Sinarmas GEAR Group Mining Company Posts 629 Percent Increase in Profit
Sinarmas Group mining company Golden Energy and Resources Ltd (GEAR) which is also the parent company of PT Golden Energy Mines Tbk. (GEMS), posted a profit surge in 2021.
Based on the company's financial statements throughout 2021, GEAR posted a profit of US$251.3 million, up 629 percent year on year (yoy). This number is the highest since recorded in 2016. Meanwhile, GEAR's revenue jumped 61 percent to US $ 1.87 billion. The company said the surge in revenue was contributed by the coal segment, which soared 49 percent yoy to US$1.59 billion due to a 72 percent increase in the average selling price of coal (ASP) to US$53.46 per tonne. Meanwhile, revenue from the metallurgical coal segment rose by 195 percent to US$286.6 million with an ASP increase of 65 percent reaching US$132.78 per tonne. The company's Ebitda also set a record in 2021 reaching US$503.3 million with a margin increase of up to 26.9 percent. Cash inflows to GEAR also strengthened by US$377.3 million throughout 2021, compared to US$108.9 million in 2020. “For this year, the company has signed an ownership acquisition agreement in BHP Mitsui Coal Pty Ltd. (BMC) which is planned to be completed in mid-2022," the management wrote in an official statement
|•SOURCE•| Articles :BISNIS | Image :HALLO INDO |
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