As of the third quarter of this year, INDY has absorbed US$149.0 million in capital expenditures-Shangbao Indonesia

November 07, 2023 21:22 PM

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As of the third quarter of this year, INDY has absorbed US$149.0 million in capital expenditures

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INDY recorded that net profit at the end of September 2023 reached US$938.3 billion, a decrease of 72.26% from US$338.39 million in the same period last year.

[News from this newspaper]Indika Energy (INDY) revealed that as of the third quarter of 2023, it has absorbed US$149.0 million in capital expenditures, which may reach 1.62 trillion rupiah (1 US dollar = 15,487 rupiah on September 30, 2023).
Azis Armand, deputy general manager and group CEO of Indika Energy, said that most of the capital expenditure will be used to expand the mining business, electric vehicles and nature-based solutions.
77% of the capital expenditure or US$81.2 million was used for non-coal businesses, including US$54.4 million for Indika Minerals, US$6.6 million for Ilectra Motor Group (IMG), and US$9.5 million for Indika Nature.
INDY also used US$22.8 million in capital expenditures to expand its coal business, including US$13.2 million for Indika Indonesia Resources (IIR) and US$9.6 million for Kideco Jaya Agung.
This situation follows INDY’s commitment to continue to transform the company’s business into a low-carbon economy. “Sustainability will continue to be a key foundation for all our business and operational activities in 2023 and next year.”
On September 22, 2023, INDY, through its subsidiaries Indika Indonesia Resources (IIR) and Indika Capital Investments (ICI), signed a conditional sale and purchase agreement with Petrindo Jaya Kreasi (CUAN) regarding the sale of 100% of the shares of Multi Tambangjaya Utama (MUTU) .
The transaction is expected to satisfy several conditions under the conditional sale and purchase agreement, including approval from the Ministry of Energy and Mineral Resources (ESDM).
INDY recorded that net profit at the end of September 2023 reached US$938.3 billion, a decrease of 72.26% from US$338.39 million in the same period last year.
The net profit declined as INDY’s revenue decreased. INDY recorded revenue of US$2.29 billion, a decrease of 26.65% from US$3.13 billion at the end of the third quarter of 2022. (lcm)