Higher volume helps Lygend
HKSE-listed Lygend Resources Ltd, partner of Harita Nickel (NCKL) in development of nickel smelters in Obi Island, North Maluku province, reported net profit attributable to owners of the parent amounted to RMB586.9 million, representing a year-on-year increase of 73.5%.
CCS: Where are we?
Singaporean Prime Minister Laurence Wong expresses the interest and commitment of several Singaporean companies to invest in Indonesia, including the potential of Carbon Capture and Storage (CCS), industrial estates, and power plants in Batam, Bintan and Karimun (BBK) zone. The Prime Minister stated that Indonesia has great CCS potential and Singapore will be a CCS user. He hopes that both countries will work closely together.
Low margin of Berau Coal
PT Berau Coal Energy Tbk (BRAU), one of the largest coal miners in Indonesia controlled by Sinarmas Group (Widjaja Family), booked net profit of US$6.7 million only from sales revenue of US$1.27 billion in the first half of 2024.
Revisiting Jhonlin Agro
Shares of Jhonlin Agro Raya (JARR), engaged in plantation and CPO processing owned by South Kalimantan businessman Haji Isam, fell by 0.79% to Rp250 on Monday (August 19), moving further away from IPO price (Rp300), despite recent news about involvement of the group in food estate project in Papua.
Renewable Plays: Salim Group
Salim Group, which has interests in agriculture, automotive, finance, food & beverage, property, energy, mining (including coal) infrastructure, and technology, has long entered renewable energy business. Through Tamaris Hydro, for example, Salim is one of key developers of small hydropower projects in the country.
Those continue to expand: KIS Biofuel
In supporting the country’s energy transition program, the Government has developed targets for the use of new renewable energy at 23% by 2025. This target might not be achieveable, but some continue to invest in the sector.
Jhonlin Group & Prabowo’s Food Estate Project
Thousands of excavators have gradually arrived in Merauke, South Papua province, imported from China by the Jhonlin Group (owned by Haji Isam). Jhonlin Group already signed an order for 2,000 excavators from Chinese heavy equipment SANY on June 26, 2024 in Shanghai, China, worth Rp4 trillion. The order has been claimed as the world’s largest international order for excavators, which will be used in agricultural projects in the country.
Squeezed margins of nickel producers (3)
Nickel has been hovering above US$16,000 per ton in the past few days, giving some reliefs to those betting heavily in the commodity. First half results of IDX-listed nickel producers were mostly under pressure, including those entering the industry behind the curve.
Jokowi Family and Nickel Corruption
Everybody enters nickel. Some of those implicated in the case of Abdul Gani Kasuba (AGK), then governor of North Maluku (the second largest nickel producing province), told the court that Bobby Nasution (Mayor of Medan) and his wife Kahiyang (daughter of outgoing president Jokowi) have interests in one nickel mine codenamed “Medan Block” in the province.
Squeezed margins of nickel producers (2)
State-owned mining company Aneka Tambang (ANTM) booked net profit of Rp1.55 trillion in the first half of 2024, down from Rp1.89 trillion in the corresponding period of 2023. Non-cash foreign exchange gain of Rp576 billion against loss of Rp319 billion in the first half of 2023 prevented ANTM from reporting deeper correction in bottomline.