JAKARTA. PT Vale Indonesia Tbk (INCO) booked sales of USD 1.18 billion in 2022, 24% higher than USD 953.2 million seen in 2021.

Febriany Eddy, CEO and President Director of INCO, claimed that the increase in 2022 sales was propelled by the average realisation price, which proliferated 35% from the price recorded in in 2021. “The higher price surely offered positive impacts on our financial performance,” Eddy mentioned in the official statement.

However, on the other side, INCO’s cost of sales also soared 23% year-on-year (yoy) to USD 865.9 million in 2022. This upturn resulted from increased coals and fuel prices.

Higher costs also dragged nickel-in-matte production of INCO to 60,090 metric tons in 2022, which were 8% lower than the numbers recorded in 2021.

Furthermore, the decreased nickel production volume in 2022 was caused by the Tanur 4 Rebuild project. “Given the fact that the project has been completed, we are confident that we could score higher production volume in 2023,” Eddy stated.

With the increased sales, INCO managed to raise its net profit to USD 200.4 million in 2022. It was higher than the net profit of USD 165.8 million recorded in 2021. (KR/ZH)