JAKARTA – The performance of PT Bumi Resources Minerals Tbk (BRMS) soared in Q3 2024 compared to the same period in Q3 2023. The increase in price and gold quality further advances sales surge.

Agus Projosasmito, President Director of BRMS, mentioned that the factors behind performance surge are higher gold production and selling prices in 2024.

“Our gold production continues to increase, as the processed gold content and selling prices are higher,” Projosasmito said in the press release quoted Monday (2/12).

Throughout January-September 2024, the company reported gold output increase of 176% to 1.4 ton from 511 kg in the same period in 2023, while average selling prices went up 23% to USD 2,347 per ounce, from USD 1,914 per ounce.

The revenue skyrocketed 231% to USD 108.47 million from USD 32.74 million, driving profit before taxes by 143% to USD 24.91 million from USD 10.24 million. Then, the net profit was further boosted by 54% to USD 16.43 million from USD 10.64 million.

In Q3 2024, gold production was recorded at 579 kg, with average selling price of USD 2,493 per ounce. BRMS’s revenue was reported at USD 47.21 million, followed by profit before taxes of USD 10.98 million, and net profit of USD 6.9 million.

In addition to impressive performance, this company has recently acquired loan facility for construction of underground mine in Palu, Central Sulawesi. The gold mines, located in BRMS’s concession area, is targeted for production in 2027. (MT/LK/ZH)