Harita Nickel Posts $390 Million Profit in 2024, Rises 13.5% on Strong Production and Efficiency Drive
Main Takeaways
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JAKARTA, investortrust.id – Indonesia’s integrated nickel mining and processing company PT Trimegah Bangun Persada Tbk, better known as Harita Nickel, has recorded a net income of Rp 6.38 trillion in 2024, a 13.52% increase from the previous year, driven by robust production volumes and ongoing cost efficiency measures.
In 2023, Harita Nickel posted a net profit of Rp 5.62 trillion ($362 million), according to President Director Roy Arman Arfandy.
The company, listed on the Indonesia Stock Exchange under the ticker NCKL, reported total revenue of Rp 26.97 trillion ($1.73 billion) and gross profit of Rp 8.45 trillion ($544 million) for the fiscal year ending Tuesday, Dec. 31, 2024, according to its latest financial statement.
On Tuesday’s trading session, shares of NCKL closed 1.59% higher at Rp 640 per unit on the Indonesia Stock Exchange.
Expanding Refining Capacity and Strengthening Operational Efficiency
Suparsin stated that from its mining segment, Harita Nickel sold 23.75 million wet metric tons (wmt) of nickel ore to affiliated companies engaged in downstream nickel processing. In the processing and refining segment, the company sold 126,344 tons of ferronickel (FeNi), 63,431 tons of mixed hydroxide precipitate (MHP), and 38,622 tons of nickel sulfate (NiSO₄), a derivative of MHP.
In August 2024, Harita Nickel completed its second nickel refinery project, PT Obi Nickel Cobalt (ONC), which began full-scale commercial operations. With this addition, the company now operates a total low-grade nickel refining capacity of 120,000 tons of nickel content in MHP per year.
From the smelting segment, Harita Nickel had previously completed its second rotary kiln-electric furnace (RKEF) smelter in 2023 under PT Halmahera Jaya Feronikel (HJF), bringing its total FeNi capacity to 120,000 tons of nickel content annually.
Navigating Global Headwinds Through Cost Control
Despite its gains, the company remains cautious on global market outlooks. “The global nickel industry continues to face challenges including economic slowdowns, tighter competition, and rising operating costs due to policy changes at both the domestic and international levels,” Suparsin said.
To maintain its competitiveness, Harita Nickel has tightened operational spending across all its business units and launched the construction of a quicklime production facility to support the high-pressure acid leaching (HPAL) process, aiming to reduce raw material costs in its hydrometallurgical operations.
Pushing for Global Standards and ESG Compliance
As part of its commitment to environmental, social, and governance (ESG) principles, Harita Nickel is pursuing international certification through the Initiative for Responsible Mining Assurance (IRMA). “This is part of our effort to raise our operational standards to an international level,” said Suparsin.
Looking forward, the company intends to continue executing ongoing construction projects while safeguarding its financial health. “We will remain focused on running efficient operations, completing our development pipeline, and improving operational standards to ensure our financial condition remains strong,” he concluded.