INCO — Spent 31% of 2024 capex despite 82.05% yoy lower net profit in 1H24

INCO — Spent 31% of 2024 capex despite 82.05% yoy lower net profit in 1H24 Vale Indonesia (INCO) spent USD118.4 mn in capex during 1H24, representing 31% of its target for the year. INCO plans to ramp up spending in 2H24, focusing on growth projects in Morowali and Pomala. Despite fluctuating nickel prices, INCO remains optimistic about achieving its 2024 production target of 70,800 metric tons of nickel in matte. However, the company's net profit and revenue in 1H24 fell to USD37.28 mn (-82.05% yoy) and USD478.75 mn (-27.34% yoy), respectively. (Source: Bisnis Indonesia)