PT United Tractors (UNTR) Q2 2024 earnings summary

Executive summary

• Net income for the first half of 2024 was Rp9.5 trillion, down 15% year-over-year, with consolidated revenue at Rp64.5 trillion, a 6% decrease due to weaker Construction Machinery and Coal Mining segments.

• Komatsu sales volume dropped 32%, while coal production rose 18%, overburden removal increased 13%, and coal sales volume grew 17%.

Financial highlights

• Net revenue was Rp64.5 trillion, down 6% year-over-year; net income was Rp9.5 trillion, down 15%.

• Earnings per share fell 15% to Rp2,625 from Rp3,088.

• Gross profit for the period was Rp16.9 trillion, compared to Rp18.7 trillion in the prior year.

• Profit before income tax was Rp12.6 trillion, down from Rp15.8 trillion year-over-year.

Outlook and guidance

• The company is conducting a limited review of its financial statements, with a reviewed version to be submitted within two months.

• Expansion in renewable energy and nickel mining is ongoing, with new projects and increased ownership in energy assets.