MIND ID Earns IDR 27 Trillion Net Profit Thanks To Downstreaming

JAKARTA BUMN Mining Industry Holding, MIND ID, continues to be committed to strengthening mineral downstream programs to support national economic growth while increasing industrial competitiveness in the future.

MIND ID Corporate Secretary Heri Yusuf said several strategic downstream projects had been successfully completed, including the Smelter Concentrat for PT Freeport Indonesia and the Smelter Grade Alumina Refinery (SGAR) Phase 1 in Mempawah.

"MIND ID will continue the downstream program with the vision of optimizing the added value of the domestic industry. This step is expected to encourage investment and support sustainable economic growth," said Heri, quoted on Wednesday, November 20.

Heri added that the mineral downstream program has also had a significant impact on the financial performance of the MIND ID Group.

The company by the end of 2023 recorded a net profit of IDR 27 trillion, with total assets approaching IDR 260 trillion.

Meanwhile, MIND ID as of August 2024 has posted a profit of IDR 27 trillion, with EBITDA reaching IDR 39 trillion.

MIND ID last year also contributed dividends of IDR 18.5 trillion to the state, making it the second largest dividend contributor among SOEs.

"MIND ID hopes this significant dividend contribution can continue this year, showing our important role as a major contributor to the country," continued Heri.

Furthermore, Heri emphasized that the sustainable downstream program in the mining industry sector is one of the main focuses of the MIND ID Group.

"This is a crucial element in maintaining investor confidence and ensuring the sustainability of downstream projects to the economic age of the assets that have been built," he concluded.