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Jakarta, May 2, 2023 - PT Aneka Tambang Tbk (ANTAM; IDX: ANTM; ASX: ATM) member of Mining Industry Indonesia (MIND ID) – the State-Owned Enterprise Holding of the Mining Industry, is pleased to announce the growth of the Company’s financial performance during the first quarter of 2023 (1Q23). This achievement was in line with the Company’s aims to elevate its operational competitiveness through optimization on production and sales performance as well as taking strategic policies to meet an appropriate cost efficiency approach.
In 1Q23 ANTAM’s solid financial performance was reflected from Earning Before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to Rp2.51 trillion. EBITDA performance in 1Q23 substantially increased compared to EBITDA from the first quarter of 2022 (1Q22) of Rp2.10 trillion or grew 19%. Higher EBITDA level was mainly supported by the strengthening of profit for the period in 1Q23 of Rp1.66 trillion, increase 13% from the profit of the period in 1Q22 of Rp1.47 trillion.
The growth of ANTAM’s profitability in 1Q23 is reflected in ANTAM’s gross profit of Rp2.85 trillion, an increase of 16% from gross profit in 1Q22 amounting to Rp2.45 trillion. Meanwhile, ANTAM's operating profit in 1Q23 is recorded at Rp1.91 trillion, increased by 18% from the operating profit in 1Q22 of Rp1.62 trillion. ANTAM's total other income net during 1Q23 reached Rp208.21 billion. The improvement of ANTAM’s profitability is also reflecting on the 1Q23 profit before income tax of Rp2.12 trillion, rise 14% from the 1Q22 of Rp1.86 trillion and improvement at ANTAM's basic earnings per share value in 1Q23 of Rp69.21, growing 13% from the 1Q22 value of Rp60.98 per basic share.
Regarding the Company's financial position, in 1Q23, ANTAM strengthened its financial structure, as reflected in ANTAM's consolidated equity value of Rp25.33 trillion, growing 7% from the end period of 2022 (FY22) of Rp23.71 trillion. Throughout the 1Q23 period, ANTAM's total liabilities were recorded at Rp9.60 trillion, decrease 3% from FY22 of Rp9.93 trillion. During 1Q23, the Company's total assets reached Rp34.93 trillion, growing 4% compared to FY22 position at Rp33.64 trillion. The solidity of the Company’s financial position was also reflected from cash and cash equivalents at the end period of 1Q23 reached Rp4.94 trillion or grow 10% from the FY22 position of Rp4.48 trillion.
ANTAM’s Production and Sales Performance in 1Q23
In 2023, in relation to the Company’s marketing strategy, ANTAM has been focusing to develop domestic-based customers for its gold, nickel ore and bauxite product. In 1Q23, ANTAM net sales amounted to Rp11.59 trillion, rose to 19% compared to net sales in 1Q22 recorded at Rp9.75 trillion. Revenue from domestic sales activity as the dominant contributor amounted Rp10.00 trillion or equal to 86% of the Company’s total net sales in 1Q23. According with commodity segment, gold sales was the largest contributor of ANTAM’s net sales amounted Rp7.01 trillion (60%), nickel ore amounted Rp2.98 trillion (26%), ferronickel booked net sales of Rp1.20trillion (10%), and bauxite & alumina segment amounted Rp326 billion (3%).
During 1Q23, ANTAM’s gold production volume from the Company’s gold mines posted at 304 kg (9,774 troy oz). The achievement is inline with the gold production target in 2023 of 1,167 kg (37,519 troy oz.). Meanwhile, ANTAM gold sales volume in 1Q23 reached 7,223 kg (232,225 troy oz), rose 10% from the 1Q22 gold sales volume of 6.575 kg (211.391 troy oz.).
Pursuant to the Company’s aim to enhance Logam Mulia gold product, during the 1Q23 period, ANTAM through the Precious Metals Processing and Refining Business Unit, launches the gold thematic product of the Chinese New Year 2023 AD/2574 Kongzili and Eid Al-Fitr 2023/1444 H. The gold three-dimensional (3D) pattern was equipped on the product design which was marked as the first implemented 3D gold design pattern in Indonesia. ANTAM also put the addition of securities feature through microtext, QR code and rainbow effect on the new thematic products.
