Mining Directory

The soaring price of nickel in the global market has had a positive impact on the profitability of PT Vale Indonesia Tbk (INCO). In the first quarter of 2022, INCO managed to record a net profit growth of 100.77% year on year (yoy) to US$ 67.7 million from the previous US$ 33.7 million in the first quarter of 2021.

Vale Indonesia CEO and President Director, Febriany Eddy admitted that the production figure for the first quarter of 2022 was lower than the previous quarter due to the rebuilding of electric furnace 4. However, the favorable nickel price allowed INCO to achieve significant profit growth.

“We were able to generate higher EBITDA, higher profit and higher cash balance compared to the previous quarter. This strong cash balance will allow us to carry out our current and future growth plans,” said Febriany Eddy in his statement, recently.

Even so, Febriany said that the price volatility in the market that occurred made Vale Indonesia continue to focus on optimizing production capacity and increasing operating efficiency as previously done.

In addition to this strategy, the issuer with the stock code INCO is also committed to implementing  environmental, social, and governance (ESG) principles, one of which is by fulfilling the ICMM (International Council on Mining and Metals) principles.

Regarding business sustainability, INCO has shown the company's declaration of a commitment to achieve Net Zero Emissions from scope 1 and scope 2 by 2050 or earlier. According to him, this is in line with the ambitions of the Paris Agreement.

Source: https://investor.id/market-and-corporate/301237/vale-indonesia-inco-fokus-optimalkan-kapasitas-produksi