Jakarta, 16 Desember 2022 – PT Golden Eagle Energy Tbk (SMMT) held an online Public Expose at the end of 2022 in order to comply with Exchange regulations and as well as the Company’s communication media with shareholders, investors and other stakeholders.
In the presentation delivered by Roza Permana Putra as the President Director of the Company, the Group managed to record the achievement of financial and operational performance for the first nine months of 2022 which exceeded the achievement of 2021 annual performance. On that occasion, there was also a discussion on the condition of the coal industry, the company’s future strategy and corporate actions that have been carried out by the Company during 2022.
“With the performance achievements made by the Company to date, and supported by the trend of high coal prices and demand, we can confirm that the achievement of 2022 annual financial and operational performance has exceeded the target set at the beginning of the year. Coal production at the Sumatra mine has consistently increased and reached more than 1 million tons since June 2022,” Roza explained.
On the financial side, the Company managed to book sales and net profit growth of 119% and 139% year-on-year. As a result, cash flow generated from operating activities rose to IDR 285 billion. One of the uses of this generated cash flow was to pay off the accelerated bank debt of subsidiaries as required in the loan agreement. As such, the Group’s capital structure became more conservative with a low leverage ratio. This is expected to improve the Group’s profitability in the future.
Following the repayment of all bank debt in August 2022, the Company’s Management then decided to distribute the first interim dividend on September 29, 2022 with a payout ratio of 100%. Subsequently, the second interim dividend was declared on December 13, 2022 with a payout ratio of 51%. Overall, the total interim dividend payout ratio reached 84% of the net profit attributable to owners of the company based on the consolidated financial statements for the period ended September 30, 2022.
Regarding the latest Minister of Energy and Mineral Resources Decree No. 267.K/MB.01/MEM.B/2022, the Management of the Company said that the Group will always maintain its commitment to continue supporting the government’s efforts in providing coal to meet the needs of the electricity industry as well as the domestic industry. This can be proven from the fulfillment of DMO by the Group which always exceeds the target.
With abundant coal reserves and continuous business process improvement, we believe that the Group’s production and sales can still be increased in the future. However, the operating margin will experience pressure along with the high royalty rate adjustment set by the government in August 2022. In addition, to cope with the predicted economic crisis in 2023, the Company is taking anticipatory measures, among others, by always maintaining production costs to remain effective and efficient.
On the last occasion of the presentation, Roza expressed her gratitude to all employees of the Group, shareholders and other stakeholders for their support so far, so that the Company can grow and develop into a healthy company in accordance with good corporate covernance practices.
Media contact:
Corporate Secretary
PT Golden Eagle Energy Tbk
Menara Rajawali Lantai 7
Jl. DR. Ide Anak Agung Gde Agung Lot #5.1
Kawasan Mega Kuningan Jakarta 12950
Tel : +62 21 576 1815 Fax : +62 21 576 1817
e-mail : corsec@go-eagle.co.id
