11 million, a decrease of 65.86% compared to the same period last year (Year on Year/YoY).
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