JAKARTA, Indonesia, Dec. 2020 /PRNewswire/ -- KinerjaPay Corp (OTCQB: KPAY), a Delaware Corporation, a digital payment and e-commerce platform Company ("KinerjaPay" or the "Company") with its business operations based in Indonesia, today announced that the Company has signed a new Indonesian bituminous coal contract with a China Construction Investment Group (Ningbo) Trading Co., Ltd. for a contract to supply up to 2,000,000 MT within the next 12 months.
At present stage, the contract's Unit Price for Indonesian Bituminous Coal in Bulk based on Coal Grade NCV 5500 kcal/kg (ARB) is USD $51.50 /MT FOB Trimmed Geared Mother Vessel at East Kalimantan, Indonesia, for a total Shipment Quantity of 80,000 Metric Tons. Total Shipment Value for the first shipment will be USD $4,120,000 with planned Delivery schedule on a bi-weekly basis for each shipment. The Company expects to deliver the contract in full, therefore expecting to bring in total Revenue up to USD $103 million in 2021, depending on the Coal Price Index throughout the year.
Once the Company completes the delivery of the contract in full, it is expected to earn at least US$9.8 million in Operating Profits on the over $100 million in total revenue. When asked about this deal, the Company's CEO & Chairman, Mr. Edwin W. Ng, commented "We have been working very hard to get this deal, and we finally did. This deal will change the Company by driving in revenues and income. We will rebuild the Company's portfolio to ramp up its sales and profitability. We hope to transform the Company in 2021 and focus more on general trading either online or offline to improve the Company's performance."
Mr. Ng further commented that "Our team has departed to East Kalimantan with the buyer this week to conduct the site survey and shipment preparation. We expect to deliver our first shipment by the end of next month. We will also work with local supplier and logistics Companies to ensure smooth delivery process, as well as PT. China Certification & Inspection Group (CCIG) to monitor the quality of the coal." Since I invested nearly $1 million into the Company last March, the Company has been generating positive cash flow without the need of the convertible loans, which have been used to finance the Company in the past three years. It is the company's intention to stay a positive cash flow company from hereout. The Company continues to be approached by institutional investors wanting to invest in the Indonesian marketplace. We believe that this coal contract will only make this easier to accomplish.
AI
