Adaro core earnings surge 140% YoY to $3.01b in 2022

Its revenue hit a record-high $8.1b.

PT Adaro Energy Indonesia Tbk (Adaro) posted a 140% year-on-year growth in core earnings to $3.01b in 2022 driven by strong pricing and sales volume.

In a statement, Adaro said its revenue more than doubled and hit a record-high $8.1b during the period due to higher sales volume, and higher average selling price year-on-year due to strong coal pricing.

The company’s earnings before interest, tax, depreciation and amortisation rose by 139% $5b.

“Adaro was able to deliver historical high performance in an unprecedented year for our industry [...] The strong profitability will allow us to speed up our transformation projects and build a bigger and greener Adaro,” said Adaro President Director and CEO Garibaldi Thohir.

The average selling price for coal jumped 74% YoY in 2022, with the sales volume increasing by 19% to 61.34 million tonnes.

Adaro is allotting around $400m to $600m as capital expenditure for the financial year 2023 which will be used for routine capex and expansion of its mining, services, and logistics business.

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