JAKARTA – PT Trimegah Bangun Persada Tbk (NCKL), widely known as Harita Nickel, reported revenue increasing 25% year-on-year (yoy) in the first half of 2024, boosting its net profit by 10.4% yoy due to solid operational aspects.

Harita Nickel’s revenue skyrocketed from IDR 10.2 trillion in H1 2023 to IDR 12.8 trillion at the end of June 2024. It is driven by nickel refinery process that contributed up to IDR 11.5 trillion or up 33.88% yoy from IDR 8.6 trillion in the same period last year.

It is worth mentioning that NCKL owns two types of nickel refinery plants: RKEF and HPAL. RKEF turns limonite into FeNi, a main ingredient of stainless steel, whereas HPAL processes saprolite into MHP Ni, which then could be further manufactured into a material for electric vehicle batteries.

Both facilities showed increases in its production outcome, including FeNi output that increased 69% yoy to IDR 63,414 ton, and MHP Ni output that went up 28% yoy to 38,334 ton last June.

“This growth is further driven by an increase of production of refinery facilities of PT HPL, which has surpassed its production capacity, and the second HPAL refinery plant, PT ONC, which has started its production since the second quarter of 2024,” said the management through an official statement quoted today (1/8).

According to Annual Public Expose of NCKL in 2024 last June, the management also mentioned that there are still plans of adding production lines of PT ONC to 3 production lines as of August 2024.

Not only HPAL, RKEF facilities will also install 4 additional production lines, which are projected to start commissioning at the end of this year or at the beginning of this year.

The rapid improvement of the production of nickel refinery process further boosted Harita Nickel’s profit for the year by 10.4% yoy, from IDR 3.2 trillion to IDR 3.5 trillion at the end of June 2024.

“The outcome in the first half of 2024 reflects our commitment towards operational excellence and sustainable growth. Although the market condition fluctuates, we manage to increase out production capacity and maintain solid profitability,” concluded Lukito Gozali, Head of Investor Relations of Harita Nickel.

For the record, Harita Nickel is listed as a new constituent of Indeks Tempo-IDNFinancials 52 (Indeks52) after its annual evaluation, straight on seizing three categories at once: Main Index, High Growth, and Big Market Cap. (ZH)