SMMT Booked IDR 250 billion net profit in 2021

SMMT Booked IDR 250 billion net profit in 2021 – PT Golden Eagle Energy Tbk (SMMT) held an online Incidental Public Expose in order to fulfill the Exchange’s request in connection with the significant increase in the Company’s share price in March 2022.

Until this news was revealed, the Exchange is still temporarily suspending the trading of the Company’s shares since March 23, 2022 until further notice.

In the public expose, Roza Permana Putra as the President Director of SMMT said that the company had successfully carried out several strategic steps when the momentum of coal prices and demand was high in 2021.

As a result, the company’s financial and operational performance in 2021 exceeded the set target.

“For the first time, Mine Sumatera has successfully surpassed production and sales volume of more than 1 million tons in 2021 or doubled compared to the previous year. Sales proceeds increased 143% YoY and net profit to IDR 250 billion. With this positive performance, cash and cash equivalents balance increased by IDR 123 billion to IDR 188 billion, followed by an improved current ratio to 2.13 times as of December 31, 2021. The management gives high appreciation to all employees and the management team for their hard work so far,” Roza explained.

“The 2021 achievement is a validation of the Company’s readiness to face the situation of an unexpected increase in coal demand. This certainly boosted the morale and confidence of all employees. To continue the spirit that has been formed, the Company targets 2022 production and sales volumes to be at least 15-20% higher than the previous year, with the proportion of domestic sales that will still dominate. We will also of course always fulfill the DMO obligations set by the government,” Roza added.

Regarding the surge in SMMT’s share price, Roza said that the Company fully submits the share price movement to the prevailing market mechanism.

“We believe that the surge in SMMT’s share price, especially in March 2022, is closely correlated with the growth of the Company’s financial and operational performance in 2021, which is reflected in the periodic financial reports submitted to the Exchange. With coal commodity prices still high to date and high demand, we believe these factors will be a booster for coal issuers in general. And it is natural that stock investors have high hopes for the profit growth of coal issuers in 2022,” he concluded.


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