Bumi Resources Minerals (BRMS) Profit Plunges 43%, What's Behind It?
Jakarta - PT Bumi Resources Minerals Tbk (BRMS) recorded a significant decline in net profit during the first half of 2026. Based on the consolidated interim financial report (unaudited) as of 30 June 2026, the mineral mining company affiliated with the Salim Group and Bakrie Group posted a net profit of US$12.92 million, plunging 43.75% compared to the same period last year of US$22.97 million. Assuming an exchange rate of Rp18,000 per US dollar, BRMS’s net profit in the first half of 2026 was equivalent to approximately Rp232.6 billion.
In terms of sales, BRMS recorded revenue of US$95.79 million (Rp1.72 trillion) in the first half of 2026, shrinking 20.7% compared to US$120.85 million in the first half of 2025. The decline in sales also pressured the company’s gross profit to US$55.40 million, from US$72.22 million previously. After deducting operating expenses of US$23.44 million, BRMS’s operating profit was recorded at US$31.95 million, down from US$50.17 million in the same period last year.
The erosion of the company’s net profit was also influenced by swelling interest and finance costs, from US$7.63 million in the first half of 2025 to US$13.30 million in the first half of 2026, in line with the increase in the company’s long-term borrowings. The company also recorded a foreign exchange loss of US$2.03 million, a reversal from the foreign exchange gain of US$2.52 million booked in the previous period.
In terms of assets, BRMS’s total assets as of 30 June 2026 were recorded at US$1.41 billion, up from US$1.31 billion at the end of 2025. With an assumed exchange rate of Rp18,000, total assets were equivalent to approximately Rp25.43 trillion. The increase in assets was supported by a rise in fixed assets to US$295.08 million (from US$248.41 million), mining properties to US$299.01 million (from US$272.34 million), and investments in associates and joint ventures which rose to US$332.62 million (from US$312.09 million).
On the other hand, the company’s total liabilities also surged significantly to US$364.37 million as of the end of June 2026, from US$266.01 million at the end of 2025, an increase of around 37%. The rise in liabilities was mainly driven by long-term borrowings which swelled to US$264.10 million, from US$165.75 million at the end of last year. Meanwhile, the company’s total equity was recorded at US$1.05 billion, relatively stable compared to the end of 2025 position of US$1.04 billion. BRMS’s cash position as of the end of June 2026 was recorded at US$32.13 million, shrinking from US$40.44 million at the end of December 2025. Basic/diluted earnings per 1,000 shares in the first half of 2026 were recorded at US$0.09, down from US$0.16 in the same period last year.