Jakarta, April 8, 2025 – PT Aneka Tambang Tbk (ANTM) or ANTAM announced its Consolidated Financial Statements with the positive Company's financial performance throughout the financial year 2024 (January – December 2024, FY24). ANTAM recorded profitability growth with the achievement of net profit for FY24, which reached Rp3.85 trillion, an increase of 25% from the net profit for the financial year 2023 (January – December 2023, FY23) of Rp3.08 trillion. In line with growth of net profit, the Company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also increased by 3% with EBITDA in FY24 of Rp6.73 trillion, compared to EBITDA in FY23 of Rp6.55 trillion.
ANTAM proved the Company's resilience in facing challenges throughout 2024 that affect by regulatory dynamics and the uncertainty of global macroeconomic conditions. Through robust and agile operational performance management in response to market dynamics, ANTAM not only survived but also achieved financial performance growth, confirming the Company's strong position in the industry.
ANTAM's profitability growth in FY24 was reflected in the achievement of gross profit of Rp6.50 trillion, growth 3% from gross profit in FY23 of Rp 6.31 trillion. Meanwhile, the Company's operating profit in FY24 was recorded at Rp3.00 trillion, an increase of 15% from operating profit in FY23 of Rp2.62 trillion. The supporting factor for this increase was driven by the Company's sales growth, accompanied by optimal management of operating expenses. In FY24, the Company’s operating expenses decreased by 5% to Rp3.50 trillion, compared to FY23 amounted Rp3.70 trillion. The decrease was mainly due to lower logistics and insurance costs in line with the nickel and bauxite commodity sales were impacted by the licence conditions during FY24. ANTAM other income in FY24 also increased by 31% or equivalent to Rp1.62 trillion from FY23 achievement of Rp1.24 trillion. In FY24, the Company also recorded ANTAM's basic earnings per share at Rp151.77 per basic share, an increase of 19% from basic earnings per share in FY23 of Rp128.07 per basic share.
In Company financial position, ANTAM recorded the total assets increase from Rp42.85 trillion in FY23 to Rp44.52 trillion in FY24 or an increase of 4%. In the same period, ANTAM's total equity in FY24 was recorded of Rp32,20 trillion, growing 3% from the total equity in FY23 of Rp31.17 trillion. In 2024, in addition to the Company's repaid of scheduled investment loans, the Company also accelerated the repaid of investment loans with a total repayment of Rp1.68 trillion on December 2024, providing ANTAM with additional leverage to support the Company's business development plans.
Optimisation of ANTAM's Production and Sales Performance in FY24
In 2024, ANTAM is still faced with operational challenges driven by commodity price fluctuations and regulation changes in the domestic industry. In the first half, these conditions had a significant impact on production and sales performance. However, in the second half, ANTAM swiftly caught up with production and fulfilled conducive market demand for all commodities, resulting in revenue growth in 2024.
ANTAM recorded the all-time high of revenue in the Company’s history with the recorded of net sales amounted Rp69.19 trillion in FY24, with the contribution of domestic net sales reached Rp63.96 trillion or equivalent to 92% of ANTAM's total net sales in FY24. This impressive revenue performance increased by 69% compared to FY23 revenue of Rp41.05 trillion.
In the gold segment, supported by rising global gold prices due to macroeconomic factors and geopolitical conditions, ANTAM recorded significant sales growth in FY24 of 120% with amounted Rp57.56 trillion compared to FY23 sales of Rp26.12 trillion.
In FY24, ANTAM recorded total gold metal production volume from the Company's mines of 1,019 kg (32,762 troy oz.). Driven by the Company's strong operating fundamentals, ANTAM successfully fulfil the increasing domestic demand, and recorded ANTAM's gold sales volume in FY24 reached 43,776 kg (1,407,431 troy oz.), all of which are for the domestic market, an increase of 68% compared to FY23 sales of 26,129 kg (840,067 troy oz.). Based on the research result from independent consultants, ANTAM managed to maintain its position in the market as the top of mind choice of Indonesians community in investing in gold, reflected from achieving the all-time high gold sales in the Company's history.
In addition, ANTAM's strong gold sales are also supported by various sales channels to facilitate customer access to Precious Metal products through the official website www.logammulia.com, marketplace platform Tokopedia (account “Butik Emas Antam Official”), Shopee (account “Butik Emas Antam Official Shop”), Blibli (account “Butik Emas Antam Official Store”) and TikTok Shop (account “@butikemasantamofficial”) in addition to offline purchase services at ANTAM's Precious Metal Boutique network spread across 12 major cities in Indonesia.
In the Nickel Segment, ANTAM recorded sales (ferronickel and nickel ore products) in FY24 that contributed 14% to the Company's total sales amounted Rp9.50 trillion. The Nickel Segment's sales performance in FY24, is mainly affected by market conditions and fluctuations in nickel commodity prices. In addition, licensing challenges have significantly impacted ANTAM's to produce and sell nickel ore and ferronickel.
During FY24, ANTAM's ferronickel production volume reached 20,103 tons of nickel in ferronickel (TNi), with the achievement of ferronickel product sales volume during FY24 reaching 19,452 TNi, with sales destinations to China, India and South Korea. Meanwhile, for nickel ore products, ANTAM's nickel ore production volume in FY24 reached 9.94 million wet metric ton (wmt), with the achievement of ANTAM's nickel ore sales volume in FY24 recorded at 8.35 million wmt, all of which are destined for the domestic market both to fulfil the Company's ferronickel plant feed and sales to third parties for the domestic nickel smelters.
