PTBA - FY22 earnings grew 59% yoy

Bukit Asam (PTBA) recorded FY22 net profit of IDR12.57 tn or grew 59% yoy amid solid margin expansion during high coal price environment in 2022. Revenue reached IDR42.65 tn in FY22 or increased by 45.7% yoy. The company booked lower gross margin of 42.1% in FY22 vs. 46.1% in FY21 mainly due to rising mining cost amid higher fuel price and stripping ratio. However, given the flattish Opex in 2022, net margin was expanded to 29.5% vs. 27% in FY21. (Source: Company)