PT Buma Internasional Grup (DOID) Q3 2024 earnings summary

Executive summary

• Orderbook tripled to US $12.7B, driven by a US $7.8B contract extension and a new US $755M contract.

• Acquired 51% of Dawson Mine Complex in Australia and a major U.S. anthracite mining group, advancing diversification.

• Revenue for 9M24 was US $1.35B, nearly flat YoY, with a net loss of US $17.4M, an improvement from 1H24 but down from prior year profit.

• Cash and cash equivalents decreased to US $196.9M from US $498.1M at year-end 2023.

• The Group aims to reduce thermal coal revenue below 50% by 2028.

Financial highlights

• Revenue for 9M24 was US $1,349M, down 1% YoY; EBITDA declined 16% YoY to US $252M, margin at 21.5%.

• Net loss of US $17.4M, compared to net profit of US $21.7M in the prior year.

• Capex surged 79% YoY to US $133M, supporting new contract areas and acquisitions.

• Free cash flow from operations at US $80.2M; after investments, FCF was negative US $36M.

• Cash flow from operations up to US $290.1M; net cash used in investing was US $226.6M.

Outlook and guidance

• FY24 revenue guidance set at US $1,725–1,825M; EBITDA guidance at US $300–350M.

• Overburden removal guidance for FY24 is 530–580 MBCM; coal production guidance is 85–90 MT.

• FY24 capex expected at US $150–190M.

• Targeting thermal coal revenue below 50% by 2028, with focus on future-facing commodities.

• Dawson Complex acquisition (51%) to complete in 2025, expected to boost profitability.