Merdeka Copper Gold Owned By Conglomerates Edwin Soeryadjaya And Sandiaga Uno Earn Rp995 Billion Profit In First Quarter 2022 From Previously Lost Rp71 Billion

JAKARTA - The company owned by conglomerates Edwin Soeryadjaya and Sandiaga Uno, PT Merdeka Copper Gold Tbk (MDKA) managed to record performance growth in the first quarter of 2022.

This metal mineral producer company earned a net profit of 69.65 million US dollars (approximately Rp.995 billion) during the first three months of 2022. This realization is in contrast to the same period the previous year, where MDKA posted a net loss of 4.98 million US dollars ( around IDR 71 billion).

As a result, MDKA's basic earnings per share also improved to US$0.0030 from the previous loss of US$0.0002.

The improvement in MDKA's net profit is inseparable from the increase in revenue. The company posted revenue of 123.08 million US dollars, a 164.43 percent jump from realized revenue in the first quarter of 2021 which was only 46.54 million US dollars.

In detail, MDKA's revenue was dominated by sales of gold, silver and copper cathodes to the export market, which was valued at US$116.71 million, followed by sales to the domestic market valued at US$6.12 million. MDKA also posted other income of US$312.09 million.

Sales transactions to one customer that exceeded 10 percent of net sales, namely to Precious Metals Global Markets (HSBC) worth US$76.71 million, Mitsui & Co. Ltd. Worth 23.28 million US dollars, and Metal Challenge Co., Ltd. 12.63 million US dollars.

A number of MDKA expenses also increased along with the increase in income. The cost of revenue, for example, rose 58.8 percent to 77.45 million US dollars from the previous 48.77 million US dollars.

General and administrative expenses rose 142 percent to 16.10 million US dollars, and finance expenses rose 71.8 percent to 3.36 million US dollars.