Nickel Sales Drive Vale Indonesia to Rp2.5 Trillion Profit in First Half of 2023

Market

Lite

Adi Ahdiat 28/07/2023 16:40 WIB

URL has been copied

Memuat...

Vale Indonesia Tbk reported increased revenue and profit in the first half of 2023. This achievement stemmed from nickel sales to Canada and Japan.

PT Vale Indonesia Tbk's Revenue and Profit for the First Half (2022-2023)

A Font Kecil
A Font Sedang
A Font Besar

Access single data

Nickel Sales Drive Vale Indonesia to Rp2.5 Trillion Profit in First Half of 2023

Want to get more access to Data Stories with a more affordable price? Subscribe.

By subscribing, you join us in presenting quality data.

Get:

Premium Data Stories access
Comfortable reading without ads
Download data in XLS, PDF, and image format
Access to data source information

Basic

~~Rp100.000~~

Rp50.000/month

Professional

~~Rp100.000~~

Rp150.000/month

Institutional For organizations

We accept the following payments:

Some payment methods are still in the process of being activated.

PT Vale Indonesia Tbk's Revenue and Profit for the First Half (2022-2023)

Download

Source

A Small Font
A Medium Font
A Bigger Font

PT Vale Indonesia Tbk (INCO) reported revenue of USD 658.9 million, or approximately Rp 9.9 trillion (using an exchange rate of Rp 15,112 per USD), in the first half of 2023. This represents a 16.7% increase compared to the first half of 2022.

INCO's net profit attributable to the parent entity also grew by 12% year-on-year (yoy) to USD 168.5 million, or approximately Rp 2.5 trillion, in the first half of this year.

All of INCO's revenue comes from nickel sales to overseas markets.

"All group sales are nickel sales to related parties domiciled in Canada (VCL) and Japan (SMM)," INCO management wrote in its financial report.

VCL, or Vale Canada Limited, is the parent entity of PT Vale Indonesia Tbk, holding a 43.79% stake in INCO as of the end of the first half of 2023.

SMM, or Sumitomo Metal Mining, is the third-largest controlling entity, with a 15.03% shareholding.

Meanwhile, the state-owned enterprise (SOE) PT Indonesia Asahan Aluminium (Persero) is the second-largest controlling entity in INCO, with a 20.00% shareholding.

INCO's shareholding structure is currently a hot topic of discussion in the House of Representatives (DPR).

Commission VII of the DPR is currently urging the Indonesian government to acquire a majority stake in INCO, so that the nickel resources they manage are under Indonesian control.

"Commission VII of the DPR urges the Ministry of Energy and Mineral Resources (ESDM) in the process of divesting shares of PT Vale Indonesia Tbk to support MIND ID in becoming the controlling shareholder, in order to obtain operational control rights and financial consolidation as a form of state control through SOEs," said Deputy Chairman of Commission VII of the DPR RI, Maman Abdurrahman, in a press release on Wednesday, June 14, 2023.

Similar sentiments were expressed by Commission VII DPR member Ramson Siagian. He requested that the assets and nickel mining reserves of PT Vale Indonesia Tbk be consolidated into Indonesia's national wealth records, given that these resources are currently recorded in Canada.

"This mine is different from manufacturing. If manufacturing, the assets are only land and industry, but this (mine) has something stored inside, namely resources and reserves. And this is recorded in Canada," said Ramson.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."