Up 12 Percent, Vale Indonesia Achieves A Net Profit Of 168.5 Million US Dollars

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - PT Vale Indonesia Tbk (INCO) scored a net profit of up to 168.51 million US dollars in the first semester of 2023. This amount increased 12 percent compared to the same period the previous year at 150.45 million US dollars.

CEO and President Director of Vale Febriany Eddy said the company's net profit was supported by group revenues which increased 17 percent (yoy) to 658.9 million dollars (US) in the first semester of 2023, from 564.5 million US dollars in the same period the previous year.

"This income was mainly due to the higher shipping volume of 6,208 metric tons during that period," said Eddy quoting Antara.

However, often with that, the Group's cost of revenue also increased to US$438.4 million in the first semester of 2023, from the previous US$356.3 million in the same period the previous year.

During the first semester of 2023, Eddy explained that the company posted a production figure of 16,922 metric tons, or a significant increase of 35 percent (yoy) compared to the same period in the previous year.

He explained that the results were in line with the Group's annual production target of around 70,000 metric tons for 2023.

In the future, we will continue to strive to increase efficiency and reduce costs. In this quarter, Vale managed to lower cash costs per production unit even further, surpassing the level that had been achieved in the previous quarter," said Eddy.

Since April 2023, he has continued that the company decided to divert energy sources to burners from HSFO to coal, driven by a decrease in coal prices.

He said the company would remain committed to always trying to reduce costs, including adjusting other components as part of ongoing efforts to manage costs.

In addition to controlling costs, the company takes a cautious attitude in managing cash flow to anticipate unfavorable nickel price conditions.

During the second quarter of 2023, the company spent around 60.8 million US dollars, an increase of 36 percent (yoy), compared to capital expenditures in the second semester of 2022.

"Saving of life is the most important thing, Appreciating the sustainability of the earth and our community. The company urges readers to see the summary of the Group's achievements, where operational achievements and unudited financial results have been summarized on the following pages," said Eddy.