MIND ID Group Total Profit Exceeds 2023 Achievements

Director of Portfolio and Business Development MIND ID, Dilo Seno Widagdo. (Photo: DOk. ANTARA)

JAKARTA - SOE Mining Industry Holding MIND ID Group recorded an increase in total profit compared to the same period the previous year (yoy).

Director of Portfolio and Business Development MIND ID, Dilo Seno Widagdo said, this was driven by increased operations, a conducive mineral commodity market situation, and the positive impact of operational efficiency efforts across MIND ID members.

PT Aneka Tambang Tbk (Antam) recorded a net profit of IDR 2.85 trillion, an increase of 8 percent compared to the same period the previous year, with EBITDA reaching IDR 5.40 trillion.

PT Bukit Asam Tbk (Bukit Asam) reported a total revenue of IDR 27.7 trillion and a net profit of IDR 2.8 trillion. With total assets reaching IDR 36 trillion, Bukit Asam shows solid financial performance, supported by increased domestic sales and exports.

PT Freeport Indonesia also showed very strong financial performance. Copper production during January 'September 2024 reached 1.37 billion pounds, up 17.09 percent compared to the same period the previous year.

The volume of copper sales in the third quarter of 2024 reached 1.25 billion pounds, growing 23.76 percent compared to the same period last year which amounted to 1.01 billion pounds.

Meanwhile, PT Indonesia Asahan Aluminum (Inalum) previously reported progressive performance in the second quarter of 2024, with revenue increasing by 38 percent on an annual basis and EBITDA growing by 109.9 percent on an annual basis.

PT Timah Tbk (Timah) recorded an increase in revenue of 29.43 percent on an annual basis, from Rp6.37 trillion in the third quarter of 2023 to Rp8.25 trillion in the third quarter of 2024. The average selling price of tin metal increased by 15 percent, from US$27,017 per metric ton in September 2023 to US$31,183 per metric ton in September 2024.

PT Vale Indonesia Tbk posted a net profit of 51.1 million US diesel with a total revenue of 708.5 million US dollars.

"This solid financial performance shows the ability of the MIND ID Group in carrying out its function as the backbone of downstreaming Indonesia's mineral resources," Dilo said in a statement to the media, Tuesday, November 19.

He added that all aspects of production and sales are managed professionally to create optimal added value of each mineral that we manage.

Dilo continued that the positive performance of the entire MIND ID Group also shows the company's ability to support state revenues.

"Overall, the total profit of the MIND ID Group in the third quarter of this year has exceeded the achievement in 2023. This achievement will be given to the state in the form of dividends, in order to support the development of other economic sectors," he added.

MIND ID is optimistic that with the realization of the two MIND ID Group strategic projects in Mempawah and Gresik, operational performance will increase more aggressively.

"We hope that the downstream industrial sector will also grow because we have been able to provide raw materials needed by the Indonesian manufacturing industry. With this, we can go together to Indonesia Gold 2045," said Dilo.