PT Bumi Resources (BUMI) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024, was USD 595.8 million, down from USD 886.3 million in the same period last year, reflecting a significant year-over-year decline.

• Net income attributable to owners was USD 84.9 million, compared to USD 81.8 million in the prior year, showing a slight increase despite lower revenues.

• Total assets as of June 30, 2024, stood at USD 4.21 billion, nearly unchanged from USD 4.20 billion at December 31, 2023.

• The group maintained a strong equity position, with equity attributable to owners at USD 1.63 billion as of June 30, 2024.

Financial highlights

• Gross profit for H1 2024 was USD 53.7 million, a sharp decrease from USD 108.7 million in H1 2023.

• Operating profit dropped to USD 12.3 million from USD 68.3 million year-over-year.

• EBITDA and EBIT were not explicitly stated, but operating and net profit margins declined due to lower revenues and higher cost ratios.

• Basic/diluted earnings per 1,000 shares were USD 0.23, down from USD 0.35 in the prior year.

• Cash and cash equivalents decreased to USD 55.8 million from USD 76.8 million at year-end 2023.

Outlook and guidance

• The company continues to invest in mining and gold processing plant expansions, with ongoing projects in Palu and Gorontalo.

• Additional loan facilities were secured post-period, indicating continued access to financing for growth.