Coal price surge fueled Golden Energy’s performance
JAKARTA. The revenue of PT Golden Energy Mines Tbk (GEMS) soared 49.41% to USD 1.58 billion throughout 2021, supported by the rise of coal prices.
In the annual financial report of the company published yesterday (8/3), this coal mining issuer reported revenue of USD 1.58 billion, shifting upwards from USD 1.06 billion in 2020.
Sudin Sudiman, Corporate Secretary of GEMS, explained that the improved financial performance of GEMS could be traced to the increased coal price. He said that GEMS recorded the realisation of coal production of 29 million tons, whereas the sales volume realisation reached 29.5 million tons. “[The improved performance is] due to the significant rise of the coal price last year,” he claimed, as quoted by Kontan yesterday (8/3). In 2022, GEMS aims to achieve consolidated coal production of 40 million tons.
After subtracting costs and expenses, GEMS finally scored a net profit attributable to the parent company of USD 348 million, proliferating 270.48% from USD 93.93 million reported in 2020. (AM/ZH)