Golden Eagle Energy (SMMT) Aims to Increase Coal Sales by 20% in 2023

Golden Eagle Energy (SMMT) Aims to Increase Coal Sales by 20% in 2023

KONTAN.CO.ID –  JAKARTA. PT Golden Eagle Energy Tbk (SMMT) is eyeing an increase in coal sales in 2023. SMMT targets that the company’s coal sales this year can increase by around 15%-20% compared to last year.

The company’s optimism is based on its sales performance growth in the first three months of 2023.

For your information, the company’s interim financial report shows that SMMT’s net sales rose 29.76% year-on-year (yoy) from IDR 209.68 billion in the first quarter of 2022 to IDR 272.10 billion in the first quarter of 2023.

“The achievement in the first quarter of 2023 indicates that the Company can still maintain positive financial performance growth. However, given the current downward trend in coal commodity prices, management will face it with caution and is committed to finding solutions so that the achievement of sales and net profit in 2023 is in line with the set targets,” wrote management in a press release received by, Tuesday (27/6).

Peeking at the company’s annual report, SMMT recorded sales of 3.10 million tons of coal throughout 2022, up 52% higher than 2021.

Following the increase in sales volume, SMMT booked a 106.43% yoy increase in net sales from IDR 508.27 billion in 2021 to IDR 1.04 trillion in 2022.

After deducting expenses in a number of expense items, SMMT pocketed profit for the year attributable to owners of the parent entity or net profit of IDR 362.33 billion in 2022.

This amount increased by 55.21% compared to the realization of net profit in 2021 which amounted to IDR 233.43 billion.

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