KONTAN.CO.ID - JAKARTA. The top line and bottom line performance of PT Bayan Resources Tbk (BYAN) fell consistently throughout last year. This coal mining company owned by conglomerate Low Tuck Kwong recorded revenues of US$ 3.58 billion up to December 31, 2023. BYAN's revenue dropped 23.83% compared to the previous year (Year on Year/YoY) which at that time reached US$ 4.70 billion. If detailed, almost all of BYAN's 2023 revenue came from coal with a value of US$ 3.57 billion, contributing 99.72% to the total revenue last year. Coal sales to third parties reached US$ 3.39 billion and related parties worth US$ 181.47 million. BYAN also earned revenue from non-coal segments to third parties worth US$ 9.29 million.
Baca Juga: Bayan Resources (BYAN) Kantongi Fasilitas Kredit US$ 75 juta dari Bank BCA Compared to the achievement in 2022, revenue from BYAN's coal and non-coal segments decreased by 23.88% and 14.37% (YoY) respectively. Amid the decline in revenue, BYAN's cost of revenue actually soared. BYAN's cost of revenue in 2023 was recorded at US$ 1.91 billion, up 24.02% (YoY). From this result, BYAN secured a gross profit of US$ 1.66 billion, plummeting 47.46% compared to gross profit in 2022. After adding sales expenses, general and administrative expenses, financial expenses, financial income, and other income, BYAN recorded a pre-tax profit of US$ 1.63 billion. Down 44.55% compared to the achievement in 2022. During the same period, BYAN's income tax expense was cut by 45.10% (YoY) to US$ 353.38 million. So BYAN booked a net profit for the year of US$ 1.28 billion, down 44.34% compared to the net profit of US$ 2.30 billion in 2022. From that amount, BYAN earned a net profit of US$ 1.23 billion in 2023. Down 43.3% compared to the net profit for the year that can be attributed to the parent entity of BYAN in 2022 worth US$ 2.17 billion. Baca Juga: Bayan Resources (BYAN) Alokasikan Capex Hingga US$ 260 Juta Tahun Ini As an illustration, if converted using the current exchange rate of Rp 15,740 per US dollar, then BYAN's net profit in 2023 is equivalent to Rp 19.49 trillion. During the same period, the result made the net profit per basic and diluted share of BYAN also decrease to US$ 0.04. Compared to the position in 2022 which was at US$ 0.07. On the other hand, referring to the public material presented by BYAN management, the decline in financial performance last year was not separated from the falling average selling price or Average Selling Price (ASP) of coal. The ASP obtained by BYAN in 2023 was recorded at US 75.8 per metric ton. Down by 35.7% compared to the ASP in 2022 which was at the level of US$ 117.9 per metric ton.
