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Archi Indonesia (ARCI) Confident Performance Improvements by the End of the Year

Tue 02 Aug 2022, 09:42 AM



The performance of PT Archi Indonesia Tbk (ARCI) experienced a decline in the first semester of 2022. This gold producer posted a decrease in revenue and net profit throughout the period. ARCI posted net profit for the period attributable to the parent company of US$ 14.15 million. This figure decreased 56.56% from net profit in the same period last year of US$ 32.57 million

Thus, ARCI's basic earnings per share decreased to US$ 0.0006 from the previous US$ 0.0016 per share The decline in ARCI's net profit was in line with the decline in its revenue. ARCI posted revenue from contracts with customers worth US$ 119.63 million, a decrease of 15.96% from revenue in the first half of 2021 which reached US$ 142.35 million.

ARCI Corporate Secretary Harry Margatan Sopandi said that the decline in ARCI's performance in the first six months of 2022 had something to do with the natural disaster that hit ARCI's pit . Currently, management estimates that ARCI's gold production will decrease from the previous year by around 25%, which was caused by a natural disaster that hit one of the pits . However, ARCI believes that the current remediation process will be able to increase ARCI's productivity and financial performance in the fourth quarter of 2022.

The pit wall or working wall of the Araren pit mine, which was damaged due to high rainfall in early January 2022, has entered the remediation process. 
ARCI targets this 
pit to resume production in the fourth quarter of 2022.

Archi Indonesia President Director Rudy Suhendra said the remediation or recovery process had gone very well and according to plan. 

"We believe that the optimal return of 
pit operations will have an impact on ARCI's gold production in the fourth quarter of 2022 and the following year," said Rudy, Monday (1/8). Rudy added that ARCI has optimized mining activities in the other three pits , so that operational performance can be maintained. Until the first semester of 2022, ARCI has achieved its gold production target of 58.3 kilo ounces.

Looking ahead, Harry saw that the prospect of gold was still quite gleaming. 
He considered gold is a 
safe haven asset .

"So Archi hopes that gold will always be the choice of investors in uncertain situations . Global economic conditions could affect the movement of gold this year," said Harry to, Monday (1/8).



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