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LISTED COMPANY - JAKARTA. The top line and bottom line performance of PT Bayan Resources Tbk (BYAN) fell consistently throughout last year. This coal mining company owned by conglomerate Low Tuck Kwong recorded revenues of US$ 3.58 billion up to December 31, 2023.
BYAN's revenue dropped 23.83% compared to the previous year (Year on Year/YoY) which at that time reached US$ 4.70 billion. If detailed, almost all of BYAN's 2023 revenue came from coal with a value of US$ 3.57 billion, contributing 99.72% to the total revenue last year.
Coal sales to third parties reached US$ 3.39 billion and related parties worth US$ 181.47 million. BYAN also earned revenue from non-coal segments to third parties worth US$ 9.29 million.
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Compared to the achievement in 2022, revenue from BYAN's coal and non-coal segments decreased by 23.88% and 14.37% (YoY) respectively. Amid the decline in revenue, BYAN's cost of revenue actually soared.
BYAN's cost of revenue in 2023 was recorded at US$ 1.91 billion, up 24.02% (YoY). From this result, BYAN secured a gross profit of US$ 1.66 billion, plummeting 47.46% compared to gross profit in 2022.
After adding sales expenses, general and administrative expenses, financial expenses, financial income, and other income, BYAN recorded a pre-tax profit of US$ 1.63 billion. Down 44.55% compared to the achievement in 2022.
During the same period, BYAN's income tax expense was cut by 45.10% (YoY) to US$ 353.38 million. So BYAN booked a net profit for the year of US$ 1.28 billion, down 44.34% compared to the net profit of US$ 2.30 billion in 2022.
From that amount, BYAN earned a net profit of US$ 1.23 billion in 2023. Down 43.3% compared to the net profit for the year that can be attributed to the parent entity of BYAN in 2022 worth US$ 2.17 billion.
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As an illustration, if converted using the current exchange rate of Rp 15,740 per US dollar, then BYAN's net profit in 2023 is equivalent to Rp 19.49 trillion.
During the same period, the result made the net profit per basic and diluted share of BYAN also decrease to US$ 0.04. Compared to the position in 2022 which was at US$ 0.07.
On the other hand, referring to the public material presented by BYAN management, the decline in financial performance last year was not separated from the falling average selling price or Average Selling Price (ASP) of coal.
The ASP obtained by BYAN in 2023 was recorded at US 75.8 per metric ton. Down by 35.7% compared to the ASP in 2022 which was at the level of US$ 117.9 per metric ton.
However, operationally, BYAN's coal production and sales volume increased. BYAN produced as much as 49.7 million metric tons, up 27.76% compared to production of 38.9 million metric tons in 2022.
The volume of BYAN's coal sales also increased with an increase of 18.29% from 39.9 million metric tons to 47.2 million metric tons in 2023. BYAN's coal sales were predominantly marketed to the Philippines (31%), Indonesia (25%), South Korea (10%), China (8%), India (7%), Malaysia (6%), Bangladesh (6%) and others (7%).
BYAN's Guide for 2024
As a guide for 2024, BYAN targets revenue of around US$ 3.3 billion - US$ 3.6 billion. With the production and sales volume of coal at the same level, reaching around 55 million metric tons - 57 million metric tons.
BYAN estimates an average cash cost of US$ 40 - US$ 43 per metric ton. While the estimate for the average selling price is US$ 60 - US$ 65 per metric ton.
From the capital expenditure (capex) side, BYAN prepares funds of around US$ 230 million - US$ 260 million in 2024. As a comparison, last year BYAN absorbed a capex of US$ 219.9 million from a budget allocation of US$ 249.2 million.
