Merdeka Copper Gold, Company Owned By Conglomerate Edwin Soeryadjaya And Sandiaga Uno Raises Revenue Of IDR 5.4 Trillion In 2021

JAKARTA - The company owned by conglomerates Edwin Soeryadjaya and Sandiaga Uno, PT Merdeka Copper Gold Tbk (MDKA) recorded a good performance in 2021. The company's revenue grew significantly last year, although its profit fell slightly.

In MDKA's financial report published on the Indonesia Stock Exchange (IDX) website, quoted Friday, February 25, the company earned a net profit of US$36.13 million throughout 2021. This realization decreased slightly by 0.16 percent from net profit in 2020 of 36,19 million US dollars.

Meanwhile, MDKA posted operating revenues of US$ 380.95 million (around IDR 5.4 trillion) in 2021, up 18.36 percent from 2020 revenues of US$ 321.86 million.

In detail, MDKA's revenue was dominated by sales of gold, silver, and copper cathodes to third parties in the export market, which reached 359.75 million US dollars.

Followed by sales to the domestic market worth 16.55 million US dollars, and the realization of hedging worth 2.89 million US dollars. MDKA also received another income of 1.75 million US dollars.

Sales transactions to one customer that exceeded 10 percent of net sales were to Precious Metals Global Markets (HSBC) worth US$205.79 million and to Mitsui Co. Ltd. worth 75.68 million US dollars. Meanwhile, sales to YLG Bullion Singapore were valued at US$9.64 million.

However, the number of MDKA expenses also increased. Cost of revenue, for example, rose 25.57 percent to US$260.85 million. General and administrative expenses also rose to 29.26 million US dollars from the previous 20.02 million US dollars.

Other expenses rose 15.7 percent to 22.62 million US dollars. However, the financial burden decreased by 29.09 percent to 12.99 million US dollars.