JAKARTA – PT Amman Mineral Internasional Tbk (AMMN) reported exponential growth in both its top and bottom lines by the end of September (9M) 2024. Revenue doubled, while net profit surged tenfold compared to the same period last year.

According to AMMN’s Q3 2024 financial report, released today (10/1) on Indonesia Stock Exchange (IDX), the company’s revenue skyrocketed by 116.78% year-on-year (yoy), reaching USD 2.5 billion, up from USD 1.2 billion at the end of September 2023.

This growth was driven by a significant increase in copper and gold sales. Gold sales soared by an impressive 198.2% yoy, reaching USD 1.3 billion, while copper sales jumped 63.8% yoy to USD 1.2 billion.

AMMN’s strong revenue performance extended to its bottom line, with profit for the period reaching USD 719.7 million, marking a 958% yoy increase by the end of Q3 2024. By comparison, the company’s net profit at the end of September 2023 was just USD 68.03 million.

Looking at the company's expense and cost structure, which remained unaffected by the sales surge, it appears AMMN implemented successful efficiency strategies. As a result, its net profit margin surged significantly from 6% to nearly 29%.

However, despite stellar financial performance, AMMN’s stock has been slowing down over the past six months. From July 10, 2024, to 12 PM today (10/1), the stock dropped 25.55%, from IDR 11,350 to IDR 8,450 per share.

Nevertheless, over the past year, AMMN’s stock has experienced a healthy increase of 25.46%. Since the market opened at 9 AM today, the stock has edged up slightly by 2.11%. (ZH)