By M. Zaki Mubarok
IDX-listed copper and gold miner PT Merdeka Copper Gold Tbk (IDX: MDKA) posted total consolidated revenue of US$2.24 billion for the year ended 31 December 2024, a 31.2% increase from US$1.71 billion in 2023, driven by its diversified mining and processing operations across Indonesia.
However, the parent company recorded a net loss attributable to its shareholders of US$55.8 million, widening from a US$20.7 million loss in 2023.
The group, which owns interests in gold, copper, and battery materials operations through subsidiaries such as PT Merdeka Battery Materials Tbk (MBMA), PT Bumi Suksesindo (BSI), and PT Pani Bersama Jaya (PBJ), saw cost of revenue increase significantly to US$2.06 billion in 2024 from US$1.56 billion the previous year, outpacing the growth in revenue and narrowing gross profit margins. The company’s gross profit reached US$176.4 million, up from US$145.7 million in 2023.
Operating profit stood at US$119 million, reflecting improved operational efficiency, though general and administrative expenses also increased to US$53.8 million.
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Net finance expenses surged to US$111.3 million in 2024 from US$78.7 million in the previous year, reflecting the group’s rising debt burden amid continued investment in downstream nickel and gold projects.
The company also recognized US$11.9 million in income tax expenses, resulting in a profit before tax of US$21.7 million, and final net income of US$9.8 million.
Total assets grew to US$5.24 billion at the end of 2024, up from US$4.96 billion in 2023. The group’s equity also expanded to US$2.92 billion, driven largely by increased contributions from non-controlling shareholders, including additional capital injections into subsidiaries.
Total liabilities reached US$2.32 billion, with bonds payable accounting for over US$1.27 billion of the debt load.
Net cash provided by operating activities jumped to US$149.1 million from US$57.2 million in 2023, while net cash used in investing activities reached US$430.7 million due to high capital expenditures. The group raised US$224.1 million in net financing cash flows, supported by new bond issuances and equity contributions from minority investors.
Cash and bank balances at year-end stood at US$450.9 million, down from US$518.7 million in the previous year, reflecting continued investment activities and debt servicing.
Editing by Reiner Simanjuntak
