BRMS – Posted a 301% yoy revenue increase in 2023

BRMS – Posted a 301% yoy revenue increase in 2023 Bumi Resources Minerals (BRMS) posted an increase in revenue of IDR46.6 mn (+301% yoy) and net profit of USD14.2 mn (+4% yoy) in 2023, mainly due to an increase in gold ASP of USD1,930 per oz (+8% yoy) and an increase in gold production at its second plant in Palu in 2023. Note that, BRMS production is around 23,270 oz (+330% yoy) in 2023. BRMS expects production increases to continue this year as the second plant will reach maximum capacity this year and the construction of the third plant will be completed in 2H24. (Source : Kontan)