Monday, October 2, 2023

Golden Energy Mines Reports $1.4 Billion Revenue in 1st Half of 2023

August 23, 2023 | 8:57 pm
Coal barges sail along the Mahakam River in Samarinda, East Kalimantan (Antara photo)
Coal barges sail along the Mahakam River in Samarinda, East Kalimantan (Antara photo)

Jakarta. Coal mining company Golden Energy Mines (GEMS), a subsidiary of Sinar Mas Mining, posted a revenue of $1.44 billion in the first half of the year, representing a year-on-year increase of 8.14 percent.

Gross profit during the period was recorded at $639.15 million, the company said in a filing to the Indonesia Stock Exchange on Wednesday. First-half net profit stood at $333.48 million, down slightly by 0.72 percent from $335.92 million in the same period last year.

The filing also mentions an interim dividend of $325 million to be paid to shareholders on September 12.

Golden Energy President Director Bonifasius said the company has assets worth $1.35 billion as of June 30, increasing from $1.12 billion in December 2022. 


The company operates coal mines in Jambi, South Sumatra, West Sumatra, South Kalimantan, and Central Kalimantan, with the mining areas totaling 66,204 hectares with potential resources of 2.92 billion tons of coal.

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