Nickel Mining Issuer PT Trimegah Bangun Persada Tbk Harita Nickel’s Q1 Revenue Grows 74.6% to IDR 4.8 Trillion

Jakarta, CNBC Indonesia – Nickel mining issuer PT Trimegah Bangun Persada Tbk (NCKL) or Harita Nickel posted a 74.6% revenue growth in the first quarter of 2023 to IDR 4.8 trillion, from IDR 2.7 trillion previously.

Nevertheless, Harita’s bottom line performance fell 12.5% ​​to Rp. 1.4 trillion from the previous Rp. 1.6 trillion. This decrease was largely due to the weakening of nickel and cobalt prices, as well as the strengthening of the Rupiah in the first quarter of 2023 compared to the same period the previous year.

This year, NCKL’s revenue was supported by revenue from the nickel mining segment which rose 71.3% to IDR 912.8 billion from IDR 532.9 billion. As for the nickel processing segment, the Company’s revenue increased by 75.4% to IDR 3.9 trillion from IDR 2.2 trillion in the first quarter of 2022.

“On the other hand, the ratio of operating costs to fixed income is 4.2% due to a decrease in coal prices and a decrease in fuel prices compared to the first quarter of 2022,” said Harita Nickel in an official statement, Wednesday (3/5/2023).

The increase in NCKL’s revenue was due to an increase in volume and production lines at the Company and its subsidiaries. Until March 31, 2023, for the Rotary Kiln Electric Furnance (RKEF) production line, the Company’s subsidiary, PT. Halmahera Jaya Ferronickel (HJF) has completed the construction of five production lines out of a total of 8 production lines being built.

Three production lines are currently under construction and are expected to be completed by the end of the second quarter of this year, bringing HJF’s total production capacity to 95 thousand metal tonnes/year.

“When combined with the production capacity of the Company’s subsidiary PT. Megah Surya Pertiwi (MSP), which has a production capacity of 25 thousand metal tons/year, the Company’s total production capacity will increase to 120 thousand metal tons/year,” he said.

NCKL has also completed its 3rd production line of the High Pressure Acid Leach (HPAL) refinery and has succeeded in achieving 100% production capacity within 2 months so that MHP’s total production capacity increases from 37 thousand metal tons/year in 2022 to 55 thousand metal tons/year year in 2023.

Going forward, Harita Nickel will develop its product downstream by entering the commissioning phase for nickel sulfate production from early April 2023. This will be a new milestone in the electric vehicle battery industry with the presence and operation of the first nickel sulfate factory in Indonesia.

(fsd/fsd)