JAKARTA – The financial performance of PT Golden Eagle Energy Tbk (SMMT), a coal mining company, experienced a significant decline throughout 2024, with net profit plunging 86.15% year-on-year (yoy).

SMMT's net profit drop was in line with a sharp decrease in sales, which fell by 19.61% yoy, from IDR 1.02 trillion in 2023 to just IDR 816.95 billion as of December 2024.

On the other hand, management managed to achieve efficiency by reducing several expense items. General, administrative, and selling expenses were significantly reduced by 42.07% yoy to IDR 38.69 billion, while the company's tax expenses shrank by 72.77% yoy to IDR 3.48 billion.

Meanwhile, the company's pre-tax profit plunged 86.06% yoy to IDR 39.04 billion, down from IDR 280.05 billion in 2023, with net profit sharply declining to IDR 33.85 billion in 2024 compared to IDR 244.44 billion the previous year.

In terms of equity, SMMT recorded a 6.11% yoy increase to IDR 848.38 billion. However, liabilities surged by 110.23% yoy to IDR 438 billion, driving total assets up by 27.63% yoy to IDR 1.28 trillion. (EF/ZH)