PT Sumber Global Energy Tbk (SGER) is eyeing revenue of IDR 5 trillion by 2022. It is also targeting a coal shipping capacity of 4.5 million metric tons (mt). The target is 27.42 percent higher than last year’s revenue realization in the range of IDR 3.92 trillion.
President Director of Sumber Global Energy (SGER) Welly Thomas is optimistic that the target will be achieved due to a number of factors that have been calculated by the company. First, by increasing the volume of local coal sales by a subsidiary, namely PT Sumber Mineral Global Abadi. Second, SGER is more aggressive in increasing sales in the Asian region through its subsidiary, namely Hineni Resource Pte Ltd which is domiciled in Singapore.
“While the third, Sumber Global Energy has made deliveries to Rotterdam, the Netherlands and is currently in the process of shipping to Poland, and is currently negotiating with other European countries. As for the Asian market, we are currently negotiating with Malaysia,” said Welly in a virtual public expose, Tuesday (21/6/2022).
According to him, this optimism has also been proven by the achievement of the first quarter of 2022 which recorded 870,470 mt of coal shipments despite the export ban from the government. The coal absorption increased by 128.17% compared to the first quarter of 2021 ( year on year / yoy) which was 379,806 mt.
Welly said, SGER’s sales strategy for the local market has had a positive impact on the company’s revenue. This can be seen in the local sales volume in the first quarter of 2022 which reached 153,744 MT, up from 53,801 MT in the same period last year. Coal sold domestically is absorbed by the refinery sector and the cement industry.
“In addition, SGER has added to the off take of several new mines to strengthen the company’s coal supply ,” he added.
Despite being banned from exports in January 2022, SGER was still able to maximize its performance in the next two months so that export sales in the first quarter of 2022 rose 119.83% (yoy). This increase was contributed by Hineni Resources Pte Ltd which posted sales volume of 519,864 mt.
“Until June, Sumber Global Energy has exported more than 2.5 million tons, this month alone we exported 800 thousand mt. So the demand from outside is very big,” said Welly.
From all these coal sales, SGER managed to record a net income of IDR 900 billion in the first quarter of 2022, an increase of 137.83 percent compared to the same period last year. The company also managed to pocket a net profit of IDR 57.76 billion in the first three months of this year, growing 948.8% (yoy).
The increase in SGER’s performance has also been seen since 2021 which recorded an increase in net profit of 630.6% to IDR 202.5 billion from IDR. 27.7 billion in 20202. As for net income, this coal trading company earned IDR. 3.92 trillion last year. last year, up 92.8% compared to 2020 revenue.
“The company has a fairly good financial report, even very good in 2021. The company’s balance sheet of assets grew 80.33% (yoy), equity rose 84.22%, liabilities rose 78.3%,” said Welly.
Capex IDR 200 M
Furthermore, Welly explained, Sumber Global Energy plans to cooperate (off take) several coal and nickel mines to ensure the availability of sufficient goods, in order to support sales volume which is believed to continue to increase. Not only that, the company is still studying several mines it wants to cooperate with. If this process goes smoothly, SGER will prepare funds of IDR. 150-200 billion to execute the plan.
“We are also in the negotiation stage to acquire three nickel mines, hopefully this will happen this year. The investment could reach IDR 100 billion (for nickel mining),” he said.
As an effort to improve the company’s performance, SGER has diversified its sales. This began with the sale of nickel metal in the first quarter of 2022 through PT Sumber Mineral Global Abadi. This action is believed to have an impact on good sales growth for Sumber Global Energy on a consolidated basis.
SGER nickel sales began in Sulawesi, to PT Virtue Dragon Nickel Industry (VDNI) and PT Obsidian Stainless Steel (OSS). However, Welly emphasized that currently the composition of the company’s sales is still dominated by coal. He hopes that the company’s superiority in selling can develop a nickel trading business with a larger amount.(C02)