Trimegah Bangun Persada

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Amidst Uncertain Global Economy, Harita Nickel Continues to Grow and Perform Strongly in 2023

01 April 2024

Jakarta, 28 March 2024 -- PT Trimegah Bangun Persada Tbk (NCKL) or Harita Nickel, a sustainable nickel mining and processing company, today announced its financial achievements for the fiscal year ending December 31, 2023. Amid global challenges, such as the decline in nickel prices and macroeconomic uncertainty, Harita Nickel continued to record strong growth, driven by increased production and operational efficiency.

In 2023, the profit attributable to the owners of the parent entity was IDR 5.62 trillion, up from IDR 4.67 trillion the previous year, marking a 20% growth. This growth reflects effective operational management and stable growth amid a fluctuating market, with a Compound Annual Growth Rate (CAGR) for profit attributable to the owners of the parent entity reaching 170% since the 2020 fiscal year.

Moreover, overall in 2023, Harita Nickel recorded revenue of IDR 23.86 trillion, up by 149% from the previous year, and a gross profit of IDR 8.28 trillion, an increase of 77% compared to the previous year.

This growth was also driven by increased sales volumes from the nickel ore processing business, including the new smelter PT Halmahera Jaya Feronikel (HJF), a pyrometallurgical-based saprolite (high-grade nickel ore) smelting facility producing ferronickel, and additional production lines from PT Halmahera Persada Lygend (HPL), a hydrometallurgical-based limonite (low-grade nickel ore) refining facility producing raw materials for electric vehicle batteries.

From the mining business, Harita Nickel recorded increased nickel ore sales volume of 98%, reaching 15.38 million wmt (wet metric tons), compared to 7.77 million wmt in 2022. This volume consisted of 6.30 million wmt of saprolite, up 235% from 1.88 million wmt, and 9.08 million wmt of limonite, an increase of 54% from 5.89 million wmt.

From the nickel processing business, in F23 Hartia Nickel also recorded a 300% increase in ferronickel production, from 25,372 tons in 2022 to 101,538 tons in 2023, and a 50% increase in MHP (mixed hydroxide precipitate) production, a raw material for electric vehicle batteries, from 42,310 tons in 2022 to 63,654 tons in 2023. This also reflects the company's strategic focus on expanding its production capabilities and strengthening its market position.

Roy Arman Arfandy, President Director of PT Trimegah Bangun Persada Tbk or Harita Nickel, stated, "Amid challenging market conditions throughout 2023, Harita Nickel continued to strive for growth. Our financial results in 2023 reflect our team's joint effort, with support from all stakeholders, in facing market volatility with robust and adaptive strategies, including driving innovation and improving operational efficiency, especially with the mining and production processes located at an integrated site on Obi Island, South Halmahera. We remain committed to enhancing efficiency and consistent development to ensure we are well-positioned to face the industry's dynamics moving forward."

Harita Nickel's commitment to operational excellence and innovation plays a crucial role in optimizing the production process, reducing costs, and driving growth. The strategic expansion of production capabilities allows Harita Nickel to meet the increasing demand for nickel, especially in the electric vehicle battery sector. This includes the operation of the second limonite refining facility with HPAL technology from Obi Nickel Cobalt (ONC), which is expected to begin operations this year. The achievements in the fiscal year 2023 are evidence of the company's commitment to consistent and responsible growth, as well as creating long-term value for all stakeholders.


About Harita Nickel

PT Trimegah Bangun Persada Tbk (“TBP”) operates an integrated and sustainable nickel mining and processing on Obi Island, South Halmahera, North Maluku. Apart from having an IUP, since 2016, the Company, through its subsidiary entities, has had high-grade nickel ore (saprolite) smelters and low-grade nickel ore (limonite) processing refinery facilities since 2021 in the same operational area. These facilities are present to support the industrialization mandate of the Indonesian government. Harita Nickel is also a pioneer in Indonesia in processing and refining low-grade nickel ore (limonite) using High-Pressure Acid Leach technology. This technology is able to process limonite nickel ore which has not been used so far, into a product of strategic value, namely Mixed Hydroxide Precipitate (MHP). In the following process, MHP is further processed into nickel sulfate (NiSO4) and cobalt sulfate (CoSO4), which are raw materials used to make electric vehicle batteries. 

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