Jakarta - PT Golden Energy Mines Tbk (GEMS) throughout 2021 achieved a profit for the year attributable to entities of US$348.00 million, an increase of 270.48% compared to the same period the previous year of US$93.93 million.

In the financial report released on Monday (14/3), an increase in revenue from contracts with customers by around 49.38% to US$1.58 billion from US$1.06 billion supported the profit achievement.

However, the cost of goods sold increased by about 21.52% to US$829.19 million, from US$682.31 million.

Selling expenses and exploration expenses also increased by about 4.74% to US$195.96 million and 867.21% to US$1.84 million, respectively.

GEMS' financial income also decreased by about double, or from US$6.27 million to US$3.30 million.

Nevertheless, GEMS managed to reduce the financial burden and foreign exchange losses by 16.96% to US$7.51 million and 14.13% to US$708,735, respectively.

The company&#