Mining Holding MIND ID Prints Profit Of IDR 4.7 Trillion In Semester I 2021

President Director of MIND ID, Orias Petrus Moedak. (Photo: Doc. Antara)

JAKARTA - The mining industry BUMN Holding, Mining Industry Indonesia (MIND ID) pocketed a consolidated net profit of Rp4.7 trillion in the first semester of 2021. This number increased significantly compared to the same period last year which recorded a loss of Rp1.8 trillion.

The companies that are members of MIND ID include PT Antam Tbk, PT Bukit Asam Tbk, PT Freeport Indonesia, PT Inalum (Persero), and PT Timah Tbk.

The President Director of MIND ID, Orias Petrus Moedak explained that the positive growth in the first half of 2021 was supported by the company's optimal production and sales performance, the implementation of financial strategies, especially in maintaining liquidity levels, and improving global commodity prices.

"So our revenue is IDR 39.2 trillion, with a net profit of IDR 4.7 trillion, this is our net profit margin of approximately 12 percent," he said in a virtual press conference, Tuesday, August 31.

In addition, MIND ID also posted positive profitability as indicated by the achievement of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rp. 10.9 trillion, an increase compared to the position in June 2020 of Rp. 3.6 trillion. Then, the EBITDA margin was also reported to have increased by around 28 percent from the previous 12 percent. Meanwhile, the net profit margin is in the range of 12 percent from minus 6 percent previously.

Furthermore, Orias explained, in a consolidated position, MIND ID's total assets currently reach IDR 193.7 trillion with interest-bearing debt of IDR 96.3 trillion.

"Meanwhile, our equity is Rp. 77.1 trillion," he said.

Then, continued Orias, MIND ID's cash position was IDR 32.7 trillion, and its net debt to EBITDA was 3.4x or far below MIND ID's target of 5x and debt-to-equity-ratio of 1.2x.

In addition, Orias ensures that the COVID-19 pandemic situation does not hinder the production and sales of MIND ID, in order to continue to perform very well.

"As is well known, our debt is quite large, therefore we maintain liquidity so that we remain liquid and the cash position is quite good until the end of June 2021," he said.