BRMS – A 65% yoy earnings growth in 9M23

BRMS – A 65% yoy earnings growth in 9M23 Bumi Resources Minerals' (BRMS) 9M23 performance was supported by its gold processing plants, especially the plant in Palu, Central Sulawesi. The plant has a maximum production capacity of 4,000 tons ore per day, which in a year, the plant could produces an average of 1,500 tons ore per day. It is expected that the plant will reach maximum production capacity in 4Q23, which is in line with the relatively good outlook on gold due to global sentiment. Moreover, in 9M23, BRMS' revenue soared 294% yoy to USD32.75 mn and its net profit grew 65% yoy to USD10.66 mn, which was mainly from the sales of gold and silver. Note that, BRMS has increased its production target by 2-3x higher than last year's. In 9M23, BRMS has produced 511 kg of gold in 9M23 (3x higher than 9M22' production). Therefore, with its 3rd gold plant that will be completed in 2024, BRMS could continue its performance growth further. (Source: Kontan)