JAKARTA – The profit of  PT Amman Mineral Internasional Tbk (AMMN) was declining throughout 2023 due to non-optimum commodity production, including copper and gold. The net profit attributable to the parent entity in 2023 was USD 252.14 million, down 76.94% year-on-year (yoy) from USD 1.09 billion.

Alexander Ramlie, President Director of AMMN, mentioned that the company was facing several challenges, namely bad weather, increased cost of compliance, and change in regulation. “We do not achieve the objectives after initial public offering (IPO) of 7% for copper and 8% for gold,” he admitted in the press release quoted Wednesday (27/3).

AMMN’s sales were recorded at USD 2.03 billion, down 28.16% yoy from 2022 sales of USD 2.83 billion. Sales consist of copper sales of USD 1.14 billion, down 28.66% yoy from USD 1.60 billion, as well as gold sales of USD 885.45 million, down 27.51% yoy from USD 1.22 billion.

Gross profit was seen declining 44.96% to USD 901.92 million from USD 1.63 billion. Operating profit was also down 49.76% yoy to USD 767.22 million from USD 1.52 billion. Net profit before taxes also shrank 58% yoy to USD 465 million from USD 1.09 billion in 2022.

Throughout 2023, Amman reported production volume of concentrate of 541,893 dry metric ton (DMT), down 32% yoy from 792,892 DMT in 2022. Copper production volume reached 312 million pounds, also shrinking 33% yoy from 464 million pounds, while gold production declined 37% yoy from 731 kilo ounces to 463 kilo ounces.

Meanwhile, concentrate sales were reported at 548,313 DMT, down 32% yoy from 804,935 DMT. Copper sales also decreased 33% yoy from 451 million pounds to 304 million pounds, while gold sales were recorded at 455 kilo ounces, 35% yoy lower than 703 kilo ounces. (LK/ZH)