JAKARTA – PT Merdeka Battery Materials Tbk (MBMA) posted a sharp net profit jump of 228.8% year-on-year (yoy) in 2024, supported by a 38.8% surge in revenue.

According to its 2024 financial report, MBMA recorded significant revenue growth from USD 1.3 billion in 2023 to USD 1.8 billion in 2024.

The largest revenue contribution came from the Nickel Pig Iron (NPI) segment, with sales reaching USD 930.9 million, followed by nickel matte at USD 721.6 million.

The most notable spike, however, was seen in the limonite nickel ore segment, with revenue soaring more than 11-fold to USD 181.3 million in 2024.

MBMA's expense items also grew proportionally in line with revenue, with cost of goods sold rising 38.3% to USD 1.7 billion.

With financial expenses falling 60.3% to USD 8 million, and other income surging 25.7 times to USD 12.1 million, MBMA was able to deliver a net profit leap of 228.8%, reaching USD 22.8 million in 2024.

However, in terms of share performance, MBMA closed 0.66% lower in the Thursday, March 27, 2025 trading session, landing at IDR 300 per share. Since the beginning of the year, the stock has dropped 34.5%. (ZH)