JAKARTA. PT Merdeka Battery Materials Tbk (MBMA), a nickel mining company under Merdeka Copper Gold, reported net profit of USD 3.67 million in the first quarter (Q1) of 2024.

This profitability is a total opposite of MBMA’s performance in the same quarter last year, in which the company booked loss of USD 7.01 million.

MBMA’s net profit surge in Q1 2024 was supported by its revenue that reached USD 444.22 million, which increased 211.2% year-on-year (yoy), or compared to the same quarter last year.

In addition, MBMA also reported finance income of USD 1.77 million, soaring 354% yoy. Then, other income also reportedly skyrocketed by 337% yoy to USD 2.58 million.

Based on operational segment, most of MBMA’s revenue in Q1 2024 was dominated by manufacturing business, which generated USD 435.97 million or approximately 98.1% of total revenue. Meanwhile, mining business line only contributed USD 12.36 million or 2.8% of total revenue.

According to geographical scope, domestic sales of MBMA in Q1 2024 were seen at USD 250.4 million. Meanwhile, export sales were only directed to China, scoring sales of USD 192.81 million.

According to IDNFinancials data, MBMA’s total assets were reported reaching USD 3.3 billion as of March 31, 2024, while its total equity clocked up to USD 2.34 billion. (KR/ZH)