Vale Indonesia's Profits Consistently Grow, Breaking Records in 2022

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Adi Ahdiat 29/03/2023 18:18 WIB

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PT Vale Indonesia (INCO)'s net profit has consistently increased since 2019. In 2022, its profit grew by 19.8% year-on-year (yoy) to USD 200.3 million, setting a new record high.

Net Profit of PT Vale Indonesia Tbk (2019-2022)

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Net Profit of PT Vale Indonesia Tbk (2019-2022)

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PT Vale Indonesia Tbk (INCO) reported a net profit of USD 200.3 million in 2022, approximately equivalent to Rp3.02 trillion (assuming an exchange rate of Rp15,056 per USD).

This nickel mining company's profit has consistently increased since 2019. In 2022, its profit grew by 19.8% year-on-year (YoY), reaching a new record high, as shown in the graph.

This year, INCO has rejoined the LQ45 index for the February-July 2023 period. The LQ45 is a list of 45 issuers selected by the Indonesia Stock Exchange (IDX) based on specific criteria, such as large market capitalization and high liquidity.

In February 2023, INCO also inaugurated the construction of an integrated low-carbon nickel mining and processing project (smelter) in Morowali Regency, Central Sulawesi, in collaboration with PT Bahodopi Nickel Smelting Indonesia (PT BNSI).

"PT Vale plays a full role in the construction and operation of the mining facilities, while PT BNSI, a company established by PT Vale through a joint venture with its partners, will be responsible for the construction and operation of the processing plant," stated INCO management in its press release last month (February 10, 2023).

The Morowali smelter project undertaken by INCO has been declared a National Strategic Project (PSN) to support the downstreaming program of natural resources, particularly nickel.

The smelter will be built using Rotary Kiln Electric Furnace (RKEF) technology powered by natural gas and is projected to be an energy-efficient and environmentally friendly nickel processing plant.

"The natural gas power plant will be a major contributor to reducing carbon emissions from the overall project operations. Carbon emission reduction has been part of PT Vale's sustainability roadmap, with a target of reducing carbon emissions by up to 33% by 2030," said INCO management.

"PT Vale and its partners have allocated a total investment cost of up to Rp37.5 trillion with a production capacity of 73,000 tons per year. The presence of the Morowali project represents our commitment to becoming a reliable and sustainable nickel producer for Indonesia with the lowest carbon footprint," they added.

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."

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Vale Indonesia's Profits Consistently Grow, Breaking Records in 2022

Vale Indonesia's Profits Consistently Grow, Breaking Records in 2022

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Vale Indonesia's Profits Consistently Grow, Breaking Records in 2022

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