BRMS - 9M25 above

BRMS - 9M25 above Bumi Resources Minerals (BRMS) booked 3Q25 revenue of USD63 mn (+9.0% qoq, +32.9% yoy) and net profit of USD15 mn (+72.1% qoq, +118.7% yoy), bringing 9M25 earnings to USD38 mn (+140% yoy), achieving 96% of KBVS estimate and 74% of Consesus. Strong performance was driven by a 25% increase in gold output to 56.6k oz and a 34% higher average selling price (USD3,156/oz). Higher ore grades in 3Q25 supported margins, with OPM at 31.2% and NPM at 23.3%. Looking ahead, management expects production of 68–71k oz in 2025 and higher output from 2026 onwards as the Poboya pushback completes and CIL capacity expands to 6,000 tpd by late 2026/early 2027, while underground mining (3.5–4.9 g/t) begins in mid-2027. (Source : Company, KBVS Research)