ANTM – Booked IDR2.85 tn profit in 9M23

ANTM – Booked IDR2.85 tn profit in 9M23 Aneka Tambang's (ANTM) profit up 8% yoy despite posting a decline in revenue of IDR30.8 tn (-8.26% yoy). ANTM's bauxite ore sales volume up 44% qoq and nickel sales volume up 12% qoq (3.1 mn wmt), but nickel ore ASP fell by USD39 per ton (-14% qoq). Moreover, ferronickel sales decreased 44% qoq to 3.5 kt due to weak demand and excess supply situation. Gold trading volume also corrected 5% qoq to 191 koz with ASP decreasing 3% qoq. Despite declining sales volume, ANTM posted a 630bps increase in gross profit margin to 20% in 9M23. This is driven by the movement of finished goods inventories and the potential decrease in mining costs from nickel ore due to higher volumes. (Source: Kontan)