Meanwhile, the Bauxite and Alumina Segment in FY24 had a proportion of 3% to ANTAM's total sales with sales value reaching Rp1.80 trillion or an increase of 7% from FY23 of Rp1.69 trillion.
In FY24, ANTAM recorded total bauxite sales used as ore raw material for Chemical Grade Alumina (“CGA”) and Smelter Grade Alumina (“SGA”) plants of 1.33 million wmt with sales volume to third parties of 736 thousand wmt. In general, the production and sales performance of bauxite ore was affected by licensing challenges in 2024 as well as the lack of massive bauxite downstream unlike the nickel commodity.
For alumina products, in FY24 ANTAM through its subsidiary that operates the Tayan CGA plant, PT Indonesia Chemical Alumina, produced 147,826 tons of alumina and sales volume of alumina products in FY24 reached 177,178 tons of alumina. The alumina sales realisation in 2024 show growth of 24% from FY23 sales of 142,777 tons of alumina.
Consistent Environmental Performance Implementing Good Mining Practices
ANTAM always implements good mining practices and operation excellence in carrying out operations to realize a sustainable business. As a form its commitment, ANTAM received Ratings in Company Performance Rating in Environmental Management (PROPER) 2024, organized by the Ministry of Environment. ANTAM received Gold Ratings through the Gold Mining Business Unit and West Kalimantan Bauxite Mining Business Unit. In addition to the Gold Rating, ANTAM achieved a Green Rating in the PROPER Award 2024 through the North Maluku Nickel Mining Business Unit. The Company also receives a Blue Rating through the Precious Metal Processing and Refinery Business Unit, also subsidiaries PT Gag Nikel and PT Nusa Karya Arindo. The PROPER Award is given to companies as a form ANTAM's success in managing environmental impacts and maximising the distribution of positive benefits to communities around mining area.
The Company’s Commitment to Sustainable Business Development through Mineral Downstreaming and Strategic Cooperation
In accordance with ANTAM's commitment to focus on the completion of the Company's strategic projects, in the gold segment, ANTAM and PT Freeport Indonesia (PTFI) signed a cooperation agreement to sell and purchase gold with a purity level of 99.99% on November 7, 2024. This cooperation is carried out to strengthen the domestic gold supply chain through the provision of raw materials from PTFI a minimum of 30 tons of gold per year with a purity of 99.99%, which will later be processed into ANTAM precious metal products.
In addition, to support the gold business operations through the production and sale of Precious Metal gold, ANTAM signed a land transaction agreement with Java Integrated Industrial and Ports Estate (JIIPE) in Gresik, East Java on December 27, 2024. Proximity to the location of the industrial estate where PTFI's gold refining facility is located, ANTAM plans to develop precious metal processing facilities by building a manufacturing plant.
In the nickel segment, regarding the EV Battery Ecosystem Development Cooperation Project in Indonesia, in FY24 important milestones have been achieved related to initial work, licensing and preparation of project funding to support construction preparation on target. In addition, nickel reserves increase in FY24 at ANTAM's subsidiary, PT Sumberdaya Arindo, which can be a potential upside for the Company's revenue from the series of divestment processes regarding with the EV Battery Ecosystem Cooperation Project which has been implemented at the end of 2023.
As a commitment to downstream nickel commodities, ANTAM through its subsidiary PT Gag Nikel (“PTGN”), on October 3, 2024 has executed a purchase transaction of 30% shares of PT Jiu Long Metal Industry (“JLMI”) which is a subsidiary controlled by Eternal Tsingshan Group Limited. With this acquisition is expected to strengthen nickel ore sales through supplies from PTGN as well as added value creation through contributions from associates.
As a continuation of the Company appointment as the winner of the auction for the Specific Mining Business Licence Area (“WIUPK”) of Pongkeru Block, East Luwu, South Sulawesi, with a WIUPK area of 4,252 ha, ANTAM established cooperation with a Regional Owned Enterprise (“BUMD”). ANTAM has established a partnership with PT Sulsel Citra Indonesia (Perseroda) (“SCI”) and PT Luwu Timur Gemilang (Perseroda) (“LTG”) to form a joint venture, PT Pongkeru Mineral Utama on October 15, 2024. Through this cooperation is expected to increase the national nickel reserves and resources.
In terms of downstream bauxite commodity, ANTAM strengthens its position in the integration of the national aluminium industry through the first bauxite injection phase in the Smelter Grade Alumina Refinery (SGAR) Mempawah Project, which was inaugurated by President Joko Widodo on September 24, 2024. ANTAM is committed to supporting the commissioning process of the plant towards commercial operations. ANTAM ensures continuity of bauxite supply to the SGAR Project operated by PT Borneo Alumina Indonesia, a joint venture between ANTAM and Inalum.
As part of the decarbonisation efforts, ANTAM has taken strategic steps to support environmental sustainability through cooperation with PT PLN (Persero) to provide an environmentally friendly electricity supply to support the operations of the Ferronickel Smelter plant in Pomalaa of 150 Megavolt Ampere (MVA). This collaboration is ANTAM concrete step to supporting downstream using more environmentally friendly energy towards net zero emissions by 2060.
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