Strong track record of revenue growth driven by production ramp up of nickel processing facilities.

Healthy profitability margin with double digit gross profit, EBITDA and net profit margin.

Stagnant growth of performance’s EBITDA andNet profit in 1H YoY was due to the lower of share in net profit associates coming from HPL.

A strong growth in mining production was in line with the increase in smelter and refinery production capacity.

In FY2020, TBP only had 1 operating smelter, MSP, with 4 production lines and production capacity of 25,000 tons contained Ni/year.

In FY2021, two lines of HPAL in PT HPL was completed with a capacity of 37,000 tons/year of nickel cobalt compounds.

In FY2022 and 1H 2023, the demand increased substantially from the completed 8 production lines 2 in RKEF nickel processing facility of PT HJF with capacity of 95,000 tons contained Ni/year of ferronickel, as of June 2023, 2 production lines are still in ramping up process, and also increased from commissioning of the 3rd line 3 of HPAL in PT HPL.

From FY2020 - FY2022, FeNi production was only coming from MSP which has been operating since 2017.

The HJF RKEF has commenced its operation at the end of FY2022 with 2 production lines. The next 3 production lines, 3rd, 4th, and 5th lines were completed in January 2023, February 2023 and March 2023, respectively. The remaining 3 production lines completed by end of 1H 2023.

HJF is expected to reach full production capacity in Q3 2023. Thus, it drives the significant growth of FeNi Sales in 1H 2023.

At the end of 2021, two MHP production lines of PT HPL have commenced its operation with designed capacity of 37,000 tons contained Ni/year. The first line ramped up to full capacity within 4 months and the second line ramped up only in 2 months. 

The third line with designed capacity of 18,000 tons contained Ni/year commissioned in January 2023 and ramped up to full capacity also in 2 months. As per April 2023, the total production capacity MHP has reached 55,000 tons contained Ni/year. 

The realization of MHP production in 2022 was exceeded the installed capacity.

PT HPL started to produce Nickel Sulfate in April 2023 and did the initial export in June 2023.