ICN News – Garda Tujuh Buana has succeeded in going through various complex challenges in the last five years (2019-2023). The toughest year for the GTBO business started from 2019 to 2021 as a result of uncertain geopolitical conditions and the impact of Covid 19. Although various efforts continued to be made during that time, losses could not be avoided.
Year 2022 became a new chapter for GTBO after returning to production in November 2021. Improving coal prices started to have a positive impact on the company’s performance since November 2021 in line with the issuance of the latest IUP and improving coal market conditions. In 2024 GTBO successfully produced 1,286,870 tons of coal and sold 1,061,913 tons compared to that in the previous year of 1,783,957 tons.
Year 2022 could be said to be a year of revival for the GTBO business. The hard work of Mastan Singh as President Director and other directors Jones Manulang and Octavianus Wenas turned the situation into a positive one. In 2022, GTBO successfully recorded revenues of US$ 49.26 million with an increasing net profit of US$ 10.57 million. In terms of assets, GTBO is considered successful in increasing the total assets owned. In 2019 GTBO’s total assets were US$ 55.05 million reached US$ 61.73 million in 2022, and even increased again to US$ 66.30 million by December 2023.
In 2024, all GTBO coal sales were exported. India and Thailand were the largest markets. The obligation to meet domestic coal needs (Domestic Market Obligation / DMO) would be fulfilled after obtaining confirmation of the number and value of DMO because in 2022 GTBO would be in production again. Meanwhile, DMO in 2021 would be calculated from the time it returned to production.
GTBO’s coal marketing network is very extensive, namely electricity generating companies from India, China and Thailand. From GTBO’s 2022 revenue of US$ 49.26 million, the largest buyer’s contribution was Agrawal Coal Ltd (India) of US$ 453,794, then Asia Green Energy Public Co Ltd (Thailand) of US$ 296,340, Sing Heng Seng Co Ltd ( Thailand) of US$ 223,380 and others from Chinese companies.
In 2023, GTBO’s performance will be further improved with a coal production volume target of 2.6 million tons. This year, the demand for coal in the export market continues to increase, as evidenced by the delivery of 31 contracts. Until September 2023, 20 delivery contracts had been implemented. According to GTBO Corporate Secretary, Rinaldi, until the end of 2024 GTBO has safe coal reserves.
LIST OF SUBSIDIARY COMPANIES AND TOTAL ASSETS
The company established 1 (one) subsidiary company with 100% ownership of GTBO named GTBO International FZE with registration No. 10462 dated 26 June 12 in Arab Emirate Union. GTBO International FZE occupies an office located at di E-Lob Office No. Hamriyah Free Zone 14 E88F-Sharjah, Arab Emirate Union. GTBO International FZE was established to perform its trading business of coal, metal ores & fuel energy products. The subsidiary has not yet started operations.
