SMMT's Positive Performance, Sales Rise Up Threefold

SMMT’s Positive Performance, Sales Rise Up Threefold

JAKARTA – Golden Eagle Energy Tbk Company (SMMT) on Thursday, May 23, 2019, held an Annual General Meeting of Shareholders (AGM) in Jakarta. The AGMS, among others, approved the annual report of the Company for the 2018 financial year in which the Company succeeded in recording sales figures threefold compared to the previous year.

In 2018, the Company managed to record sales figures of Rp 190 billion, an increase of 230% from the previous year of Rp 57 billion. The President Director of SMMT, Roza Permana Putra, added, “The achievement also hoisted the Company’s net profit up to Rp. 85 billion, more than double the previous year’s Rp. 40 billion. While the Company’s EBITDA increased in the amount of 108% from 2017 becomes IDR 145 billion”.

“The increase in sales”, continued Roza “mainly comes from an enhancement in our mining production volume in South Sumatra by 234%, in line with the increase in the quality of haul roads and transport fleets”. For the first time, in 2018 Triaryani Company made export sales to destination countries that are Thailand and Cambodia.

SMMT also conducted additional drilling in the Triaryani concession area so that the amount of reserves in the Triaryani concession amounted to 316 million tons, up 59 million from the previous 257 million tons. The reserve has been calculated in accordance with the JORC standard.

In 2019, SMMT is expected will continue to intensify its production, especially from mines in South Sumatra. Roza explained, “During the period January-March 2019, SMMT’s coal production had reached 446 thousand tons, up 45% from the first quarter of last year. It is expected that the enhancement of production will keep continue.”

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