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ANTAM Recorded Positive Performance Growth During The First Nine Month Period of 2020

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ANTAM Recorded Positive Performance Growth During The First Nine Month Period of 2020

ANTAM Always Been Promoting the Effort to Elevate Company’s Operational Competitiveness Through the Enhancement of Product’s Value Added, Optimization of Production and Sales Performance and Taking Strategic Policies to Meet an Appropriate Cost Efficiency Approach.

During the First Nine Month Period of 2020 (January-September 2020, 9M20), the Company’s Booked a Net Sales of Rp18.04 Trillion. In the Third Quarter of 2020 (July-September 2020, 3Q20) the Company’s Revenue Amounted at Rp8.81 Trillion, Significantly Increased by 119% Compared to the Revenue in Second Quarter of 2020 (April-June 2020, 2Q20) of Rp4.02 Trillion.

The Company’s Gross Profit Recorded Rp2.90 Trillion Within 9M20. ANTAM’s Gross Profit on 3Q20 Amounted to Rp1.59 Trillion, Rebounded 114% From the 2Q20 Gross Profit of Rp747.23 Billion.

Within the 9M20 Period, ANTAM’s Operating Profit Reached Rp1.44 Trillion, Rose to 16% From the Company’s Operating Profit During the First Nine Month Period of 2019 (January-September 2019, 9M19) of Rp1.24 Trillion. Whilst 3Q20, ANTAM’s Operating Profit Scored at Rp988.97 Billion or 215% Increase Compared to 2Q20 Operating Profit of Rp313.90 Billion.  

ANTAM has a Strong Commitment Effort to Maintain Positive Growth on Operational and Sales Performance as well as the Implementation of Cost Optimization Strategy. These Efforts were Supporting the Positive Achievement of the Company’s Profitability Profile with the Net Profit of Rp835.77 Billion for 9M20, 30% Increase Compared to 9M19 Net Profit of Rp641.51 Billion. Over the 3Q20 Period, ANTAM’s Net Profit Booked at Rp750.95 Billion, Rebounded 105% from the 2Q20 Net Profit of Rp366.66 Billion.     

Jakarta, October 27, 2020 - PT Aneka Tambang Tbk (ANTAM; IDX: ANTM; ASX: ATM) is pleased to announce the Company’s positive financial performance during the First Nine Month Period of 2020 (9M20) (unaudited). This achievement was in line with the Company’s aims to elevate its operational competitiveness through the enhancement of product’s value added, optimization on production and sales performance as well as taking strategic policies to meet an appropriate cost efficiency approach. 

Despite the global economic downturn in midst of the new normal era of Covid-19 pandemic, the Company retains its profitable performance as well as its production and sales performance growth through the implementation of proper health protocols with high consistency throughout its operating area. During 9M20, ANTAM's records positive Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of Rp2.14 trillion. In the Third Quarter of 2020 (3Q20), the Company’s EBITDA was generating up to Rp1.32 trillion that increased significantly compared to EBITDA level of Rp794 billion within the second quarter of 2020 (2Q20). Higher EBITDA level was supported by operation production and sales stability as well as efficiency improvements that led to optimum cash costs level.

Throughout 9M20, ANTAM’s gross profit amounted to Rp2.90 trillion. Meanwhile, in 3Q20, the Company’s gross profit hiked up to Rp1.59 trillion, rose to 114% from 2Q20 gross profit of Rp747.23 billion. Furthermore, ANTAM could maintain its positive production and sales performance with a sound cost management level. These effort was elevating the Company’s profitability which reflected on the 9M20 operating profit of Rp1.44 trillion or increased by 16% compared to the operating profit over the first nine month period of 2019 (9M19) of Rp1.24 trillion. Over the 3Q20 period, ANTAM operating profit generated at Rp988.97 billion, increase significantly by 215% from 2Q20 operating profit of Rp313.90 billion.

The solid improvement on the both Company’s gross and operating profit was propelled ANTAM’s net profit over the 3Q20 achievement of Rp750.95 billion, rocketing to 105% over the 2Q20 net profit of Rp366.66 billion. Throughout the 9M20 accumulative period, ANTAM’s net profit amounted to Rp835.77 billion, a 30% spike in peak from the 9M19 net profit achievement of Rp641.51 billion.

