Up 7 Percent, Antam Records Net Sales Of IDR 23.19 Trillion In Semester I-2024

Gold antam (Photo: dock. Antara)

PT Aneka Tambang (Antam) recorded the company's net sales in the first semester of 2024 of IDR 23.19 trillion, an increase of 7 percent compared to the same period the previous year which was recorded at IDR 21.66 trillion.

This increase in sales was contributed by domestic net sales which reached IDR 21.12 trillion or the equivalent of 91 percent of Antam's total net sales in the first half of 2024.

President Director of PT Aneka Tambang Tbk, Nico Kanter said, in the midst of the challenges faced by Antam in the first half, especially regarding licensing constraints, the company managed to maintain production and sales volume at an optimal level so as to record good financial performance in the first semester of 2024.

"This achievement is reflected in the profit for the current period of IDR 1.51 trillion," he said in a Public Expose, Tuesday, August 27.

Nico continued, this achievement was supported by the production and sales of strong main commodities and efficient cost control so that it recorded EBITDA of IDR 2.42 trillion.

Nico also added that the company's solid financial position with a light balance sheet, strong cash, and low leverage in the first semester of 2024 provided a solid basis for growth through planned investments.

Meanwhile, regarding the development of the electric vehicle battery ecosystem or EV Battery, Antam and strategic partners are committed to accelerating milestone achievements according to the company's target by 2024.

On the other hand, as part of the downstream commitment to nickel commodities, PT Gag Nickel (PT GN), an Antam subsidiary, signed a Conditional Share Purchase Agreement with the Newton International Investment Pte Ltd. (Newton) on May 3, 2024. This transaction involves the purchase of part of Newton's shares in its subsidiary which is engaged in nickel ore processing. It is hoped that this collaboration will encourage the company's continued growth.

In terms of the development of downstreaming of bauxite commodities, Antam is currently focusing on completing the construction of the Smelter Grade Alumina Refinery (SGAR) plant which was developed with PT Indonesia Asahan Aluminum. This factory has a processing capacity of 1 million tons SGAR per year, and until June 2024, construction progress has reached 89 percent.

"We are optimistic that this target can be achieved through optimizing operational performance, implementing good mining practices, operational excellence, and a strong commitment to ESG principles," concluded Nico.