JAKARTA – PT Vale Indonesia Tbk (INCO), a mining company under MIND ID, recorded a 22.87% year-on-year (yoy) drop in revenue in 2024, reaching only USD 950.4 million, down from USD 1.2 billion in the previous year.

Vale’s sales were exclusively directed to its two shareholders, Vale Canada Limited (VCL) and Sumitomo Metal Mining Co. Ltd. (SMM), both of which experienced declines to USD 760.2 million and USD 190.2 million, respectively, as of December 2024.

With the cost of revenue remaining relatively stagnant, decreasing by only 4.9% yoy, the company’s gross profit plunged by 68.8% yoy to USD 108.2 million by the end of 2024. This significant reduction also caused the gross profit margin to fall from 28.2% to 11.4%.

Despite reductions in expenses and costs, as well as an increase in other income, INCO still failed to maintain its net profit margin, which plummeted to 6.1% from 22.3%.

According to its financial report, INCO’s net profit only reached USD 57.76 million at the end of Q4 2024, a 4.75-fold, or 78.95% yoy, decrease from USD 274.33 million in 2023. (ZH)