GEMS shares issued by DSSA on rising coal sales, JAKARTA – Issuer of mining contractor PT Golden Energy Mines Tbk. (GEMS) recorded coal production of 20.4 million tons in the first half of 2023.

GEMS Corporate Secretary Sudin Sudiman said that GEMS coal production in the first half of 2023 reached 20.4 million tons. According to him, compared to the same period last year, this production increased by 16 percent.

“And sales in the first half of this year were 20.2 million, up 12 percent compared to last year,” Sudin told Bisnis on Monday (August 28, 2023).

As you know, this year GEMS plans to produce 42 million tons of coal. This production has increased from last year’s 39 million tons.

GEMS President and CEO Bonifazius said earlier that coal prices will start to decline in the second half of 2023 due to consolidation.

“But I’m sure that by the end of the year it will still average $55 per ton,” Bonifazius said.

Given the projected decline in the selling price of coal, Bonifazius hopes that GEMS’s revenue and net income will remain the same as in 2022. According to him, GEMS’s revenue and net profit will depend on the selling price of coal.

As of 1st semester 2023, GEMS has recorded contract revenue of US$1.44 billion or the equivalent of 21.65 trillion rupees in the first semester of 2023. This revenue grew 8.15 percent year on year from US$1.33 billion.

This revenue came from overseas sales of US$1.02 billion and domestic sales of US$421.47 million. Meanwhile, according to customers, third-party revenue was $1.32 billion and $117.81 million from related parties.

The increase in GEMS revenue helped increase the cost of revenue to $804.28 million, up 11.91 percent from $718.69 million year on year or year on year.

GEMS gross profit also rose 3.76 percent from $616 million in the first half of 2022 to $639.15 million in the first half of 2023.

As a result, GEMS recorded a profit for the period attributable to the parent company of USD 333.48 million or the equivalent of Rs 5 trillion during the first six months of 2023. This net income decreased slightly by 0.72 percent compared to the same period last year. US$335.92 million.

On the other hand, the issuer of the Sinar Mas group, PT Dian Swastatika Sentosa Tbk. (DSSA) sold a 4.42 percent stake in PT Golden Energy Mines Tbk. (GEMS) worth IDR 1.68 trillion.

According to the Indonesian Stock Exchange (IDX) disclosure, DSSA sold 259,905,193 (259.9 million) shares of GEMS at Rs 6,500 per share. As a result, the sale and purchase transaction was valued at IDR 1.68 trillion and was completed on August 25, 2023.

“The aim of the transaction is to free up some of the investment so that the company has a 51 percent stake in GEMS,” said DSSA Corporate Secretary Susan Chandra on Friday (August 25, 2023).

Prior to the transaction, DSSA’s total shareholding in GEMS was 3.25 billion shares, or the equivalent of 55.42 percent. Meanwhile, following the deal, DSSA’s ownership of GEMS was reduced to 3 billion shares, or 51 percent.

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