JAKARTA – The net profit of PT Sumber Global Energy Tbk (SGER) was seen declining 21.73% year-on-year (yoy) in the first half (H1) of 2024 despite its 24.36% yoy growth in revenue. This profit slippage occurred due to increased cost of revenue.

Based on Financial Report of H1 2024 quoted Tuesday 923/8), this issuer’s revenue was recorded at IDR 7.50 trillion, up from IDR 6.03 trillion. Gross profit, however, dropped to IDR 710.87 billion from IDR 835.19 billion, bringing the margin down as well to 9.45% from 13.82%.

Most of the revenue in H1 2024 was brought in by coal sales, which reached IDR 7.41 trillion, up from IDR 6 trillion. Nickel sales also increased massively from IDR 28.82 billion to IDR 89.11 billion, while contractor service generated zero income, as opposed to IDR 9.40 billion it brought in in H1 2023.

Users that reported over 10% contribution to total sales of SGER in H1 2024 were Viet Phat Import Trading Investment JSC with 32% and Viet Nam Ocean Shipping Joint Stock Company with 16%. (LK/ZH)