Archi Indonesia, Gold Mining Company Owned By Conglomerate Peter Sondakh, Its Profits Drop 56.56 Percent To IDR 212 Billion In Semester I 2022

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JAKARTA - The performance of the gold mining company owned by conglomerate Peter Sondakh, PT Archi Indonesia Tbk (ARCI) was less than satisfactory in the first semester of 2022. The company posted a decline in revenue and net profit during the first six months of 2022.

In the company's published financial report, quoted on Tuesday 2 August, ARCI posted a net profit for the period attributable to the parent company of USD 14.15 million (approximately IDR 212 billion). This figure fell 56.56 percent from net profit in the first semester of 2021 which reached 32.57 million US dollars.

As a result, ARCI's basic earnings per share decreased to USD 0.0006 from the previous USD 0.0016 per share.

The decline in ARCI's net profit was in line with the decline in its revenue. ARCI posted revenue from contracts with customers worth USD 119.63 million, down 15.96 percent from revenue in the first half of 2021 which reached USD 142.35 million.

By destination, domestic sales dominated ARCI's revenue, which reached 73.49 million US dollars, followed by overseas sales of 46.13 million US dollars.

Meanwhile, based on customers, sales to PT Bhumi Satu Inti were the largest, reaching 70.68 million US dollars or 59.09 percent of ARCI's total revenue.

This was followed by sales to StoneX APAC Pte Ltd (formerly INTL Asia Pte Ltd) valued at USD 23.89 million or 19.97 percent, YLG Bullion Singapore Pte Ltd valued at USD 22.23 million or 18.59 percent, and sales to third parties others (under USD 500.000 each) amounting to USD 2.81 million or 2.35 percent of ARCI's total revenue.

ARCI posted a decrease in cost of goods sold by 3.14 percent from the original 81.75 million US dollars to 79.18 million US dollars. However, a number of expenses also rose, such as general and administrative expenses which rose 50 percent to 5.64 million US dollars, as well as other operating expenses which rose 590 percent to 8.15 million US dollars from the previous only 1.18 million US dollars.