PT J Resources Asia Pasifik Tbk (PSAB) has demonstrated impressive performance in both stock price movement and financial results. In the first half of 2024, the top line and bottom line of this gold mining company have shown significant improvement.
PSAB successfully turned its performance around, achieving a net profit of USD 10.08 million. This is a significant improvement compared to a net loss attributable to the owners of the parent entity of USD 18.32 million in the first half of 2023.
This bottom line improvement is in line with a surge in the top line. PSAB recorded sales of USD 130.14 million by June 2024, a 125.85% increase compared to the same period last year (YoY), which was only USD 57.62 million.
According to the financial report released on the Indonesia Stock Exchange on Wednesday, July 31, PSAB's revenue was derived from the sales of gold and silver, primarily to Metalor Technologies Singapore Pte. Ltd. amounting to USD 108.66 million and PT Aneka Tambang Tbk (Antam) amounting to USD 15.72 million.
Sales to Metalor Technologies and Antam accounted for 83% and 12% of total sales, respectively. Additionally, PSAB's sales were also directed to Beijing Fuhaihua Import and Export Corp Ltd. amounting to USD 5.14 million and to Transamine Far East Limited amounting to USD 612,459.
Along with the increase in sales, PSAB's cost of goods sold rose by 124% (YoY) to USD 62.90 million. As a result, PSAB posted a gross profit of USD 67.23 million, soaring 127.58% annually.
After accounting for various other bookkeeping items, PSAB recorded a net profit of USD 16.25 million in the first half of 2024, reversing from a loss of USD 14.56 million in the first half of 2023.
With this performance improvement, PSAB also posted earnings per share of USD 0.0004 as of June 30, 2024, compared to a loss per share of USD 0.0007 in the same period last year.
The improvement in PSAB's performance is also reflected in its stock price, which has surged significantly. Year to date, PSAB's stock price has accumulated a gain of 147.73%. However, at the beginning of August, on Thursday, August 1, PSAB's stock price decreased by 0.91% to IDR 218 per share.
For your information, PSAB is controlled by Jimmy Budiarto as the controlling shareholder, with a 92.50% ownership. PSAB controls several business entities, most of which are owned through PT J Resources Nusantara.
PSAB's subsidiary, PT J Resources Nusantara (JRN), actively invests in various projects. Most recently, JRN was awarded at the Jakarta Investment Award 2024 held on Wednesday, July 31.
JRN secured second place for the company with the largest investment realization contribution in the other services sector in 2023 in the Domestic Investment (PMDN) category. In addition to investment realization, two other criteria assessed were compliance with reporting requirements and social and environmental responsibility.
"This is an appreciation of J Resources' contribution to supporting regional economic growth through sustainable investment," said Director of J Resources Nusantara, Anang Rizkani Noor, in a release broadcast on Thursday, August 1.
PT J Resources Nusantara directly owns six subsidiaries, including J&P Resources Gold OHQ (Malaysia), J Resources Netherland BV, PT J Resources Mining Services Indonesia, PT J Resources Bolaang Mongondow, PT Sago Prima Pratama, and PT Arafura Surya Alam.
