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LISTED COMPANY - JAKARTA. PT TBS Energi Utama Tbk (TOBA) reported a 12.3% increase in profit, amounting to US$ 16.4 million in the first quarter of 2024. TOBA also recorded a 14.5% year-on-year increase in adjusted EBITDA, reaching US$ 38.0 million.
The company's Director, Mufti Utomo, stated that TOBA's financial stability is supported by the operations of its Steam Power Plants (PLTU) in North Gorontalo and North Minahasa, both located in Sulbagut-1 (2x50MW) and Sulut-3 (2x50MW) respectively.
The PLTU sector has made a significant contribution amidst coal price fluctuations.
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In addition, TBS Energi Utama achieved an EBITDA increase of US$ 1.3 million from its green business line following its latest acquisition of waste management sector companies, ARAH Group and Asia Medical Enviro Services (AMES).
Mufti explained that TOBA's decision to enter the energy generation sector has had a significant positive impact.
The increase in coal production and sales volume by 28.6% and a reduction in the Stripping Ratio by 25.5% also helped TOBA record positive cash flow and EBITDA for its business. This strategic move demonstrates the company's adaptability amidst coal price fluctuations.
"Our decision to enter the power generation sector has had a positive impact, contributing 44% to the adjusted EBITDA," said Mufti in an official statement on Tuesday (7/5).
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He emphasized that TBS Energi Utama is determined to overcome global challenges by implementing a sustainable diversification strategy, including investing in green initiatives such as the development of the 46 MWp Batam Floating Solar Power Plant project and the development of the Electrum H5 electric motor.
Meanwhile, TOBA's subsidiary involved in the electric two-wheeler sector, Electrum, also recorded significant achievements with the presence of 1,000 electric motors on the road and the addition of 147 Battery Swap Stations.
TBS Energi Utama's Director, Juli Oktarina, added that the diversification strategy that has been focused on for some time is increasingly showing its results, reinforcing the commitment to develop a sustainable business.
TOBA also recorded a significant increase in operational efficiency, with an increase in coal production and sales volume by 28.6%, and a significant reduction in the Stripping Ratio, contributing to increased profitability amidst fluctuating global market conditions.
