PT Bumi Resources (BUMI) Q1 2025 earnings summary

Executive summary

• Q1 2025 coal production was 17 million tons, down from 19.5 million tons in Q1 2024, mainly due to heavy rainfall at KPC mines.

• Revenue for Q1 2025 reached USD 348.8 million, up from USD 311.0 million in Q1 2024, driven by higher coal and gold sales.

• Realized coal prices fell to $64.9/ton from $75.8/ton year-over-year, reflecting global price declines.

• Net profit attributable to owners was $20 million, down from $67 million in Q1 2024, which included a one-off deferred tax asset adjustment.

• The group continues to focus on operational excellence, cost efficiency, and accelerating subsidiary development.

Financial highlights

• Gross profit increased to USD 51.2 million from USD 22.1 million year-over-year.

• Operating income for Arutmin increased year-over-year, but consolidated operating income declined due to lower prices.

• EBITDA for the last 12 months improved, supported by cost efficiencies and lower oil prices.

• Total assets stand at $6 billion, with liabilities of $2.9 billion and no debt at the parent level as of March.

• Cash balances were healthy at $400 million at the end of March.

Outlook and guidance

• Full-year sales guidance remains at 76–78 million tons, with expected prices of $60–$62/ton and costs of $44–$46/ton.

• Management expects market recovery and restocking in the second half of the year.

• Royalty rates on coal sales will drop from 28% to 18–19% from May, expected to benefit EBITDA by $4–$5/ton.

• The group aims to increase production volumes, reduce costs, and enhance efficiency.

• Strategic focus includes accelerating development of BRMS and other subsidiaries, leveraging stable commodity prices.