Touching Rp3.40 Trillion by September 2023, Laba Vale Soared 31.2%

Nickel mining company PT Vale Indonesia Tbk recorded a net profit of US$221.08 million, or Rp3.40 trillion (assuming an exchange rate of Rp15,421 per US$), during January-September 2023.

This profit increased by 31.2% year-on-year (yoy) from US$168.38 million, or Rp2.59 trillion, in September 2022.

Revenue for the INCO-coded issuer reached US$937.89 million, or Rp14.46 trillion, in the first nine months of 2023. This figure also increased by 7.33% (yoy) from US$873.77 million, or Rp13.47 trillion, in September 2022.

Citing *Katadata*, Bernadus Irmanto, Chief Financial Officer of Vale Indonesia, stated that the company's production strengthened considerably, reaching 17,953 metric tons by September 2023.

In the nine-month period of 2023, the average realized price of INCO was US$16,204 and US$18,596 per ton, respectively. These figures decreased by 10% and 6% compared to the average realized price in the second quarter of 2023 and the nine-month period of 2022.

"Despite the price decline, the company managed to record a 7% increase in sales during September 2023 compared to the same period last year. This growth was mainly driven by an increase in nickel matte shipments," he said in an official statement on Friday (October 27, 2023).

Vale continued to use coal as the primary energy source for its burners throughout September 2023. This led to a 13% increase in coal consumption. This was partly offset by a 7% decrease in HSFO consumption compared to the second quarter of 2023. There was also a 5% increase in diesel consumption, mainly driven by increased mining support activities up to September 2023.

Vale Indonesia's assets were recorded at US$2.86 billion, or Rp44.14 trillion. This represents a 7.69% increase from December 2022, when assets totaled US$2.65 billion, or Rp40.99 trillion.

Components of the September 2023 assets included liabilities of US$346.97 million (Rp5.35 trillion) and equity of US$2.51 billion (Rp38.79 trillion).

(See also: This is the Value of Vale Indonesia's Ongoing Projects and Their Progress Until 2025)