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Energy Minerals

PT Adaro Energy Tbk

Company Background

Adaro Energy is Indonesia's second-largest coal miner by production volume and largest by market capitalization. The company owns mines in South Kalimantan Province and produced more than 50 million tons of coal in 2013.

Adaro started commercial production in the early 1990s and was acquired by a group of businessmen in 2005. The group included Edwin Soeryadjaya and Garibaldi Thohir, both of whom are sons of the co-founders of Astra International, one of Indonesia's largest conglomerates. After taking Adaro public in 2008, the group of investors merged most of their share ownerships into a single entity, Adaro Strategic Investments, which currently controls more than 40% of total shares. Soeryadjaya serves as Adaro's president commissioner and Thohir as president director & CEO.

In 2011, Adaro joined a consortium of Japanese companies to build one of the largest coal-fired power plants in Asia. But the $4 billion project has since been delayed due to opposition by land owners and environmental groups.

Business Summary

PT Adaro Energy Tbk engages in the integrated coal mining, mining services and logistics, and power businesses through its subsidiaries. It operates through the following segments: Coal Mining and Trading, Mining Services, Logistics, and Others. The Coal Mining and Trading segment produces and distributes thermal coal. The Mining Services segment provides exploration, drilling, transportation, logistical support, and overburden mining removal services. The Logistics and Others segment focuses on coal terminal operations, barging and ship loading, channel dredging, and maintenance contracting activities. The company was founded on July 28, 2004 and is headquartered in Jakarta, Indonesia.

Financial Highlights

Dec 2018 IDRUSD
Gross Profit17,149.49B1,204.59M
Operating income14,467.54B1,016.20M
Income before tax11,688.36B820.99M
Net income5,946.98B417.71M
Diluted EPS172.970.01
Dividends Per Share90.150.00
Total Assets101,533.65B7,060.75M
Total liabilities39,660.94B2,758.06M
Total equity52,492.73B3,650.39M
Operating cash flow12,897.24B905.90M
Currency in IDRCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 39,452.42B 35,964.57B 33,573.40B 43,602.33B 51,533.60B
Gross Profit 8,484.67B 7,219.71B 9,055.03B 15,225.72B 17,149.49B
Operating income 6,581.48B 5,476.29B 7,076.53B 12,817.76B 14,467.54B
Income before tax 3,815.86B 3,750.86B 7,268.93B 12,438.79B 11,688.36B
Net income 2,110.53B 2,042.27B 4,450.59B 6,467.38B 5,946.98B
EBITDA 10,679.46B 9,948.00B 11,653.61B 17,536.04B 19,626.25B
Diluted EPS 61.45 59.48 129.54 188.14 172.97
Dividends Per Share 30.25 31.93 42.40 107.64 90.15
Total Assets 79,435.70B 82,139.70B 87,871.10B 92,450.93B 101,533.65B
Total liabilities 39,067.14B 35,918.00B 36,865.81B 36,937.79B 39,660.94B
Total equity 34,276.84B 39,506.26B 42,390.65B 47,055.75B 52,492.73B
Operating cash flow 7,024.63B 6,853.94B 8,984.73B 11,423.76B 12,897.24B
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 3,325.44M 2,684.47M 2,524.23M 3,258.33M 3,619.75M
Gross Profit 715.17M 538.89M 680.80M 1,137.79M 1,204.59M
Operating income 554.75M 408.76M 532.05M 957.85M 1,016.20M
Income before tax 321.63M 279.97M 546.52M 929.53M 820.99M
Net income 177.89M 152.43M 334.62M 483.29M 417.71M
EBITDA 900.17M 742.54M 876.18M 1,310.44M 1,378.55M
Diluted EPS 0.00 0.00 0.00 0.01 0.01
Dividends Per Share 0.00 0.00 0.00 0.00 0.00
Total Assets 6,413.86M 5,958.62M 6,522.25M 6,814.14M 7,060.75M
Total liabilities 3,154.39M 2,605.58M 2,736.37M 2,722.51M 2,758.06M
Total equity 2,767.61M 2,865.88M 3,146.45M 3,468.26M 3,650.39M
Operating cash flow 592.10M 511.59M 675.52M 853.67M 905.90M

Valuation Measures

Dec 2018
Operating margin28.07%
Profit margin11.54%

Key executives

  • President Director & Chief Executive Officer: Garibaldi Thohir
  • Chief Operating Officer & Director: Ah Hoo Chia
  • Chief Financial Officer: Lie Luckman
  • Chief Human Resources, IT Officer & Director: Julius Aslan
  • Chief Legal Officer & Director: M. Syah Indra Aman


  • PT Adaro Strategic Capital (43.9%)
  • Dimensional Fund Advisors LP (1.6%)
  • The Vanguard Group, Inc. (1.4%)
  • BlackRock Fund Advisors (0.9%)
  • PT Schroder Investment Management Indonesia (0.3%)
  • BlackRock Advisors (UK) Ltd. (0.2%)
  • Canada Pension Plan Investment Board (0.2%)

Contact Details

  • Website:
  • Address: Menara Karya, 23rd Floor, Jalan H. R. Rasuna Said Block X-5, Jakarta, 12950, Indonesia
  • Phone: +62.21.521.1265

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Last Updated on 21 Feb, 2020

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