The year 2022 has been in the name of devastation caused by the Russia-Ukraine war. As the war approaches its anniversaries, the world is engulfed in global recession and monetary tightening. But even in this difficult time, the stock markets around the world are the only way where profits can be made. But no one can expect 1600% returns in difficult times. But an Indonesian mining stock has earned the title of the world’s best performing stock in 2022 with a return of 1,595%.
Which is this explosive stock
PT Adaro Minerals Indonesia is the company which has given a wonderful return of 1600%. The stock has been surprising with its rally after sliding from the peak in April. This stock has been considered the highest-returning company among 2,803 companies included in the Bloomberg World Index. The stupendous performance of this stock can be gauged from the fact that it is giving more than double the returns of the second ranked Turkish Airlines.
100 share reached 2990
Edaro’s stock has skyrocketed since its January 3 debut in Jakarta, from Rs 100 to Rs 2,990 in just three months. It closed at Rs 1,695 on Wednesday with a market cap of around $4.5 billion. The main reason for the rise in this stock is believed to be the rising demand for coal in the global markets. In the nine months to September, the company reported a 482% increase in net profit. Its average selling price more than doubled during this period. On the other hand, a 41% increase has been achieved in the sale of coal.
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