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Bayan Resources Net Profit soars 150 Percent to IDR 25.3 Trillion

Wed 02 Nov 2022, 09:00 AM



Coalissuer owned by Low Tuck Kwong conglomerate PT Bayan Resources Tbk. (BYAN) recorded an increase in performance until the third quarter of 2022.

Low Tuck Kwong is the third richest person in Indonesia with a fortune of US$ 9.7 billion or around Rp. 150.7 trillion, according to Forbes Real Time Billionaires data on Friday, October 28, 2022. Kwong only lost toDjarum Group Boss Michael and Budi Hartono with a fortune of US$22.9 billion and US$22 billion, respectively.

BYAN recorded revenue of US$ 3.34 billion until the third quarter of 2022 or equivalent to IDR 52.14 trillion (Jisdor exchange rate of IDR 15,573 per US dollar). This revenue increased by 91.42 percent compared to the third quarter of 2021 which was US$ 1.74 billion.

Bayan Resources' revenue was supported by coalrevenuewhich rose 91.5 percent to US$ 3.34 billion by the end of September 2022, from US$ 1.74 billion compared to the same period last year.

Meanwhile, BYAN's non-coal revenue also increased to US$ 5.93 million, from US$ 3.82 million yoy.

BYAN recorded a 37.9 percent increase in cost of goods to US$927.5 million, from US$672.6 million on an annual basis.

BYAN's gross profit also recorded a jump of 124.87 percent from US$ 1.07 billion in the third quarter of 2021, to US$ 2.42 billion in the third quarter of 2022.

BYAN's net profit soared 150.25 percent to US$ 1.62 billion or equivalent to IDR 25.3 trillion. This net profit soared from US$ 650.3 million on an annual basis or year on year (yoy).

Until the end of September 2022, BYAN's total assets were recorded to have increased to US$ 3.25 billion, from US$ 2.43 billion at the end of December 2021.

BYAN's total liabilities were also recorded to increase to US$804 million at the end of the third quarter of 2022, from US$570 million at the end of 2021.

Likewise, BYAN's total equity rose to US$2.45 billion on September 30, 2022, from US$1.86 billion on December 31, 2021.

Image source: Forbes



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