PT Golden Energy Mines Tbk (GEMS) achieved a surge in performance until the end of the third quarter of 2022. The coal mining company posted a net profit of US$ 472.88 million in the first nine months of this year. GEMS's net profit soared 140.63% on an annual basis from the previous US$ 196.53 million.
Golden Energy recorded revenue from customer contracts worth US$ 2.06 billion until the third quarter of 2022. GEMS's revenue soared 94% yearon year (YoY) from US$ 1.06 billion.
Golden Energy's surge in revenue mainly came from overseas sales. GEMS's export sales jumped 126.99% to US$ 1.5 billion from US$ 66.84 million previously. Meanwhile, GEMS's domestic sales increased 42.02% to US$ 562.12 million from US$ 395.81 million previously.
Golden Energy's cost of goods sold soared 97.96% to US$ 1.13 billion. So that Golden Energy's gross jumped 91.92% to US$ 931.69 million.
Despite the decline in financial income, Golden Energy also recorded a decrease in financial expenses and other financial expenses. GEMS also recorded a foreign exchange profit of US$ 1.65 billion. Last year, Golden Energy recorded a net foreign exchange loss of US$ 1.72 billion.
Image source: DOK/GEMS