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United Tractors (UNTR) Operational Targets View in 2024

ANTARA FOTO/M Risyal Hidayat

Fri 24 Nov 2023, 12:00 PM

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PT United Tractors Tbk (UNTR) has set operational performance targets for the coming year, covering heavy equipment, coal mining, and gold mining segments.

In the heavy equipment segment, UNTR has reduced its year-on-year sales target for heavy equipment by 25% to 3,800 units to 4,000 units for the next year.

Sara K. Loebis, the Corporate Secretary of United Tractors, mentioned that the decline in next year's target is due to a slowdown in the demand for heavy equipment in the mining sector. Furthermore, spending in the construction/infrastructure sector is expected to decrease, waiting for the conclusion of the 2024 Indonesian general election momentum.

Throughout the first nine months of 2023, UNTR sold 4,365 units of Komatsu heavy equipment. This figure represents a 3.72% year-on-year decline, as sales for the same period last year amounted to 4,534 units.

However, UNTR has set optimistic targets for other segments. For the mining contractor business through PT Pamapersada Nusantara (Pama), UNTR aims for a 15% growth in production next year.

In the third quarter of 2023, Pama recorded a 16% increase in coal production volume from 83 million tons to 96 million tons. Pama also reported an increase in overburden (OB) removal work volume by 23%, from 692 million bank cubic meters (bcm) to 853 million bcm.

For the coal sales volume of PT Tuah Turangga Agung (TTA), UNTR is targeting a growth of 9%.

In the third quarter of 2023, total coal sales reached 8.5 million tons, an increase of 10% from the same period in 2022, which was 7.8 million tons. This figure includes 1.8 million tons of metallurgical coal.

Gold sales conducted by PT Agincourt Resources are targeted to grow by 34% annually. Until September 2023, the total equivalent gold sales from the Martabe mine reached 147,000 ounces, a decrease of 32% compared to sales in the same period in 2022, which was 216,000 ounces.

BRI Danareksa analyst, Erindra Krisnawan estimates that UNTR's net profit will reach its peak this year before experiencing a contraction in 2024-2025.

This year, UNTR is estimated to record revenue of IDR 120.25 trillion with a projected net profit of IDR 21.40 trillion.

Erindra believes that the normalization of coal prices will continue in 2024-2025, with projections of Newcastle coal prices at USD130 per ton and USD 100 per ton, respectively.

Therefore, the net profit of this subsidiary of PT Astra International Tbk (ASII) is projected to decrease by 19% and 5% in 2024 and 2025.

For 2024, gross profit in the heavy equipment, mining contractor, and coal mining segments is expected to decrease by 6%, 12%, and 39%, respectively.

Image source: ANTARA FOTO/M Risyal Hidayat

Source: www.investasi.kontan.co.id/Intip Target Operasional United Tractors (UNTR) pada 2024

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