Profit Of Company Owned By Conglomerate Eka Tjipta Widjaja Soared 197 Percent, Successfully Sold 9.3 Million Tons Of Coal

Illustration. (Photo: Doc. Golden Energy Mines)

JAKARTA - A coal mining company, PT Golden Energy Mines Tbk, recorded performance growth in the first quarter of 2020. The issuer coded for GEMS shares earned an after-tax profit of 101 million US dollars in the first quarter of 2021.

As reported from the GEMS financial report published on the Indonesia Stock Exchange website, Friday 23 April, this achievement was up 197 percent compared to the acquisition in the first quarter of 2020 of 34 million US dollars. Even the company's first quarter 2021 profit has exceeded the 2020 full-year profit after tax of 96 million US dollars.

The revenue of the coal company owned by the late conglomerate Eka Tjipta Widjaja also increased 20 percent to 381 million US dollars compared to 317 million US dollars in the first quarter of 2020. President Director of Golden Energy Mines Bonifasius said that the profit during the first quarter of 2021 had met 80 percent of the company's profit target of 175 million US dollars.

Meanwhile, in the first quarter of 2021 GEMS recorded coal sales of 9.3 million tons, up 4 percent compared to the same period in the previous year of 8.9 million tons. The sales consisted of domestic sales of 43 percent and export sales of 57 percent.

Of the export sales, the largest market contributor was from China at 37 percent, India at 16 percent, while the East and Southeast Asian markets were at 4 percent. Boniface hopes that the high demand and price for coal can last until the end of this year.

Meanwhile, the demand is believed to be supported by demand from China which will increase in line with the Panda Country's economic recovery. On the other hand, this year's good performance will also be supported by projected production growth this year in line with the Indonesian Government raising this year's production target to 625 million tons.