MIND ID, or Mining Industry Indonesia, experienced an operational performance improvement in 2023.

MIND ID, as a State-owned Mining Industry Holding in Indonesia, has the mandate to manage mineral and coal resources in Indonesia together with its members, which include PT Antam Tbk, PT Bukit Asam, PT Freeport Indonesia, PT Inalum, and PT Timah Tbk,.

PT Aneka Tambang Tbk (Antam), a member of the MIND ID Group, showed positive performance through the achievement of financial performance growth from January to September 2023 or 9M23. Antam recorded a profit of IDR 2.85 trillion in the 9M23 period.

The company's profit grew by eight percent from the first nine months of 2022, which reached IDR 2.63 trillion. Meanwhile, Antam's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) in 9M23 was IDR 5.40 trillion.

EBITDA is the value of a company's income before deducting interest, taxes, depreciation, and amortization, which acts as an indicator to measure the profit or profit earned by the company. "Antam's EBITDA in 9M23 shows the consistency of the company's achievements when compared to EBITDA in 9M22," said MIND ID Corporate Secretary Heri Yusuf as quoted on Tuesday (21/2).

The company's net cash flow from operating activities in 9M23 grew by 93 percent or IDR 3.98 trillion compared to the net cash flow in 9M22, which only grew at IDR 2.06 trillion.

The balance of cash and cash equivalents in 9M23 reached IDR 7.54 trillion or grew 63 percent from the position at the end of the 9M22 period of IDR 4.62 trillion. In addition, Antam also managed to make net sales of IDR 30.90 trillion in 9M23, with the percentage of domestic net sales reaching 86 percent or equivalent to IDR 26.69 trillion.

Antam also recorded a total gold production volume from the company's mines of 908 kg (29,193 troy oz.), with sales reaching 19,460 kg (625,652 troy oz.) in 9M23. This shows that Antam's gold production accounted for 62 percent of total sales of IDR 19.29 trillion.

Image source: Pos Kota / Illustration
Source: https://poskota.co/ekonomi-bisnis/grup-mind-id-catatkan-pertumbuhan-positif-di-2023/