Source Global Energy SGER Posts Increase in Coal & Nickel Sales

Jakarta,-PT Sumber Global Energy Tbk (SGER) posted an annual increase in coal and nickel sales in the first quarter of 2024. 

Based on the financial report quoted on Monday (13/5/2024), the issuer coded as SGER posted revenue of IDR 3.86 trillion for the period January 2024 to March 2024. The report card reflects a growth of 21.42% year-on-year (yoy). 

In detail, revenue from coal sales rose from IDR 3.15 trillion in the first quarter of 2023 to IDR 3.81 trillion as of the end of March 2024. Furthermore, nickel sales grew from Rp23.89 billion in the first quarter of 2023 to Rp43.77 billion by the end of March 2024.

Meanwhile, the customer that contributed 22.78% of revenue was Viet Phat Import Trading Investment JSC. 

In line with the increase in revenue, the company's cost of goods and services also increased to Rp3.60 trillion in the first quarter of 2024. These expenses rose 27.11% from Rp2.83 trillion in the same period last year. 

As a result, gross profit actually eroded to Rp259.80 billion or lower than the same period the previous year which was recorded at Rp346.65 billion. 

Thus, SGER posted a net profit attributable to owners of the parent entity of IDR220.18 billion in the first quarter of 2024. The achievement fell 12.94% from Rp253.04 billion for the period January 2023 to March 2023. 

In Bisnis records, SGER aims to sell around 10 million to 11 million tons of coal in 2024. The contribution of products other than coal is expected to support financial performance such as biomass, pump terminals, and several business lines run by SGER's subsidiaries. 

In addition, SGER has budgeted US$50 million or Rp791.25 billion (jisdor exchange rate of Rp15,825) for the construction of a hydrogen peroxide plant starting next February.

Sources :  May 13.24

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