PTBA's Profit Rises 105%, CEO Reveals the Reasons
PT Bukit Asam (Persero) Tbk (PTBA) recorded net profit attributable to the parent company’s owners for the first quarter of 2026 at Rp801.7 billion. This achievement surged 105% compared to the first quarter of 2025, which stood at Rp391.4 billion.
“Amid challenges of high rainfall at the start of the year, the Company managed to maintain sales stability through prudent inventory management, while continuing discipline in efficiency and selective mining that drove improvements in cost structure,” said PTBA’s President Director, Arsal Ismail, in a written statement on Friday (1/5/2026).
It was noted that PTBA’s operating revenue for the first quarter of this year showed no percentage increase, dipping slightly from Rp9.95 trillion to Rp9.92 trillion. Meanwhile, the cost of goods sold decreased 6% from Rp8.9 trillion to Rp8.3 trillion.
As a result, PTBA’s gross profit for the first quarter rose 47% from the previous Rp1.47 trillion to Rp1.5 trillion. Operating profit also surged 98% from Rp442.8 billion to Rp868.02 billion.
This decline was in line with a decrease in operational volume, with coal production down 22% year-on-year and transportation also down 7% year-on-year. Additionally, the stripping ratio was lower at 5.31x compared to 6.42x in the same period the previous year.
As for the sales portion up to the end of March 2026, domestic sales accounted for 53%, while the remaining 47% were exports.
“At the end of this period, the five largest export destinations were Vietnam, Bangladesh, India, Cambodia, and Thailand,” he stated.
Although sales volume fell 1% year-on-year, the coal price response differed in this period, with the Newcastle Index rising 14% year-on-year but ICI-3 falling 2% year-on-year, resulting in an average selling price increase of 1% year-on-year.
Meanwhile, the cost of goods sold dropped 6% from Rp8.9 trillion to Rp8.3 trillion. Up to the first quarter, PTBA stated that operating expenses rose by Rp61.37 billion or 10% from the same period the previous year. This increase was mainly due to rises in expense components.
According to him, the conflict in the Strait of Hormuz that occurred at the end of February 2026 has begun to impact increases in fuel prices per litre, although for this period it remains relatively small (+3% year-on-year). “This will certainly affect the increase in fuel costs used by the Company, both for mining activities and railway transportation,” he added.
Total assets as of 31 March 2026 were recorded at Rp43.23 trillion, down 2% from the end of 2025 at Rp43.92 trillion. “This was caused by a decrease in inventory as well as cash and cash equivalents of the Company,” he concluded.
He added that capital expenditure up to 31 March 2026 was realised at Rp470 billion, with the majority used for the development of coal transportation on the Tanjung Enim-Kramasan railway line.
Corporate Secretary Division Head, Eko Prayitno, stated that the achievements in this quarter demonstrate the Company’s operational foundation remains solid amid external challenges, including weather conditions affecting production and escalating geopolitical situations.
“With a solid operational foundation, the Company is optimistic about continuing to maintain healthy performance and creating sustainable value for all stakeholders,” he concluded.