INCO – 45% yoy growth in 1Q23 net income

Vale Indonesia (INCO) booked a net profit of USD98.15 mn or an increase of 45% yoy throughout 1Q23. The figure was driven by an increase in production volume and nickel prices. INCO's nickel production during the first quarter of 2023 was 16,769 metric tonnes, an increase of 21% yoy. The nickel price in 1Q23 was on average 18% higher than the price in the previous year. This pushed the company's revenue to USD363.18 mn, an increase of 54.4% yoy. So far, INCO has spent USD58.2 mn on the company's capital expenditure. It is estimated that throughout 2023 the company will spend up to USD132.2 mn for capex. (Source : Kontan)