Nickel mining company, PT Ifishdeco, has recorded positive performance throughout 2024, booking net sales of Rp972.71 billion (US$59.45 million) and net profit of Rp143.45 billion (US$8.74 million).

Ifishdeco Director, Iwan Luison, revealed that the company was still able to show solid performance despite facing challenges of nickel price fluctuations and dynamic market conditions. 

"We remain optimistic about the future prospects of the nickel business by pursuing an increase in nickel ore production volume in the 2025-2026 period," Iwan said in a statement obtained by Indonesia Business Post on Wednesday, February 26, 2025.

In terms of equity, the company recorded a growth of 6.64 percent to Rp838.04 billion (US$51.24 million) as of December 31, 2024, compared to Rp785.88 billion (US$47.99 million) at the end of 2023. Meanwhile, the company's total assets reached Rp1.01 trillion (US$61.14 million) with liabilities recorded at Rp169.93 billion (US$10.33 million)

Production, expansion targets

The company, which initially operated in the fisheries sector, is targeting an increase in nickel ore production in 2025 with a target of 2.24 million tons and a projected increase to 2.29 million tons in 2026. In addition to increasing production capacity, the company also plans to acquire new nickel mines to increase reserves and support future business growth. 

Currently, Ifishdeco has a mining area in Tinanggea, South Konawe Regency, Southeast Sulawesi, with a total concession of 2,580 hectares and an operational/production working area (IUP) of 800 hectares. 

In addition, its subsidiary, PT Patrindo Jaya Makmur, controls 500 hectares of mining area in North Kolaka, also in Southeast Sulawesi, and PT Hangtian Nur Cahaya which owns 47.7 hectares of mining area also in South Konawe.