JAKARTA – PT Ifishdeco Tbk (IFSH) reported a significant drop in net profit by 60.39% year-on-year (yoy) to IDR 83.67 billion for the fiscal year 2024.

This decline in profit aligns with a decrease in sales, which reached only IDR 972.71 billion, according to the recently released financial report. This figure is 32.3% lower than the previous year, where the company recorded sales of IDR 1.43 trillion.

The mining and nickel processing segment remained the primary contributor to IFSH's sales in 2024, generating IDR 834.91 billion. Meanwhile, the silica mining segment contributed IDR 137.8 billion.

Sales from the nickel mining and processing business in 2024 dropped by 37.8% yoy, compared to the previous year's figure of IDR 1.34 trillion. On the other hand, sales from the silica mining business in 2024 increased by 54.1% yoy.

It is important to note that IFSH still recorded sales from its mining services and other business lines in 2023. However, in 2024, the company no longer reported any sales from these lines.

Despite the challenges, IFSH's total equity grew by 6.64% yoy to IDR 838.04 billion in 2024, while its total assets were recorded at IDR 1.01 trillion. (EF/KR/ZH)