The proper implementation of the Company’s operational strategy was also reflecting from the positive profitability of its main commodity that comprised of nickel, gold, and bauxite products. Over 3Q20 the Company was generating a positive inflow of net cash provided from operating activities amounted to Rp991.81 billion, which arise to more than 800% from the net cash provided from operating activities within the 2Q20 period of Rp106.83 billion. Throughout 9M20, the Company’s accumulative inflow from net cash provided from operating activities amounted to Rp1.12 trillion. ANTAM solid financial position in 9M20 is also supported with strong cash and cash equivalents position which amounting to Rp3.67 trillion in order to maintain the sustainability of the Company’s operation and development initiatives.               

In ANTAM’s Consolidated Financial Statement for the year ended September 30, 2019, the Company set forth the restatements of equity accounting of investments in foreign operations, long-lived assets, capitalization of certain expenditures, inventories, provision for environmental and reclamation costs and certain taxation accounts. In addition, the reclassifications were also conducted on certain accounts to conform with the 2019 audited presentation.

ANTAM’s Production & Sales Performance Remains Solid Through 9M20

In 9M20, ANTAM’s net sales figure achieved up to Rp18.04 trillion, whilst the Company’s net sales which generated over the 3Q20 amounted to Rp8.81 trillion, a 119% increase from the 2Q20 net sales level of Rp4.02 trillion.

During 9M20, ANTAM’s gold product sales became the largest contributor to total sales with a contribution of Rp12.98 trillion or 72% of ANTAM’s total sales. Furthermore, within 3Q20, ANTAM gold sales revenue boosted up to Rp6.58 trillion, arise to 170% over the 2Q20 gold sales revenue of Rp2.43 trillion. The positive appreciation of ANTAM’s gold net sales figure was in line with the public’s growing awareness of gold investment and positive tone on the Company’s gold product demand in the domestic market and also supported with the well maintained of ANTAM’s gold production level. During 3Q20, ANTAM’s gold sales volume reached 6,967 Kg (223,994 troy oz), significantly increased by 147% compared to gold sales volume in 2Q20 of 2,818 Kg (90,600 troy oz). ANTAM’s accumulative gold sales volume for 9M20 reached 14,882 Kg (478,467 troy oz). Moreover, ANTAM’s gold production volume from the Pongkor and Cibaliung mines in 3Q20 amounted to 430 Kg (13,825 troy oz), an increase of 6% from the gold production volume in 2Q20 of 404 Kg (12,988 troy oz). During the 9M20 period, ANTAM's gold production reached 1,280 Kg (41,152 troy oz).   

In relation to the Company’s gold sales & marketing strategy, ANTAM has been focusing to develop domestic-based customers and implementing proper cost optimization strategy. Despite lower accumulative gold sales volume, the operating income of Precious Metals and Refinery segment within 9M20 recorded at Rp1.05 trillion, rose to 136% from the operating income figure of Precious Metals and Refinery segment in 9M19 of Rp446.86 billion. During 3Q20, the operating income of Precious Metals and Refinery booked at Rp558.51 billion, increased by 186% from the 2Q20 Precious Metals and Refinery operating income of Rp195.49 billion. Moreover, the positive trend of global gold price that was rebounding up to 27% on average during 9M20 (compared to 9M19 global average price) also brings a positive flavor to ANTAM’s Precious Metals and Refinery segment profitability. ANTAM’s Logam Mulia gold product is the top brand in Indonesia.   

In order to maintain excellent services during the new normal period due to the Covid-19 pandemic, ANTAM implemented the provisions of online gold transactions through the official website at ANTAM’s precious metal products are marketed under the Logam Mulia Boutiques network in 11 cities in Indonesia. In addition, ANTAM also conducts canvas sales activity at several strategic points to bring ease of public access to ANTAM’s precious metal product. ANTAM has a strong commitment to implementing health protocols to safeguard the health and safety of employees and customers.

During 9M20, the sales of ferronickel were the second largest contributor to ANTAM's revenue, amounting to Rp3.26 trillion or 18% of total sales. ANTAM’s ferronickel production sales in 9M20 amounted to 19,507 ton nickel within ferronickel (TNi), relatively stable compared to 9M19 sales volume of 19,703 TNi. Moreover, ANTAM’s ferronickel production volume within 9M20 reached 19,133 TNi, slightly growth compared to 9M19 production volume of 19,052 TNi. Meanwhile in relation to  ferronickel cash cost competitiveness, during 9M20, ANTAM strengthens its position as one of the global low cost ferronickel producers with a cash cost level of USD3.34 per pound. ANTAM’s cumulative cash cost in 9M20 was 15% lower than the 2019 cash cost of USD3.95 per pound.    

