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United Tractors shares rise 10% on doubling of net profit
United Tractors saw its share price jump by more than 10 percent after its net profit doubled in 2022, following a hike in commodity prices.
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Domestic use only: Heavy equipment is used to stockpile coal at the Kertapati coal terminal belonging to state-owned company PT Bukit Asam in Palembang, South Sumatra, on Tuesday. The government has imposed a one-month coal export ban starting Jan. 1. (Antara/Nova Wahyudi)
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eavy equipment distributor United Tractors saw its net profit jump by 104 percent year-on-year (yoy) to Rp 21 trillion (US$1.37 billion) in 2022, following an increase in sales and the soaring price of mining commodities.
The subsidiary of publicly listed PT Astra International reported Rp 123.6 trillion in revenue in 2022, up 55.5 percent yoy from Rp 79.46 trillion the year prior.
A day after posting its profit, the company’s shares surged by more than 10 percent to Rp 27,900 apiece by Tuesday’s trade closing compared with the previous day.
Last year, the company sold 5,753 units of Komatsu heavy equipment, marking an 86 percent yoy increase from the 3,088 units marketed in 2021.
Read also: United Tractors reports strong sales growth in H1
The construction machinery segment contributed the largest chunk to total revenue at Rp 36.5 trillion, or 29.5 percent, followed by the mining contractor and coal mining segments at 26.8 percent and 25 percent, respectively.
United Tractors’ mining contractor arm PT Pamapersada Nusantara (PAMA) recorded 116 million tonnes in coal production, the same amount as last year, although higher coal prices last year significantly propped up the company’s revenue.
