Soaring 36.89 Percent, Vale Earns 274.3 Million US Dollars Net Profit

PT Vale Indonesia (INO) recorded a net profit of 274.3 million US dollars, an increase of 36.89 percent compared to the previous year which was recorded at 200.40 million US dollars.

Vale's President Director, Febriany Eddy said, his party also managed to record an increase in production of 18 percent and EBITDA of 499.6 million US dollars.

"Although facing an unfavorable market situation, the discipline in our operations and finances has resulted in good financial results," Febriany said in a statement to the media quoted on Tuesday, February 13.

Febriany added that INCO also managed to record cash balances that were not limited to US$698.8 million by the end of 2023. According to him, this strong cash balance will allow the company to continue to achieve good progress in growth projects.

According to him, this good result is certainly supported by increased safety performance. The total Recordable Injury Frequency Rate (TRIFR) INCO fell from 0.64 last year to 0.31.

"And we have received the rating of the Green PROPER environment (exceeding obedience) from the government, for the fourth time," continued Febriany.

He added that INCO's production in 2023 will reach 70,728 metric tonnes of nickel, an increase of 18 percent from 2022 production, which is the result of implementing maintenance strategies throughout the year.

"In the fourth quarter of 2023 Vale produced 19,084 tons," added Febriany.

Then, sales volume in 2023 increased by 17 percent compared to 2022 and rose 20 percent compared to the previous quarter.

Although the average realization price is lower in 2023, the company was able to maintain production costs at $10,089 per tonne by 2023, which contributed to an 11 percent increase in gross profit that year.

Febriany said this production cost decreased by 12 percent to 10,089 US dollars per ton compared to the previous year of 11,444 US dollars per ton.

"This decline is due to lower energy costs and various initiatives to increase productivity that have been carried out by the company," concluded Febriany.