PT J Resources (PSAB) Gold Output Increases, Net Profit Soars 2,733 Percent in 2024
- Fuji Sugi
- Jul 8
- 2 min read
Media: Kompas.com
Date: June 19, 2025
JAKARTA, KOMPAS.com — PT J Resources Asia Pasifik Tbk (PSAB) posted a significant financial performance jump in 2024, despite continued global gold price fluctuations. The increase in gold production combined with operational efficiency strategies proved to be key drivers of the company’s improved performance.
Throughout 2024, PSAB’s consolidated gold production reached 100.6 thousand ounces, marking a 7.4 percent increase from 93.7 thousand ounces produced in 2023. This growth was supported by stable operations at its two main sites: the Bakan Project in North Sulawesi, Indonesia, and the Penjom Project in Pahang, Malaysia.
“Our 2024 achievement reflects the consistency of our long-term strategy. We have not only increased production volume and revenue but also strengthened the foundation of sustainability across all subsidiaries,” said PSAB President Director Edi Permadi in a written statement in Jakarta, Thursday (June 19, 2025).
Following the production increase, PSAB’s consolidated sales revenue rose by 38.7 percent to USD 236 million (around IDR 3.89 trillion, using an exchange rate of IDR 16,500 per USD). In comparison, the company recorded USD 170.1 million in revenue in 2023.
The revenue increase was driven by a 15.6 percent rise in gold sales volume, equivalent to an additional 13.7 thousand ounces, and a USD 385 per ounce increase in the average selling price, rising to USD 2,310 (approximately IDR 38.11 million) per ounce in 2024, from USD 1,924 in the previous year.
PSAB’s net profit also experienced a significant surge — from just USD 600,000 (around IDR 9.9 billion) in 2023 to USD 17.7 million (approximately IDR 292.05 billion) in 2024, reflecting growth of over 2,733 percent.
PSAB management attributes this result to disciplined cost control, robust risk management, and effective market positioning in response to the global increase in gold prices.
Entering the first quarter of 2025, the company continues to show positive momentum. Total gold production reached 23,607 ounces, with further potential increases expected due to improved weather conditions and the ongoing optimization of operations at the Penjom mine in Malaysia.
Beyond financial performance, PSAB is also strengthening its environmental and social commitments. Its subsidiary, PT J Resources Bolaang Mongondow (JRBM), earned a Green PROPER award from Indonesia’s Ministry of Environment for environmental performance that exceeded regulatory standards.
JRBM’s Community Development Program (PPM) also received recognition from local governments and communities. For two consecutive years, JRBM won the Subroto Award in the category of Most Innovative Community Empowerment Program in the metallic mineral sector. This recognition was given for initiatives involving the development of cocoa and biofertilizer production by supported local farmer groups.
“Our focus remains on governance, sustainability, and community empowerment as the key pillars of our corporate strategy,” Edi added.
With promising gold reserves and an adaptive operational strategy, PSAB is optimistic about maintaining positive performance into 2025.
