JAKARTA – The profit of PT Vale Indonesia Tbk (INCO) was recorded increasing 36.89% year-on-year (yoy) to USD 274.33 million from USD 200.40 million in 2022. This growth resulted from increases in revenue and financial income.

Based on 2023 Financial Report quoted today (12/2), INCO’s revenue was recorded at USD 1.23 billion, up 4.49% from USD 1.17 billion seen in 2022. The gross and operating profit reached USD 347.02 million and USD 313.56 million last year, while in 2022, its gross and operating profit were recorded at USD 302.15 million and USD 272.02 million, respectively.

The primary contributor of INCO’s revenue was sales to Vale Canada Limited (VCL) of USD 985.81 million, followed by sales to Sumitomo Metal Mining Co Ltd (SMM), which generated USD 246.45 million. For comparison, VCL and SMM’s sales in 2022 contributed USD 953.20 million and USD 226.24 million to the revenue.

VCL is still the controller of 43.79% of INCO, while another 56.21% belong to non-controllers. The ultimate beneficial owner of INCO’s shares is Vale SA, through VCL, of 43.79%. Then another 0.54% belong to Vale Japan Limited, while another 20% go to Indonesian government.

VCL claims 43.79% of 9.93 billion shares of INCO, followed by SMM of 15.03%, PT Mineral Industri of 20%, Abu Ashar of 0%, and the public of 20.38%. (LK/ZH)