Sinar Mas Mining Company Owned By Conglomerate Eka Tjipta Widjaja Earns Rp2.7 Trillion Profit In The Third Quarter 2021

JAKARTA - The mining company from the Sinar Mas Group, PT Golden Energy Mines Tbk (GEMS) recorded a positive performance in the third quarter of 2021. The company owned by the late conglomerate Eka Tjipta Widjaja achieved significant profit growth in the first nine months of this year.

In the GEMS financial report published on the Indonesia Stock Exchange (IDX) website, quoted on Thursday, November 18, the company's net profit has tripled or 207.25% from US$63.96 million in September 2020 to US$196.52 million. in the third quarter of 2021.

The surge in net profit was supported by the increase in GEMS revenue by 34.93 percent (YoY). GEMS posted contract revenue with customers of USD 783.86 million in the third quarter of 2020 and its value rose to USD 1.06 billion in the first nine months of 2021.

This revenue was dominated by export sales, where the value rose from US$450.50 million in September 2020 to US$661.84 million in September 2021. Domestic sales also grew, from initially US$333.36 million to US$395.81 million US dollars.

The efficiency of the financial burden also affects the achievement of the company's net profit. On an annual basis, GEMS' financial burden was cut from USD 6.90 million in the third quarter of 2020 to USD 6.02 million in the third quarter of 2021.

Meanwhile, GEMS assets until the end of September 2021 reached US$718.83 million, lower than the position in December 2020 which amounted to US$813.72 million.