In line with the Company’s aim to enhance the customers service excellence, in 1Q23, the Precious Metals Processing and Refining Business Unit introduced ALMIRA (ANTAM Logam Mulia Virtual Assistant), an automated messaging service that is ready to help provide information and services for ANTAM's Precious Metals products. ALMIRA has been present on WhatsApp platforms at 0811-1002-002 (chat only) and ANTAM's official social media, Facebook and Instagram.
ANTAM applies the terms of online gold transactions through the Logam Mulia website, www.logammulia.com, and the ANTAM official boutique at the online marketplace platform of Tokopedia (“Butik Emas Antam Official” account), Shopee (“Butik Emas Antam Official Shop” account), and TikTok Shop (“Butik Emas Antam” account) in addition to product selling at ANTAM’s Logam Mulia Gold Boutique which located at 12 major cities in Indonesia.
On the nickel segment, within 1Q23 ANTAM’s ferronickel production volume reached 5,437 ton of nickel in ferronickel (TNi), with the ferronickel sales volume reaching 4,287 TNi. In terms to maintain its ferronickel plant reliability (Kolaka Ferronickel plant in Southeast Sulawesi), ANTAM implements the Total Productive Maintenance initiatives to ensure the plant's operational stability and optimization performance with an efficient production cost level. In the second half period of 2023, the new ferronickel plant facility in East Halmahera, North Maluku will be commencing the production phase.
In order to strengthen the cost competitiveness and the greenhouse gas emission reduction from ANTAM’s ferronickel plant operation in Kolaka, in January 2023, ANTAM and PT Perusahaan Listrik Negara (Persero) signed a Power Purchase Agreement related to the power electricity support of the Kolaka ferronickel plant with a total power capacity of 150 megavolt-amperes (MVA).
On nickel ore product, during 1Q23, ANTAM nickel ore production volume are amounting to 3.41 million wet metric ton (wmt) increase 17% from the 1Q22 production of 2.92 million wmt. The realization of production is also determined with the domestic nickel ore sales volume during 1Q23 which amounted to 3.44 million wmt, grows 48% from 1Q22 unaudited sales volume of 2.33 million wmt.
On bauxite and alumina segment, in 1Q23, ANTAM recorded bauxite ore production volume, which was used as ore feed for alumina production and as well as being sold to the third party customer, amounted to 347,139 thousand wmt. Meanwhile, bauxite ore sales volume in 1Q23 reached 84,267 wmt. On alumina product, during 1Q23, total production of alumina reached 40,992 ton alumina, hiked by 21% from 1Q22 alumina production of 33,830 ton. The 1Q23 alumina sales volume reached 33,069 ton alumina, relatively stable compare to the 1Q22 production of 34,822 ton alumina.
ANTAM’s Downstream Development Project
With regards to the Company's development projects in 2023, ANTAM is currently completing the construction phase of the ferronickel plant construction project & the supporting plant facility in East Halmahera, North Maluku, which will have an installed capacity of 13,500 TNi per annum. The initial production phase will be commenced on second half period of 2023.
In relation to the development of the EV battery ecosystem, on January 2023, The Company with Hong Kong CBL Limited (HKCBL), a controlled subsidiary of CBL, signed the Conditional Share Purchase Agreement (CSPA) for ANTAM’s partial shares ownership in its Subsidiary of PT Sumberdaya Arindo (PT SDA). The CSPA signing is followed with the signing of Conditional Shareholders Agreement (Conditional SHA) by the both parties on the same occasion. After the transaction become effective, ANTAM will remain as the controlling shareholders at PT SDA. This signing is an initial step in realizing the implementation of EV Battery Ecosystem Development Project in Indonesia as well as reflecting the Company’s commitment to supporting the development of an EV Battery Ecosystem project in Indonesia.
In terms of developing the bauxite downstream process, the Company is currently focusing on the construction of the Smelter Grade Alumina Refinery (SGAR) plant in Mempawah, West Kalimantan, which was jointly developed with PT Indonesia Asahan Aluminum (Persero) with a processing capacity of 1 million tons of SGAR per annum.