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Important Note: The results provided below reflect the unaudited consolidated results of PT Harum Energy Tbk. (“the Company”) for the 6-months period ending 30 June 2025 (“1H 2025”), which include the results of PT Mahakam Sumber Jaya (“MSJ”), PT Layar Lintas Jaya (“LLJ”), PT Santan Batubara (“SB”), PT Karya Usaha Pertiwi (“KUP”), PT Bumi Karunia Pertiwi (“BKP”), PT Harum Nickel Perkasa (“HNP”), PT Tanito Harum Nickel (“THN”), Nickel International Capital Pte., Ltd. (“NICAP”), PT Harum Nickel Industry (“HNI”), PT Infei Metal Industry (“IMI”), PT Position (“POS”), PT Westrong Metal Industry (“WMI”), and PT Blue Sparking Energy (“BSE”). The report below is prepared by the management and unaudited.
Coal sales volume reached 2.9 million tons (MT) in 1H 2025, in line with the Company’s RKAB target and strategic production plan. Despite a 9% YoY decrease, the Company’s production was managed prudently amid softer global demand. Average selling price (ASP) declined by 12% YoY, in line or better compared to the average NEWC price trend, which dropped by 21% for the same period.
Nickel sales volume grew significantly by 49% as WMI optimizes its utilization rate (note that WMI was only consolidated starting March 2024). The Company’s nickel ASP declined just by 5%, outperforming the broader market trend, as LME nickel prices dropped 12% from an average of USD 17,564 per ton in 1H 2024 to USD 15,389 per ton in 1H 2025.
Consolidated revenue rose 8% YoY to USD 645.3 million, led by a robust performance in the nickel
segment offsetting the decline in Coal revenue. Nickel contributed 62% of total revenue, reflecting the Company’s successful strategic pivot toward diversification and long-term sustainability.
EBITDA reached USD 110.3 million, a 33% YoY adjustment mainly due to lower contribution from the
coal business, which has historically carried higher margins. This reflects the ongoing transition to a
high-growth, nickel-focused portfolio, amid global pricing headwinds.
Net profit for 1H 2025 was USD 38.4 million, with USD 31.1 million contributed during 2Q. The 2Q reflects a more stable underlying performance, without the impact of one-off non-cash loss of USD 13.7 million related to the NIC divestment recorded in 1Q - indicating improving earnings consistency.
