PT Vale records positive earnings in 2Q21

About Vale

7/27/2021

PT Vale records positive earnings in 2Q21

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PT Vale Indonesia k (“PT Vale” or the “Company”, IDX Ticker: INCO) and its subsidiaries (together the “Group”) today announced unaudited results for the second quarter of 2021 (“2Q21”). The Group delivered 15,845 metric tons (“t”) of nickel matte and recorded sales of US$208.4 million in the quarter.​

We also concluded critical maintenance activities in the quarter that will enable us to achieve published production levels. I want to acknowledge the hard work of our employees in continuing to deliver positive results while effectively managing COVID-19 in our operations.

Febriany Eddy, CEO and President Director

Summaries of the announcement are:

  • The Group recorded EBITDA of US$72.3 million in 2Q21, lower than the US$88.9 million recorded in 1Q21, due mainly to higher costs and a lower average realized nickel price. 
  • The Group also recorded positive earnings of US$25.1 million in 2Q21, a decrease from earnings of US$33.7 million in 1Q21 in line with the declining EBITDA. However, 1H21 earnings of US$58.8 million were higher than that of the same period last year when the Group recorded a US$53.1 million earning in 1H20. 
  • The Group’s cost of revenue in 2Q21 increased by 13% to US$174.3 million from US$154.8 million in 1Q21.​

Further detail of the release is available in the link below:

2Q21 Press Release 2Q21 Production Report 2Q21 Financial Statement

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PT Vale records positive earnings in 2Q21