PT Buma Internasional Grup (DOID) Q4 2024 earnings summary

Executive summary

• 2024 marked a year of transition with major acquisitions, contract wins, and strategic financing, positioning the group as a diversified global mining company.

• Revenue declined 4% year-over-year to US$1,756M, while EBITDA fell 24% to US$314M, impacted by production ramp-downs and higher costs.

• Net loss of US$66M was driven by non-cash forex impacts, high interest expenses, and lower margins.

• Major US anthracite mining group acquired for US$121.6M, supporting diversification and a target to reduce thermal coal revenue below 50% by 2028.

• Significant capital reduction and treasury share cancellation, reducing outstanding shares to 7.65 billion.

Financial highlights

• Revenue: US$1,756M (-4% YoY); EBITDA: US$314M (-24% YoY); Net loss: US$66M.

• Gross profit: US$153M (2024), gross margin 8.7%, down from 13.4% in 2023.

• Capex increased 49% YoY to US$180M, mainly for production ramp-up at Indonesia Pratama.

• Free cash flow at US$108M; cash position at year-end was US$211M.

• Total assets: US$1.59B; total liabilities: US$1.39B; total equity: US$193.5M.

Outlook and guidance

• 2025 coal prices expected to remain flat; global demand to normalize after 2024 peak.

• Strategic focus on diversifying into future-facing commodities and reducing thermal coal dependency.

• Ongoing expansion in the US anthracite market and planned acquisition of Dawson Complex in 2025.

• Cost normalization and improved margins anticipated in 2H 2025 as ramp-downs conclude.

• Management expects continued capital discipline and compliance with financial covenants.