A Look at MIND ID's Performance, the SOE that Appointed Grace Natalie as Commissioner

Mining Industry Indonesia (MIND ID)'s 2023 Annual General Meeting of Shareholders (RUPST) reported a net profit of Rp27.5 trillion for the past year.

This figure represents a 22.4% increase compared to the 2022 fiscal year and a 36.3% increase compared to the 2023 Company Work Plan and Budget (RKAP).

According to the company's financial statements, net profit for 2022 reached Rp22.49 trillion. This is a significant increase from Rp14.32 trillion in 2021 and Rp1.82 trillion in 2020.

Meanwhile, MIND ID's EBITDA reached Rp40.3 trillion in 2023, a 9.7% increase compared to the 2022 fiscal year and 58.7% higher than the 2023 RKAP. EBITDA in 2022 was Rp36.69 trillion; Rp28.05 trillion in 2021; and Rp11.26 trillion in 2020.

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It is an indicator used to measure a company's profitability.

MIND ID's total assets also increased by 13% year-on-year (yoy) to Rp259.2 trillion in 2023 from Rp229.32 trillion. Similarly, equity increased by 18% (yoy) to Rp129.6 trillion in 2023 from Rp110.24 trillion.

Operationally, MIND ID maintained production levels of various mining commodities to increase the added value of Indonesian mineral resources, including nickel, copper, tin, coal, gold, and silver.

From January to December 2023, MIND ID produced at least 41.90 million tons of coal, 15,300 tons of tin ingot, 214,900 tons of aluminum, 13.44 million tons of nickel, 21,500 tons of ferronickel, 2.01 million tons of bauxite, and 1.2 tons of gold.

MIND ID's President Director, Hendi Prio Santoso, acknowledged challenges such as geopolitical pressures affecting price and exchange rate fluctuations, but stated that these had been mitigated.

"Going forward, the company will explore new markets and strengthen penetration in existing markets for current commodities. This is a positive aspect for us in optimizing the sales and production of Indonesian minerals," said Hendi in a written statement on the company's website, Monday (June 10, 2024).

The MIND ID annual general meeting also involved internal restructuring. Jisman Parada Hutajulu was dismissed as Commissioner and replaced by Grace Natalie Louisa, a PSI politician and Special Staff to President Joko Widodo.

Furthermore, Fuad Bawazier, a Gerindra politician, was appointed as the President Commissioner, and Pamitra Wineka as an Independent Commissioner.

The new composition of the Board of Commissioners and Directors of MIND ID is as follows:

Board of Commissioners

* President Commissioner: Fuad Bawazier
* Independent Commissioner: Muhammad Munir
* Independent Commissioner: Pamitra Wineka
* Commissioner: Astera Primanto Bhakti
* Commissioner: Grace Natalie
* Commissioner: Nicolaus Teguh Budi Harjanto

Directors

* President Director: Hendi Prio Santoso
* Vice President Director: Dany Amrul Ichdan
* Director of Portfolio and Business Development: Dilo Seno Widagdo
* Finance Director: Akhmad Fazri
* Director of Risk Management and HSSE: Nur Hidayat Udin

For information, Mining Industry Indonesia (MIND ID) is Indonesia's state-owned mining holding company, comprising PT ANTAM Tbk, PT Bukit Asam Tbk, PT Freeport Indonesia, PT INALUM, and PT Timah Tbk.