Adaro Energy net profit jumps 366% YoY in first nine months

This is on the back of the rise in average selling prices.

PT Adaro Energy Indonesia posted a 366% year-on-year (YoY) growth in net profit to reach around $2.2b in the first nine months of 2022 due to the continued high coal price environment.

In a statement, Adaro said its underlying core earnings from January to September 2022 surged by 262$ to around $2.3b from $644m from the same period last year due to the current precinct environment and “continued operational excellence.”

“In the first nine months of 2022 Adaro has continued to execute our strategy to increase production and sales, as we remain on pace to see both rises by more than 10% year on year,” said President Director and CEO Garibaldi Thorir.

READ MORE: Adaro Energy’s net profit soars 611% YoY to $1.3b in H1 2022

The company also saw its earnings before interest, taxes, depreciation and amortisation (EBITDA) increase by 231% YoY to around $3.8b. 

Its EBITDA margins rose to 64.2% from 44.7% due to an increase in the average selling prices by 106% and sales volume by 14%.

Adaro’s revenue during the period climbed by 130% YoY to around $5.9b, led by the coal mining & trading segment which rose by 135% YoY to about $5.8b.