In a tumultuous year hit by global monetary tightening, recession fears and the war in Ukraine, an Indonesian mining stock has risen a stunning 1,595% to become the world’s best performer.

Shares of PT Adaro Minerals Indonesia have traded sideways since their highest decline in April but still outperformed the 2,803-member Bloomberg World Index, returning more than double that of runner-up Turkish Airlines.

Since its debut in Jakarta on January 3, Adaro’s shares have soared, surging from Rp 100 to Rp 2,990 in just over three months before falling. It closed at Rp 1,695 on Wednesday, giving it a market capitalization of about $4.5 billion.

While the stock’s fortunes are closely tied to global coal prices, analysts see Adaro gaining more on the company’s strategy to use windfall profits to diversify into aluminium and electric vehicle battery manufacturing.

The company reported a 482% jump in net profit in the nine months to September as its average selling price more than doubled, and coal sales soared 41%. Forecasts from five analysts compiled by Bloomberg suggest the stock will rise another 42% over the next 12 months.

Adaro’s price-to-book ratio is about 9.4, close to its lowest since listing, but about six times higher than its domestic peers, including PT Bukit Asam and PT Indo Tambangraya Megah, according to data compiled by Bloomberg. The ratio between China’s Shanxi Coking Coal Energy Group Co Ltd and Australia’s Whitehaven Coal Ltd, which produces coking coal, is about 2.