Dian Swastatica, Company Of The Sinarmas Group Owned By Conglomerate Eka Tjipta Widjaja Earns IDR 1.7 Trillion Profit From Previously Lost IDR 1.1 Trillion

Photo: Doc. DSSA

JAKARTA - PT Dian Swastatica Sentosa Tbk (DSSA) recorded a slick performance in 2021. The company from the Sinarmas group belonging to the conglomerate Eka Tjipta Widjaja managed to make a profit last year, compared to the previous year's record loss.

In DSSA's financial report, quoted on Wednesday, March 23, net profit for the year attributable to owners of the parent entity PT Dian Swastatica Sentosa Tbk (DSSA) jumped to USD 120.07 million (approximately IDR 1.7 trillion) in 2021, compared to a net loss last year reached 83.82 million US dollars (approximately IDR 1.1 trillion).

The increase in profit is in line with the company's revenue growth from 1.50 billion US dollars to 2.16 billion US dollars. The company also recorded a decrease in net other expenses from 179 million US dollars to 117 million US dollars.

This triggered a surge in the company's profit for the year to 265.33 million US dollars in 2021, compared to the current year's loss throughout 2020 which reached 57.89 million US dollars.

The company previously through its subsidiary, Golden Energy and Resources Ltd (GEAR), has issued senior secured notes worth USD  90 million. The bonds are offered at an interest rate of 8.5 percent per year with a target maturity date of May 2026.

Senior secured notes are secured by a portion of GEAR's assets. Meanwhile, GEAR through Golden Investments (Australia) Pte Ltd will use the funds from the corporate action fundraising to take part in the offering of the pro rata rights to the common stock of Stanmore Resources Ltd. The funds will then be used as a source of funding for the acquisition of a 100 percent stake in Dampier Coal (Queensland) Pty Ltd.

Corporate Secretary Dian Swastatica Susan Chandra in an information disclosure last Thursday, March 10, said that the issuance of the senior notes will result in the company's debt-to-equity ratio increasing by about 4.8 percent.

Previously, Dian Swastatica had previously signed the acquisition of Dampier, an Australian coal mining company by Stanmore SMC Holdings Pty Ltd (SMC), a business entity of Golden Energy and Resources Limited which is part of the DSSA Group.