KPAY Monster! over $100 million in next 12 months
Press Release: KinerjaPay Corp. Completed First Shipment of Coal to China
9:04 am ET May 11, 2021 (Dow Jones) Print
KinerjaPay Corp. Completed First Shipment of Coal to China
Next shipments are starting. Company continues to expect revenues in excess of $100 million and profits of $12 million over the next 12 months
JAKARTA, Indonesia, May 11, 2021
JAKARTA, Indonesia, May 11, 2021 /PRNewswire/ -- KinerjaPay Corp (OTCPK: KPAY) a Payment Gateway and Ecommerce Company based in Indonesia with recent changes in its subsidiary Company, P.T. KinerjaPay Indonesia, to include mineral and commodity trading such as coal and other general commodities, today announced its completion of first shipment of Steam Coal to China. Subsequently the Company is also announcing its next shipment schedule within the month, for another cargo load of 45,000 MT.
The first shipment of steam coal from East Kalimantan to China has been completed with total load of 53,400 MT based on the Certificate of Weight being produced by the shipping agent. The Company has submitted the export documents to the Bank as per last week Friday for processing. The Company should receive payment within 4 business days.
The Company has estimated that the shipment of the first 53,400 MT steam coal to produce a minimum profit of US$170,000 after deduction of all payables to supplier, transhipment company, surveyor, documentations and export taxes. Based on the final sum of LC claim, which is rounded at US$1,602,000, the Company registered an estimated gross profit of 10.6%.
Subsequently, the Company is now progressing on the next shipment of 45,000 MT steam coal with Coal Grade NAR 3,800 kcal/kg (ARB) with specifications of Ash Content at 5% ADB Rate, Moisture max 38%, and Sulphur 0.3% ADB Rate. The mother vessel MV. YANGTZE QUANTUM -- VOY 2101 has dropped anchor at Muara Berau East Kalimantan with estimated commended loading schedule on May 15(th) 2021.
Mr. Edwin Ng, CEO of KinerjaPay Corp said "Despite the recent inclement weather we delivered our first shipment of coal. The demand for Indonesian coal in China is rising rapidly. We have signed on several other orders. We continue to expect revenues well in excess of $100 million and profits of over $12 million over the next twelve months now that the shipments have started. The cash flow from the coal commodities trading business will be very significant this year. We believe that this is a long run sustainable business that identifies KinerjaPay Corp. as a leading investment vehicle on Indonesian economic growth."
KinerjaPay enables consumers to "Pay, Play and Buy" through its secure web portal and mobile applications. Based in Indonesia, the Company provides an easy and convenient payment solution while shopping online at its marketplace platform. With its current omni-channel platform, users can perform various payment services such as credit card bill payment, utility, phone bill, healthcare insurance and direct transfer to anyone at their convenience. KinerjaPay is also planning to launch other eCommerce verticals such as travel market, delivery services, and online gaming in the near future. The Company's services are available through its mobile applications and on its website at www.kinerjapay.com.