Trimegah Bangun Persada

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74.6% Growth, Harita Nickel (NCKL) Generates Revenue of Idr 4.8 Trillion​

03 May 2023

Integrated nickel mining and downstream issuer based in Obi Island, South Halmahera, North Maluku, PT Trimegah Bangun Persada Tbk and its subsidiaries (NCKL) or Harita Nickel, announced its performance in the first quarter of 2023 by posting revenue growth of 74.6% to Rp4.8 trillion, compared to Rp2.7 trillion in the first quarter of 2022.

Meanwhile, net profit for owners of the parent entity reached Rp1.4 trillion in the same period.

NCKL management said that in supporting government programs to advance the nickel industry from upstream to downstream, NCKL is committed to continuously investing and building production facilities which can increase volume and added value of the products manufactured.

"The company will also continue to maintain a healthy and strong financial position to anticipate the future working capital needs," said NCKL's written statement received by the editor, Wednesday (3/5/2023).

Further said, for the nickel mining segment, after elimination, NCKL's revenue increased by 71.3% to Rp912.8 billion from Rp532.9 billion, while for the nickel processing segment, the Company's revenue increased by 75.4% to Rp3.9 trillion from Rp2.2 trillion in the first quarter of 2022. NCKL's revenue increase was largely due to volume and production line upgrades at the Company and its subsidiaries.

In the first quarter of 2023, the Company recorded a 13.6% increase in gross profit to Rp1.6 trillion from Rp1.4 trillion in the first quarter of 2022. Gross profit margin decreased to 32.7%, while operating cost to revenue ratio remained at 4.2% due to lower coal price and lower fuel price compared to the first quarter of 2022.

Meanwhile, profit for the current period amounting to Rp1.5 trillion, lower than the same period last year which amounted to Rp1.6 trillion. "The profit decline was due to weaker nickel and cobalt prices and a stronger Rupiah in the first quarter of 2023 compared to the same period last year," said NCKL Management.

Capacity Expansion

By March 31, 2023, for the Rotary Kiln Electric Furnance (RKEF) production line, Company's subsidiary PT Halmahera Jaya Feronikel (HJF) has completed the construction of five production lines from a total of 8 production lines under construction.

Three production lines are in progress and are expected to be completed by late second quarter of this year, bringing total production capacity of HJF to 95 thousand metal tons/year. If it is combined with other subsidiaries' production capacity PT Megah Surya Pertiwi (MSP) which has a production capacity of 25 thousand metal tons/year, total production capacity of the Company will increase to 120 thousand metal tons/year.

NCKL has also completed the 3rd line of High Pressure Acid Leach (HPAL) refinery production and has successfully achieved 100% production capacity within 2 months so that the total production capacity of MHP increases from 37 thousand metal tons/year in 2022 to 55 thousand metal tons/year in 2023.

Tidak berhenti di situ, Perseroan akan melakukan bisnis proses lebih ke hilir dengan memasuki fase commisioning untuk produksi nikel sulfat sejak awal April 2023. Ini akan menjadi tonggak sejarah baru dalam industri baterai kendaraan listrik dengan hadir dan beroperasinya pabrik nikel sulfat pertama di Indonesia.

Moreover, the Company will expand its business process further downstream by entering the commissioning phase for nickel sulfate production since early April 2023. This will be a new milestone in the electric vehicle battery industry as the first nickel sulfate plant in Indonesia comes into operation.

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