PT Trimegah Bangun Persada Tbk (NCKL), also known as Harita Nickel, has posted impressive financial results for the third quarter of 2024, with net profit growth driven by a substantial increase in revenue.
For the 9M24 period, Harita Nickel recorded revenues of IDR 20.3 trillion, an 18.02% increase compared to IDR 17.2 trillion in the same period last year. This growth was primarily driven by the strong performance of the company’s two key segments: nickel processing, which contributed IDR 17.7 trillion, up by 19.59%, and nickel mining, which generated IDR 2.6 trillion, a slight increase from IDR 2.4 trillion in 2023.
Harita Nickel has announced that Chinese nickel trading company Lygend Resources & Technology Co Ltd was its largest buyer in Q3 2024, with transactions reaching IDR 10.8 trillion. This marks a significant 55.14% increase from IDR 7 trillion in the same period last year.
Other major contributors included Ningbo Lygend Wisdom Co Ltd and Glencore International AG, with transactions valued at IDR 4.11 trillion and IDR 2.7 trillion, respectively.
Although the cost of revenue increased to IDR 13.71 trillion, Harita Nickel (NCKL) posted an 8.65% increase in gross profit, which reached IDR 6.66 trillion.
After accounting for various obligations, the company reported a net profit of IDR 6 trillion for the period, reflecting a 7.14% increase. Net profit attributable to the parent entity's shareholders grew by 4.09%, reaching IDR 4.8 trillion. This solid performance highlights Harita Nickel’s ability to maintain profitability despite rising operational costs.
As an integrated nickel mining and processing company, Harita Nickel (NCKL) continues to strengthen its position by operating two major mines. The first is the TBP mine, followed by the PT Gane Tambang Sentosa (GTS) mine. Both of these mines play a crucial role in supplying nickel ore to the company's rotary kiln electric furnace (RKEF) smelter and High Pressure Acid Leaching (HPAL) refinery.
Harita Nickel (NCKL) has set an ambitious production target of 120,000 tons of nickel content in ferronickel from its MSP and HJF smelters. For low-grade nickel ore, the company is relying on its two HPAL refineries—Halmahera Persada Lygend (HPL) and Obi Nickel Cobalt (ONC)—with a production target of 80,000 to 85,000 tons of nickel content in Mixed Hydroxide Precipitate (MHP).
Lukito Gozali, Head of Investor Relations for Harita Nickel, revealed that ONC has reached full capacity as of August 2024. “We are committed to maximizing production according to our installed capacity, and even exceeding our targets,” he said.
This strong production outlook underscores Harita Nickel’s ongoing efforts to scale up its operations and meet both domestic and global demand for nickel.
In addition to its primary products, Harita Nickel (NCKL) is exploring the development of downstream products such as Nickel Sulfate and Cobalt Sulfate, which are essential for electric vehicle (EV) batteries. This innovation reflects the company’s ambition to become a key player in the renewable energy sector, particularly in the growing EV market.
With total assets reaching IDR 51.69 trillion and a well-managed liability ratio, Harita Nickel (NCKL) continues to strengthen its position as a leader in the global nickel mining sector. Obi Island, which serves as the company’s operational hub, stands not only as a testament to Indonesia's abundant resource potential but also as a symbol of the country’s economic transformation towards a green energy future.
