31 July 2024
Jakarta, 31 July 2024 -- PT Trimegah Bangun Persada Tbk (NCKL) or Harita Nickel, an integrated and sustainable nickel mining and processing company, today announced its financial results for the first half of 2024, demonstrating significant growth in both financial and operational performance.
In the first half of 2024, Harita Nickel reported a revenue of IDR 12.80 trillion, marking a significant increase of 25% from IDR 10.24 trillion in the same period last year. This growth was driven by increased production output and higher sales volumes across its mining and processing operations. Harita Nickel's production capacity continued to grow, with increased capacity from its RKEF smelters and HPAL refining facilities. The company's mining operations showed a quarter-over-quarter increase in nickel ore sales, driven by the rising demand for nickel ore for smelters and refining facilities in Harita Nickel's subsidiaries.
The company's operational achievements include a significant increase in production output and nickel ore sales volume. Nickel ore sales volume in the first half of 2024 reached 8.37 million wmt, up 29% compared to 6.49 million wmt in the same period last year. RKEF operations saw a 69% year-over-year increase in FeNi production output, reaching 63,414 tons in the first half of 2024, exceeding production capacity. HPAL operations also showed strong performance, with a 28% increase in MHP Ni output compared to the same period last year, totaling 38,334 tons in the first half of 2024. This growth was further supported by the increased production of the refining facilities from PT HPL, which exceeded production capacity, and the second HPAL refining facility, PT ONC, which began production in the second quarter of 2024.
Gross profit for the second quarter of 2024 reached IDR 2.205 trillion, up 36% from IDR 1.618 trillion in the first quarter of this year. This increase was also supported by the recovery of global nickel prices in the second quarter, which positively contributed to the company's gross profit. EBITDA increased by 49% to IDR 3.168 trillion in the second quarter of 2024, up from IDR 2.129 trillion in the previous quarter. Net profit attributable to owners of the parent company in this second quarter was IDR 1.805 trillion, up 80% from IDR 1.001 trillion in the first quarter of 2024.
Lukito Gozali, Head of Investor Relations of PT Trimegah Bangun Persada Tbk or Harita Nickel, stated, “Our first half results for 2024 reflect our commitment to operational excellence and sustainable growth. Despite volatile market conditions, we have managed to enhance our production capacity and maintain strong profitability. Our strategic initiatives and continuous improvements in efficiency have positioned us well to meet the growing global demand for nickel, especially in the electric vehicle battery sector.”
Harita Nickel remains focused on expanding its production capacity and optimizing its operations. The company's strategic investments in smelting and refining facilities are expected to further boost production and drive long-term growth. Notably, the second HPAL refining facility through PT Obi Nickel Cobalt (PT ONC) began operations in April 2024, contributing to increased production.
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 2017, 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 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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