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Business_Economy
Amman Mineral Recorded 1,044% Increase In Net Income To US$717,11 Million By September 2024
Thursday, 28 Nov 2024
PT Amman Mineral Internasional Tbk. (AMMN) reported a net profit of US$717.11 million for the period from January to September 2024. The profit attributable to the owners of the parent entity, or the net income of the Panigoro family and Salim Group's listed company, increased by 1,044.26% from US$62.67 million in the same nine-month period of 2023.
AMMN's President Director, Alexander Ramlie, stated that the rise in net profit was driven by increased sales. In the financial report published on Thursday, November 28, 2024, AMMN recorded net sales of US$2.49 billion for the third quarter of 2024, reflecting a 117% year-on-year increase from US$1.15 billion. The contribution of gold sales accounted for 54% of net sales, marking a 39% increase compared to the same period last year.
"The increase in gold and copper prices, which rose by 21% and 6% respectively, also significantly contributed to our financial performance," said AMMN's Chief Financial Officer, Arief Sidarto, in an official statement on Thursday, November 28, 2024.
Additionally, EBITDA surged by 147% compared to the previous year, with a margin of 59%. Meanwhile, AMMN's net profit margin soared from 6% to 29%. "This year, we have achieved a new milestone by reaching record mining productivity and the highest production levels for the first nine months ending September 30, 2024," Alexander remarked.
Ramlie reported a significant increase in concentrate production of 85% compared to the previous year, with copper and gold production rising by 68% and 173%, respectively. "This impressive growth is supported by high-grade ore production from Phase 7," stated Ramlie.
As noted, AMMN's concentrate production for the nine-month period of 2024 reached 637,106 dry tons, an increase of 344,241 tons. Specifically, copper production amounted to 335 million pounds, while gold production totaled 707,930 ounces by the end of September 2024. On the other hand, AMMN's capital expenditure (capex) has reached US$1.32 billion, reflecting a 52% increase from the same period last year.
Furthermore, AMMN's total debt as of September 2024 stands at US$3.96 billion, marking a 23% rise since December 2023. Meanwhile, the consolidated total cash and cash equivalents amount to US$1.26 billion, resulting in a net debt of US$2.67 billion. As of November 28, 2024, AMMN has made an early repayment of US$384 million for a term loan due in 2025. Adjusting for this early repayment, the pro forma total debt balance is reduced to US$3.57 billion. (ferry@insightinnews.com)
