Issuer mining contractor PT Golden Energy Mines Tbk. (GEMS) recorded an increase in performance until the first quarter of 2023. GEMS's net profit increased to US$229 million or the equivalent of IDR 3.43 trillion (JISDOR exchange rate of IDR 15,000 per US dollar) in the first quarter of 2023.
Based on the company's financial report, GEMS recorded revenue from contracts worth US$838.6 million or the equivalent of Rp.12.58 trillion in the first quarter of 2023. This revenue increased 55.56 percent on an annual basis from US $ 539.12 million.
This revenue was obtained from overseas sales of US$606.8 million and domestic sales of US$231.8 million. Meanwhile, based on the segment, revenue from coal mining was US$820.4 million and coal trading was US$18.2 million.
This increase in revenue helped raise GEMS's cost of revenue to US$438.9 million, or an increase of 47.95 percent from US$296.7 million on an annual basis or year-on-year (yoy).
Golden Energy Mines was also recorded to have recorded a gross profit of 64.89 percent from US$242.4 million in the first quarter/2022, to US$399.6 million in the first quarter/2023.
As a result, GEMS posted a net profit of US$229 million or the equivalent of Rp.3.43 trillion during the first three months of 2023. This net profit jumped 71.65 percent from the same period last year of US$133.4 million.
Until the end of March 2023, GEMS posted total assets of US$1.38 billion, up from the end of December 2022 which was valued at US$1.12 billion. GEMS cash and cash equivalents increased to US$474.4 million in the first quarter of 2023, from US$329.59 million at the end of December 2022.
Then, GEMS's total liabilities also increased to US$591.2 million in the first quarter of 2023, from US$570.8 million in 2022. GEMS's total short-term liabilities were recorded at US$503.13 million, and long-term liabilities of US$88.09 million. GEMS equity was recorded to have increased to US$790.7 million at the end of March 2023, from US$558 million at the end of December 2022.
Previously, GEMS President Director Bonifasius said GEMS hoped that this year's revenue and net profit could be the same as in 2022. According to him, GEMS's revenue and net profit will depend on the selling price of coal.
Bonifasius said, this year GEMS's coal production target is expected to be better than last year's. In 2022, GEMS will record 39 million tonnes of production and this year production is expected to reach 42 million tonnes.
"In the first quarter of 2023, the actual production is approximately 10 million, approximately 25 percent. It's still on schedule ," he said.
Image source: goldenenergymines.com
