Gold Production Of Abadi Hartadinata Increases In The First Quarter Of 2023

Photo: Doc. Hartadinata Abadi

JAKARTA - The production of gold and gold bullion jewelry from PT Hartadinata Abadi Tbk (HRTA) increased 23 percent in the first quarter of 2023 to 3.36 tons. This prompted the utilization rate to reach 44.75 percent for the same period compared to the first quarter of 2022 of 36.39 percent.

President Director of PT Hartadinata Abadi Tbk, Sandra Sunanto explained, the increase was supported by the company's export activities, which are currently mostly aimed at the Indian market.

"We value export cooperation with India as a pioneer before expanding the export market to other countries. Because this business is trust or trust, we also need to assess the quality as well as those who invite us to work together," Sandra said in a public expose to the company, Wednesday, May 31.

In the first quarter of 2023, HRTA stated an increase in sales by 53.84 percent yoy to Rp2.12 trillion. In line with that, the current year's net profit rose by 37.44 percent to almost Rp70 billion.

"This revenue growth is supported by an increase in the average selling price and sales volume in pure gold which increased 39.82 percent YoY to 2.16 tons in the first quarter of 2023. In terms of profitability, ROA was at 6.60 percent and ROE was at 15.59 percent while DER was managed at 1.36x in the first quarter of 2023," Sandra said.

Most recently, HRTA again agreed to cooperate for the export of gold jewelry with one of the gold business players in India, L P Commodities Private Limited (LPCPL). HRTA is targeted to get additional sales of around 3 tons of gold from the export of 91.6 percent gold jewelry to LPCPL for 3 months starting from May 2023 and can be extended.

The commercial value of export gold jewelry transactions is estimated to contribute US$177.82 million or equivalent to Rp2.66 trillion for the company's consolidated revenue.

This collaboration is a continuation of the export performance achievements that have previously been carried out with Kundan Group and Bright Gold, which proves the trust of export partners in the quality of gold jewelry products produced by the Company.

HRTA will distribute cash dividends of IDR 12 per share, equivalent to 21.80 percent of the company's foreign profit for the 2022 financial year.

The discourse was agreed at the Annual General Meeting of Shareholders (AGMS) of Hartadinata Abadi, where the dividend distribution ratio is 21.80 percent, which is IDR 12 per share for the 2022 profit year period.

"The company is consistent every year in distributing dividends to shareholders with a payout ratio of more than 20 percent. For the distribution of dividends in 2023, according to the results of the GMS which was held this morning, the company will distribute dividends of IDR 12 per share, which will be held on June 30, 2023," said Director of Finance Hartadinata Abadi Tbk, Ong Deny.

For information, HRTA posted a profit for the period attributable to owners of the parent entity for IDR 253.52 billion in 2022. This achievement rose 30.7 percent compared to the previous year's IDR 193.98 billion. So that the basic profit per share also rose to IDR 55.05 from the previous IDR 42.12.

The profit achievement is in line with the sale of Hartadinata Abadi throughout 2022 which rose 32.08 percent to Rp6.92 trillion compared to the previous year's Rp5.24 trillion.