A Subsidiary of GEMS Secures IDR 1 Trillion Credit Facility from LPEI

Jakarta,- PT Borneo Indobara (BIB), an indirect subsidiary of PT Golden Energy Mines Tbk (GEMS), received a credit facility from the Indonesian Export Financing Institute (LPEI) with a loan limit of IDR 1 trillion.

GEMS Corporate Secretary, Sudin explained that the signing of the credit facility agreement worth IDR 1,000,000,000,000 was signed by LPEI and BIB on June 10, 2024. This loan with a term of 12 months is a facility for working capital credit purposes.

Sudin added that this credit facility will have a positive impact on the company's business continuity. "This credit facility will support the growth of the company's operational performance and strengthen GEMS' financial condition due to additional working capital," said Sudin in an information disclosure, Wednesday (12/6/2024).

In terms of financial performance, PT Golden Energy Mines Tbk. (GEMS) posted a net profit of USD 171.7 million or equivalent to IDR 2.79 trillion during the first quarter of 2024.

In its financial report, GEMS recorded revenue of USD 715.6 million or the equivalent of IDR 11.63 trillion (Jisdor exchange rate: IDR 16,253 per US dollar as of May 30, 2024) in the first quarter of 2024. This revenue decreased by 14.67% compared to the first quarter of 2023, which amounted to USD 838.6 million.

GEMS detailed that this revenue was obtained from foreign sales of USD 509.6 million and domestic sales of USD 206.02 million in the first quarter of 2024.

Based on customers, GEMS sales were dominated by sales to third parties amounting to USD 656.29 million and to related parties amounting to USD 59.34 million.

Meanwhile, GEMS's cost of revenue fell 13.82% to USD 378.2 million from the previous USD 438.9 million on an annual basis.

Even though the cost of goods decreased, GEMS also recorded a 15.60% decrease in gross profit to USD 337.3 million in the first quarter of 2024, from the previous USD 399.6 million in the first quarter of 2023.

As a result, GEMS' net profit also fell to USD 171.7 million or the equivalent of IDR 2.79 trillion in the first quarter of 2024. This net profit decreased from the first quarter of 2023, which amounted to USD 229.06 million.

Sudin explained that the decline in GEMS's revenue and net profit was likely caused by coal prices, which were experiencing a decline compared to last year.

"In terms of production volume, our production has increased. This decline in performance is purely because prices are falling compared to last year," said Sudin to Bisnis, Thursday (6/6/2024).

As for the end of the first quarter of 2024, GEMS posted total assets of USD 1.35 billion, up from the end of 2023, which was USD 1.31 billion.

Sources : djakarta-miningclub.com Jun 21.24

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