Golden Eagle Energy Profits IDR 46 Billion in The First Half of 2021

Golden Eagle Energy Profits IDR 46 Billion in The First Half of 2021 – PT Golden Eagle Energy Tbk (SMMT) posted a net profit of IDR 46 billion in the first half of 2021 compared to the same period in 2020 when the coal producer, which has listed its shares on the Indonesia Stock Exchange (IDX), suffered a loss.

“The positive bottom line can be achieved after the company recorded sales of IDR 181 billion in the first semester of this year, or more than double compared to the same period in 2020,” said Roza Permana Putra, President Director of SMMT, in a press release as quoted by

Roza said that the company’s coal sales volume until June 2021 had exceeded 750,000 tons, or 30% higher than the same period in 2020. The sales volume will continue to increase until the end of 2021.

“The composition of domestic sales has also increased more than exports this year. Even since the end of 2020, the company, especially through coal mines in Sumatra, has begun to penetrate the end-user market, especially power plants and cement factories,” said Roza.

Roza added that the Company’s performance in 2020 was severely affected by the pandemic where prices had declined sharply until the third quarter of 2020. Currently, coal supply in the domestic market appears to be limited and the price movement trend continues to increase. Therefore, the company will continue to increase coal production while still implementing health protocols and maintaining cost efficiency.

The company’s management expects the coal production volume in 2021 to reach almost 2 million tons. Many factors affect the amount of the Company’s profit, but by looking at the Company’s performance in the first half of 2021, the company’s management is optimistic that it will be able to post better results until the end of 2021.

The Company’s production increase plan is expected to be achieved through optimal mine planning, increasing the number of hauling fleets, and improving productivity and cycle-time. In terms of marketing itself, the Company will optimize the selling price by combining HBA and spot market and expand the market to end users, especially in the domestic market.

PT Golden Eagle Energy Tbk was established in 1980 and is now under the control of the Rajawali Group, which has two operating coal assets and one asset under exploration in Borneo and Sumatra.

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