Golden Eagle Energy (SMMT) Optimistic Performance Growth Trend Continues

Golden Eagle Energy (SMMT) Optimistic Performance Growth Trend Continues

SMMT’s Corporate Secretary , Susanti Nilam, stated that the performance results and production volume in the first semester of 2022 still follow the trend printed in the first quarter of 2022.

“The volume of production and sales until the first semester of 2022 shows a positive increase compared to the first semester of 2021.
SMMT targets coal sales to grow 15%-20% this year,” Susanti said to Kontan, Friday (5/8).

Citing the company’s interim financial report, SMMT’s net sales increased 156.92% year-on-year (yoy) from Rp 81.61 billion in the first quarter of 2021 to Rp 209.68 billion in the first quarter of 2022.

Then, SMMT’s coal production volume in the first quarter of 2022 increased by 189% compared to the realization in the first quarter of 2021. Meanwhile, sales volume in the first quarter of 2022 rose 115% compared to the realization in the first quarter of 2021. As a result, SMMT’s financial performance was also boosted.

In line with the increase in net sales, net profit attributable to owners of the parent entity aka SMMT’s net profit skyrocketed 613.74 yoy from Rp 10.29 billion in the first quarter of 2021 to Rp 73.45 billion in the first quarter of 2022.

Regarding coal volume production, in 2021, SMMT’s coal sales volume rose 67% to 2.04 million tons. If referring to the 15% to 20% target, SMMT’s coal sales this year can reach the range of 2.34 million tons to 2.44 million tons.

Regarding capex absorption, SMMT stated that the funds were still being channeled in accordance with the budget that had been set to support production activities. This year, SMMT has budgeted a capex of IDR 30 billion.

“We hope that SMMT coal sales this year will be able to increase and show positive results in accordance with what was targeted at the beginning of the year,” said Susanti.

He is optimistic even though he currently sees the coal market price showing a slight decline. SMMT believes that performance can still be supported by improved logistics and infrastructure.

“This is still a positive catalyst in coal sales, apart from improving logistics and infrastructure,” he said.

Source: https://industri.kontan.co.id/news/golden-eagle-energy-smmt-optimistis-tren-pertumbuhan-kinerja-berlanjut