Soaring 319 Percent, MIND ID Earns Rp6.74 Trillion Profit In The First Quarter Of 2022

Illustration of workers working in the MIND ID group work environment. (Photo: ANTARA)

JAKARTA - The State-Owned Enterprise Holding Mining Industry Indonesia (MIND ID) stated that it managed to record a net profit of Rp6.74 trillion during the first quarter of 2022.

This number increased significantly by 319 percent compared to the same period last year of Rp. 1.61 trillion.

President Director of MIND ID Hendi Prio Santoso in his presentation revealed that the recording of positive financial and operational performance was supported by the optimal production and sales performance of the group of companies, including placing the main attention on financial strategy, especially in maintaining liquidity levels.

"As a mining industry holding company, the company continues to encourage MIND ID members to implement good mining and mineral processing practices," said Hendi in Jakarta, Thursday, June 16.

Hendi said, in the first quarter of 2022, the production and sales activities of MIND ID members were running optimally. The company recorded revenues of Rp. 26.96 trillion, an increase of 41 percent compared to the same period in 2021 of Rp. 19.15 trillion.

The company also recorded positive profitability with the achievement of Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rp. 10.23 trillion, up 134 percent compared to the first quarter of last year of Rp. 4.37 trillion.

The position of EBITDA Margin in the first quarter of this year also increased by 37.92 percent or higher than the first quarter of last year of 22.84 percent.

Net Profit Margin also increased to 25.00 percent compared to the same period last year which was recorded at 8.40 percent.

"We are optimistic that we can achieve performance in accordance with the targets set. In 2022, the company will focus on work programs and will encourage a more optimal production level for the MIND ID group," said Hendi.

Hendi further said that his party is optimistic that it can achieve performance in accordance with the set targets. In 2022 the Company will focus on work programs and will encourage a more optimal level of production for the MIND ID Group.