JAKARTA − The Indonesian Mining Industry Holding Company (MIND ID) booked a net profit of Rp27.5 trillion US$1.68 billion) in 2023, an increase by 22.4 percent from 2022 and 36.3 percent higher than the 2023 target stipulated in the company’s Working Plan and Budget (RKAP).
The company’s achievement was revealed during its Annual General Meeting of Shareholders (AGM) for the fiscal year 2023 on Tuesday, June 11, 2024.
MIND ID’s Earning Before Interest, Taxes, Depreciation, and Amortization (EBITDA) realization was recorded at Rp40.3 trillion, an increase by 9.7 percent from 2022 and 58.7 percent higher than the 2023 RKAP.
MIND ID’s total assets also increased by 13 percent YoY to Rp259.2 trillion, followed by an 18 percent YoY increase in equity to Rp129.6 trillion.
In terms of operations, MIND ID managed to maintain the production rate of a number of mining commodities to increase the added value of Indonesia’s mineral resources ranging from nickel, copper, tin, coal, to gold and silver.
“MIND ID has a mandate from the government to manage Indonesian mineral commodities so that they have good added value and to maintain the company’s condition so that it continues to be in excellent condition, especially in supporting various government economic programs,” President Director of MIND ID Hendi Prio Santoso said.
As for January-December 2023, MIND ID has produced at least 41.90 million tons of coal, 15,300 tons of tin ingot, 214,900 tons of aluminium, 13.44 million tons of nickel, 21,500 tons of ferronickel, 2.01 million tons of bauxite, and 1.2 tons of gold.
Hendi said that geopolitical conditions were well mitigated by MIND ID and all Holding Members. Mitigation efforts and anticipation of price and exchange rate fluctuations are important concerns of the company.
“Furthermore, the company began to explore new market expansion, and maintaining the strengthening of existing commodity market penetration has also been positive for us in optimising sales and production of Indonesian minerals,” he said.
The shareholders’ meeting approved approved the appointment of Fuad Bawazier as President Commissioner and Pamitra Wineka as Independent Commissioner. It also approved the replacement of Jisman Parada Hutajulu as Commissioner with Grace Natalie Louisa.
