PT United Tractors (UNTR) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue rose 4% YoY to Rp128.6 trillion; net income fell 2% to Rp20.6 trillion, mainly on higher finance costs and foreign-exchange losses.

• Mining Contracting revenue and coal sales volumes grew, while lower gold sales and selling prices weighed on Gold and Other Mineral Mining and Coal Mining revenue.

Financial highlights

• Gross profit increased 3% to Rp35.8 trillion; profit for the period was Rp22.1 trillion versus Rp23.0 trillion in FY 2022.

• Profit attributable to owners was Rp20.6 trillion; earnings per share was Rp5,675, compared with Rp5,679 in FY 2022.

• Consolidated net revenue reached Rp128.6 trillion, up from Rp123.6 trillion; gross profit margin remained 28%.

Outlook and guidance

• Renewable energy is a transition strategy; rooftop solar installations totaled 15.1 MWp across Astra group facilities as of Dec 2023.

• EPN’s 7 MW Besai Kemu mini-hydro plant began commercial operation in Jan 2024; additional mini-hydro projects in Sumatra have potential capacity exceeding 20 MW.

• Arkora’s Koro Yaentu and Kukusan 2 projects, totaling 15.4 MW, are expected to start operations in 2024 and 2025; a 10 MW Tomini project is under a signed PLN power purchase agreement.