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Important Note: The results provided below reflect the audited consolidated results of PT Harum Energy Tbk. (“the Company”) for the full year period ending 31 December 2024 (“FY 2024”), 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 audited.
Coal sales volume reached 6.0 million tons (MT) in FY 2024, aligning with the Company’s RKAB target and strategy. Despite a 16% YoY decline, the Company maintained disciplined production management amid weaker global demand. ASP declined by 21% YoY, reflecting broader market trends.
Consolidated nickel sales volume saw exceptional growth, increasing sixfold (+633% YoY) as WMI continued its production ramp-up. While the Company’s nickel ASP remained stable, it outperformed the broader market, which saw a 12% decline in average LME nickel prices from USD 19,119 in 2023 to USD 16,816 per ton in 2024.
Consolidated revenue surged 39.7% YoY to USD 1.296 billion, marking a significant milestone as the Company surpassed the USD 1 billion revenue threshold, driven by strong performance in the nickel division. 4Q 2024 revenue rose 14.1% YoY to USD 325.3 million, reinforcing growth momentum.
Nickel’s contribution to total revenue expanded, accounting for 69% in 4Q 2024 and 57% for the full year, surpassing that of coal. This reflects the success of the Company’s strategic pivot toward a more diversified and sustainable portfolio.
EBITDA reached USD 281.9 million for FY 2024, adjusting 18% YoY as the Company transitions toward a high-growth nickel-focused portfolio. 4Q 2024 EBITDA stood at USD 48.8 million, with the long-term outlook supported by operational efficiencies and strategic investments.
Net profit for FY 2024 stood at USD 77.7 million, with results incorporating several one-off, non-cash adjustments including USD 45.9 million charge related to the NIC holding in Q4 2024. Excluding these adjustments, core profitability remains solid, underscoring the Company’s strong fundamentals and growth trajectory.
