Indonesia Gold Mining Company PT J Resources Asia Pasifik (PSAB) recorded positive performance in the first quarter of 2024, a continuation of its performance at the end of 2023 which jumped significantly.
PSAB’s sales in the first quarter of 2024 amounted to US$62.83 million, an increase of US$40.63 million, or 283 percent compared to sales in the first quarter of 2023 of US$22.20 million.
The increase in sales was supported by an increase in production, where the total production in Q1 2024 was 33,272oz, an increase of 17,776oz compared to the total production in Q1 2023, which was 15,497oz, an increase of 251 percent.
The good performance was also supported by an increase in the average gold selling price in Q1 2024, which was 13 percent compared to the average gold selling price in Q1 2023. Production achievement in Q1 2024 has reached 35.5 percent of the total production in 2023, where the total production in 2023 is 93,744oz.
PSAB’s gross profit in the first quarter of 2024 was US$24.74 million, an increase of US$10.94 million or 179 percent compared to the first quarter of 2023, which amounted to US$13.79 million. Meanwhile, operating profit in the first quarter of 2024 was US$12.19 million, an increase of US$7.18 million or 243 percent compared to the first quarter of 2023, which amounted to US$5.014 million.
In addition, net profit in the first quarter of 2024 was US$4.56 million, an increase of US$18.16 million. The increase in net profit was due to PSAB experiencing a net loss of minus US$13.64 million in the first quarter of 2023.
The company has several strategic initiatives in 2024. First, to conduct exploration activities on new prospects at the Bakan mine to realize long-term performance. Second, the stronger gold selling price will open up more opportunities to optimise gold reserves to provide economic margins.
“We will work hard to capitalize on this momentum so that this improved performance can be sustained,” Edi Permadi, President Director of PSAB, said.