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Golden Energy Mines (GEMS) Increases Production in Second Quarter 2022

Sun 31 Jul 2022, 11:37 AM



PT Golden Energy Mines Tbk (GEMS) recorded an increase in production and sales performance in the second quarter of 2022. GEMS Corporate Secretary Sudin Sudiman revealed that the increase in production performance occurred for the second quarter of 2022 compared to the first quarter of 2021"(Realization) 9.7 million metric tons for production and 9.6 million metric tons for sales," said Sub-Department to, Sunday (31/7).

Sudin continued, this achievement was better than the first quarter of 2022. In the first three months, production and sales were respectively 7.9 million metric tons and 8.5 million metric tons.

Thus, in total, until the first half of 2022, GEMS posted production of 17.6 million metric tons and sales of 18.1 million metric tons. "This is in accordance with our capabilities and production targets. Compared to the first quarter of 2022, the weather is (more) supportive in the second quarter of 2022," added Sudin.

Kontan noted, GEMS is eyeing a higher coal production figure than last year. 
Until the end of 2022, GEMS is aiming for a consolidated production figure of around 40 million tons of coal. Around 36 million tons of which is planned to come from BIB's coal production. As a comparison, citing the company's annual report, GEMS' coal production volume throughout 2021 reached 29.11 million tons, while the realized sales volume reached 29.49 million tons. GEMS's largest market share includes Indonesia, China, and India with volumes of 12.06 million tons, 11.89 million tons, and 3.99 million tons, respectively. The prepared capital expenditure budget is around US$ 22 million.

Referring to the company's financial statements, GEMS posted revenues of US$ 539.12 million in the first quarter of 2022. This achievement increased significantly to 41.41% 
year on year (yoy). In the same period in the previous year, GEMS' revenue was recorded at US$ 381.24 million. Meanwhile, an increase in performance also occurred for net profit where GEMS scored US$ 133.44 million in the first quarter of 2022. This achievement increased by 35.2% yoy where in the first quarter of 2021 GEMS' net profit reached US$ 98.69 million.

Change of Commissioners and Directors

GEMS management approved the change in the composition of the company's commissioners and directors in the agenda of the Extraordinary General Meeting of Shareholders (EGMS) on Friday (29/7).

GEMS appointed Venkataramani Ranganathan as Vice President Director replacing Megha Shyam Kada. In addition, Alex Sutanto was appointed as Commissioner of the Company replacing Fuganto Widjaja.

Thus, the composition of the GEMS commissioners is as follows:

  • President Commissioner: Lokita Prasetya
  • Vice President Commissioner: Avinash Ramakant Shah
  • Commissioner: Alex Sutanto
  • Independent Commissioner: Ketut Sanjaya
  • Independent Commissioner: Bambang Setiawan
  • Independent Commissioner: Madhu Ramachandra Rao

Composition of the board of directors:


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