JAKARTA – PT Vale Indonesia Tbk (INCO) booked net profit of USD 37.28 million in the first half of 2024, down 82.05% year-on-year (yoy) from USD 207.80 million seen in the same period in 2023. This declining performance is in line with its revenue downturn of 27.34% yoy in H1 2024.

Based on Financial Report of H1 2024 quoted today (1/8), INCO’s revenue slipped to USD 478.75 million from USD 658.96 million. The gross profit also dropped to USD 61.58 million from USD 220.47 million, bringing the margin to 12.86%, also decreasing from 33.45% seen in H1 2023.

INCO’s highest contribution to total sales came from sales to Vale Cana Limited (VCL) worth USD 383 million, down from USD 527.59 million, followed by sales to Sumitomo Metal Mining Co Ltd (SMM) of USD 95.74 million, also down from USD 131.36 million. (LK/ZH)