Archi Indonesia Targets Revenue To Grow 15 Percent In 2024

Rupiah (Photo: Antara)

JAKARTA - PT Archi Indonesia Tbk (ARCI) is targeting revenues to grow by 10 to 15 percent year on year (yoy) in 2024.

This gold producer company allocated capital expenditure (capex) worth US$50 million this year as an effort to pursue the growth target.

ARCI President Commissioner Kenneth Ronald Kennedy Crichton said the mining industry faced a number of challenges, namely commodity price volatility, the threat of an energy crisis, and geopolitical conflicts.

"Through a proactive and sustainable strategy, Archi as a player in the Indonesian mining industry, remains and contributes positively to the country's economy," said Kenneth quoting Antara.

ARCI President Director Rudy Suhendra explained, the company recorded an increase in gold production volume by 10.94 percent (yoy) to 123.3 kilo ounces during 2023, compared to the previous 111.1 kilo ounces in 2022.

"The increase in gold production volume was due to an increase in gold levels processed by the Company from 1.07 g/t to 1.20 g/t, along with the re-operation of the post-longsor Araren Pit which occurred in early 2022," said Rudy.

Furthermore, the increase in company production is in line with the sales volume achievement which was recorded at 120.6 kilo ounces in 2023, or an increase of 2.80 percent (yoy) compared to 117.3 kilo ounces in 2022. focused on increasing cost efficiency, better managing cash flow, and optimizing working capital management.

In 2023, the company recorded revenue from customer contracts worth US$249.6 million, or an increase compared to the previous 216.5 million in 2022.

The company's net profit increased 1.53 percent (yoy) to USD 14.8 million in 2023, compared to the previous USD 14.5 million in 2022.

Dari struktur permodalan, Rudy menyebut struktur permodalan perseroan diperkuat melalui perolehan fasilitas pinjaman sindikasi berjangka, sehingga dapat mendukung langkah-langkah pengembangan yang telah dicanangkan.

"This increase in capital is contributed by the acquisition of a long-term syndicated loan worth 365 million US dollars used for the development of Archi mining operations," said Rudy.

At the end of 2023, the company's total assets were recorded at 803.6 million US dollars, or an increase of 11.95 percent (yoy) compared to the previous year which was valued at 717.8 million.