On nickel ore commodity, during 3Q20, the Company’s nickel ore production volume which was produced as ferronickel plant feed ore material as well being sold to domestic market customer amounting to 1.49 million thousand wet metric ton (wmt), significantly increased by 100% compared to production on 2Q20 that amounted to 745 thousand wmt. Meanwhile, on 3Q20, ANTAM recorded nickel ore sales volume of 1.04 million wmt, significantly increased by 522% compared to 2Q20 nickel ore sales volume amounted to 168 thousand wmt. During the 9M20 period, ANTAM booked the accumulative nickel ore production volume of 2.86 million wmt with an accumulative sales figure of 1.21 million wmt. In 9M20, the contribution of nickel ore sales for the Company’s revenue achieved Rp663.07 billion, meanwhile the nickel ore sales revenue over the 3Q20 period amounted to Rp573.81 billion. In addition, the establishment of mineral domestic benchmarking prices by the Ministry of Energy and Mineral Resources will create a competitive atmosphere for domestic mineral prices. Moreover, it will bring a positive catalyst for ANTAM in terms to expand Company’s mineral customer based on the domestic market especially for nickel ore commodities.

In 9M20, the operating income of ANTAM’s Nickel segment (ferronickel and nickel ore commodity) recorded at Rp1.03 trillion. Within 3Q20, the operating income of the Nickel segment reached Rp692.70 billion, rose significantly to 163% compared to the Nickel segment’s operating income of Rp263.06 billion in 2Q20. The positive growth of ANTAM’s Nickel segment profitability of was mainly driven by the growth of ANTAM’s nickel ore sales and the positive improvement of global nickel price in 3Q20.   

On ANTAM’s bauxite commodity, ANTAM recorded bauxite production volume in 9M20, which was used as ore feed for Tayan Chemical Grade Alumina plant as well as being sold to the third party customer, amounted to 1.30 million wmt. This achievement was increasing by 18% compared to the 9M19 production volume of 1.10 million wmt. Moreover, ANTAM recorded 9M20 bauxite ore sales volume of 951 thousand wmt with a sales revenue from bauxite sales amounted to Rp444.22 billion.   

ANTAM’s Development Project

In line with the Company’s business development strategy through the development of mineral downstream initiative, ANTAM’s main project under development includes The East Halmahera Ferronickel Plant Development Project with a production capacity of 13,500 TNi per annum in North Maluku. On bauxite commodity, ANTAM is currently focusing on the development of Smelter Grade Alumina Refinery (SGAR) plant in Mempawah, West Kalimantan with PT Indonesia Asahan Aluminium (Persero) with an estimated total production capacity of up to 1 million ton SGA per annum (Stage 1).

For more than 52 years of experience, ANTAM's operation was supporting the development of mineral downstream industry in Indonesia, especially on nickel, gold and bauxite commodities through the integrated mining operation. ANTAM has a solid nickel and bauxite asset profile. By the end of 2019, ANTAM recorded both nickel ore and bauxite ore resources amounted to 1.36 billion wmt and 598 million wmt respectively. These potential resources are becoming one of the ANTAM’s strengths in order to enhance the Company’s business scale through the development of mineral strategic downstream activity in order to create value added of its mineral products as well increase positive contributions to the state and community.

ANTAM’s Contribution to the Covid-19 Pandemic Prevention

Since the Covid-19 pandemic outbreaks in Indonesia, ANTAM has followed and applied proper health protocol with high consistency throughout its operation area which covers mining, processing plant and office in order to promote the occupational health of employees from Covid-19 disease. In addition, the application of appropriate health protocol with consistency in action promotes the sustainability of the Company’s operation production, sales and development activities in the midst of a pandemic.

ANTAM also synergizes with the stakeholders on pandemics handling transmission in the community. Several initiatives related to Covid-19 prevention in the community have been conducting by the Company and its subsidiary. Among others, conducted community health socialization, assisted public sanitary apparatus & essential food aid assistance, prepared the ready Covid-19 Hospital in Jakarta as well as distributed the Polymerase Chain Reaction unit and the testing reagent to the Covid-19 Regional Task Force in Bogor, West Java Province and Raja Ampat, West Papua Province. As per September 2020, ANTAM has realized a total budget of Rp22.31 billion for assistance support of Covid-19 handling.