JAKARTA. PT Golden Eagle Energy Tbk (SMMT), a coal mining company under Geo Energy Resources from Singapore, recorded net profit of IDR 244.44 billion throughout 2023.

SMMT’s net profit in 2023 decreased 32.5% year-on-year (yoy) from the initial IDR 362.33 billion. The decline went hand-in-hand with the revenue that only reached IDR 1.01 trillion, down 3% yoy.

In addition, cost of revenue of SMMT in 2023 swelled 17.8% yoy to IDR 1.01 trillion. The increased costs resulted from high production cost, amounting to IDR 762.08 billion. In 2022, the production cost was 24.8% yoy lower, equal to IDR 610.72 billion.

As of December 31, 2023, SMMT’s total assets were recorded at IDR 1 trillion, while the equity clocked up to IDR 799.52 billion.

According to IDNFinancials data, as of now, 73.11% of SMMT is under the control of oleh PT Geo Energy Investama, a subsidiary of Geo Energy Resources. Then, another 25% belong to PT Golden Prima Energy, while the remaining 1.89% are shared among retail investors. (KR/ZH)