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Jakarta Post

Inalum’s assets jump 600 percent in less than three years

  • Stefanno Reinard Sulaiman

    The Jakarta Post

JAKARTA   /   Fri, June 21, 2019   /   05:17 pm
Inalum’s assets jump 600 percent in less than three years  An employee shows two bars of gold produced by State-owned diversified mining company PT Aneka Tambang (Antam). Antam is part of mining holding company PT Indonesia Asahan Aluminium (Inalum). (kompas.com/Garry Andrew Lotulung)

State mining holding company PT Indonesia Asahan Aluminium (Inalum) has booked total assets of Rp 162 trillion (US$ 11.44 billion), about 600 percent higher than the value of assets recorded three years ago when Inalum had yet to become a holding company.

“Currently, Inalum’s assets are at around Rp 162 trillion. It is much higher than the amount in 2016 that stood at Rp 23 trillion, as well as the Rp 93 trillion recorded in 2017,” Inalum president director Budi Gunadi Sadikin was quoted as saying by Kompas.com on Friday.

Total assets rose sharply following its acquisition of gold and copper mining giant Freeport Indonesia in December last year.

Inalum officially became a mining holding company in November 2017 by holding major stakes in four mining companies, namely PT Aneka Tambang, PT Bukit Asam (PTBA), PT Timah and PT Freeport Indonesia  (PTFI), with share ownership of 65, 65.02, 65 and 51.2 percent respectively.

Budi further said that Inalum had new mandates from the government to manage all strategic mineral resources in Indonesia to strengthen downstream operations and become a world class mining company.

“After becoming a holding company, Inalum’s working area has also widened beyond Sumatra, which is the location of Inalum’s assets as an aluminum company. We now have other areas where Antam, Timah, PTBA and PTFI operate,” he said.

As of December 2018, Inalum booked consolidated revenue of $4.6 billion or a 38 percent increase from the previous year. Meanwhile, the firm’s consolidated earnings before taxes, depreciation and amortization in 2018 stood at $1.3 billion.

Furthermore, the company’s net profit in 2018 reached $741.8 million or 54 percent up from the previous year.