JAKARTA – PT Amman Mineral Internasional Tbk (AMMN) was seen shifting 2.75% up, from the morning session until 1.48 AM WIB today (28/11). This uptrend is in line with its report of net profit surge reaching 958% year-on-year (yoy).

Arief Sidarto, Director of Finance of AMMN, reported that the net profit jumped to USD 720 million at the end of Q3 2024 from USD 68 million seen in the same period in 2023.

“It was driven by increase in sales, also resulting in profit margin improvement to 29% from 6%,” Sidarto said, as quoted Thursday (28/11).

AMMN’s sales stood at USD 2.49 billion, increasing 117% yoy from USD 1.15 billion, while EBITDA skyrocketed 147% yoy to USD 1.47 billion from USD 599 million.

“This is our highest financial record since taking over Batu Hijau operation, which was primarily driven by significant increase in copper and gold sales volume,” Sidarto added.

Copper production brought in 335 million pounds, up 68% yoy from 199 million pounds seen in Q3 2023. Gold production went up 173% yoy to 707,930 ounces from 259,174 ounces.

In terms of sales, copper increased 55% to 272 million pounds from 175 million pounds, while gold saw 146% to 573,065 ounces from 233,048 ounces. (LK/ZH)