Merdeka Copper Gold, A Company Owned By Conglomerate Edwin Soeryadjaya And Sandiaga Uno, Its Profit Drops 48 Percent

JAKARTA - A company whose shares are controlled by the Saratoga Group, PT. Merdeka Copper Gold Tbk (MDKA) posted a decrease in revenue and profit in 2020.

Quoted from MDKA's financial report, Friday, April 16, the company posted revenues of US$ 321.86 million or around Rp.4.59 trillion. This achievement was down from US$ 402.04 million in 2019.

Operating revenues were supported by sales of gold, silver, and cathode copper to the export market valued at US$ 344.44 million and the domestic US$ 3.89 million. However, the realization of the hedging of 28.67 million US dollars made metal sales recorded at 319.66 million US dollars.

MDKA principal expenses were recorded to have decreased to US$ 207.74 million from US$ 246.59 million previously. However, gross profit still fell to 114.12 million US dollars in 2020, from the previous 2019 which was valued at 155.44 million US dollars.

As a result, MDKA booked profit for the year attributable to the owners of the parent entity amounting to US$ 36.19 million or around Rp. 517.08 billion. The net profit was down 48.89 percent from the previous US$ 70.83 million in 2019.

MDKA cash and cash equivalents at the end of the year reached 51.03 million US dollars, up from 49.59 million US dollars at the end of 2019. The company, which is 8.2 percent owned by Garibaldi Thohir, posted a liability of 365.96 million US dollars in 2020, down from the previous year's 427 million US dollars.

Short-term liabilities in 2020 reached US$ 192.22 million, while long-term liabilities were US$ 173.74 million. MDKA's equity in 2020 reached 563.64 million US dollars, an increase from the end of 2019 of 524.24 million US dollars.

The company's total assets amounted to US$ 929.61 million last year. This figure is down from the record in 2019 which was valued at US$ 951.25 million.