ISSUER NEWS - JAKARTA. Bakrie Group's issuer, PT Bumi Resources Minerals Tbk (BRMS), reported a 301% increase in revenue, from US$ 11.6 million in 2022 to US$ 46.6 million in 2023. The average selling price of gold rose by 8% from US$ 1,795 per ounce in 2022 to $1,930 per ounce in 2023.
BRMS's Director & Chief Investor Relations Officer, Herwin Hidayat, stated that gold production reached 23,270 ounces, representing a 330% increase from the 5,415 ounces produced in 2022.
He explained that BRMS recorded a net profit of US$ 14.2 million in 2023, reflecting a 4% increase from the net profit of US$ 13.7 million in 2022.
In 2022, there was other income amounting to US$ 31.5 million, which contributed to the net profit of US$ 13.7 million. However, in 2023, BRMS only recorded other income of US$ 359 thousand.
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According to the financial report of BRMS, the other income in 2022 consisted of debt write-offs in the Kerta gold mining project (Banten) and net profit in the Kerta gold mining project, which was proportionally consolidated into BRMS's books.
It also included the valuation of the stockpile (gold ores) acquired from illegal miners in the past.
The President Director & CEO of BRMS, Agus Projosasmito, added that the financial performance of BRMS was supported by the increase in gold production from the second factory in Palu (Sulawesi).
"We hope that BRMS's growth will continue in 2024, considering that the second factory will soon reach full capacity this year, and the construction of the third factory will be completed in the second semester of this year," Agus said in his official statement on Tuesday (2/4).
