JAKARTA. PT Vale Indonesia Tbk (INCO) managed to have an impressive net profit surge of 100% by the end of 2021 to USD 165.79 million. It resulted from the increased nickel price and the implementation of cost efficiency by the company.
“We succeed in minimising the effect of COVID-19. Moreover, the higher nickel price accompanied with a strong discipline in costs has brought a positive impact on our financial performance,” Febriany Eddy, CEO and President Director of Vale Indonesia, claimed in the official statement yesterday (24/2).
Based on its financial report, INCO was reported to gain USD 953.2 million in sales, climbing 25% from USD 764.7 million in 2020. The increased sales were supported by the increased average price of nickel in matte delivery in 2021 to USD 14,309 per ton from USD 10,498 per ton in 2020.
As the sales shifted upwards, so did INCO’s net profit. It scored USD 165.79 million in 2021, proliferating 100% from USD 82.81 million in 2020. Meanwhile, its EBITDA also grew 44% year-on-year (yoy) to USD 391.9 million.
INCO’s liquidity in this period was seen as solid, in which INCO collected cash of USD 508.3 million by the end of last year. It was almost USD 120 million higher than the balance reported in 2020. “The cash balance increase will provide a strong foundation to execute our growth projects,” Eddy stated. (AM/ZH)