GEMS records profit growth

PT Golden Energy Mines Tbk (GEMS) posted a profit growth of US$ 29.09 million by optimizing load efficiency and reducing foreign exchange losses amid a decline in revenue from customer contracts throughout 2020.

Bonifasius, President Director of PT Golden Energy Mines Tbk (GEMS), said that the company’s revenue from customer contracts was recorded at US$ 1.06 billion, lower than 2019’s US$ 1.10 billion. However, gross profit was recorded to have increased to US$ 379.09 million, higher than US$ 361.45 million in 2019.

The increase in gross profit was accompanied by efficiency and reduction in foreign exchange losses so that the profit before income tax grew to US$ 127.23 million from US$ 100.34 million in 2019. Meanwhile, the net profit was recorded at US$ 95.85 million, higher than in 2019 as much as US$ 66.76 million.

He conveyed that the largest sales contributor came from the foreign market amounting to US$ 633.39 million and US$ 428.01 million in the domestic market. Based on consumers, third party customers contributed US$ 892.05 million and related parties US$ 69.35 million.