INCO - net profit 2022 grew 20.86% yoy

Vale Indonesia (INCO) booked sales of USD 1.18 billion in 2022, 24% higher than USD 953.2 mn seen in 2021. The increase in 2022 sales was propelled by the average realisation price, which proliferated 35% from the price recorded in in 2021. However, on the other side, INCO’s cost of sales also soared 23% yoy to USD 865.9 mn in 2022. This upturn resulted from increased coals and fuel prices. Higher costs also dragged nickel-in-matte production of INCO to 60,090 metric tons in 2022, which were 8% lower than the numbers recorded in 2021. Furthermore, the decreased nickel production volume in 2022 was caused by the Tanur 4 Rebuild project. With the increased sales, INCO managed to raise its net profit to USD 200.4 mn in 2022. It was higher than the net profit of USD 165.8 mn recorded in 2021. (source: IDN Financials)