Aldira Sunrise 22 November 2024

• ADMR reveals the latest progress of its aluminum smelter project
Adaro Minerals Indonesia (ADMR) revealed the latest progress on the aluminum processing
and refining (smelter) facility project being undertaken by Kalimantan Alumunium Industry
(KAI). Head of Corporate Communication Adaro Energy Indonesia (ADRO), Febriati Nadira,
said that KAI currently focuses on construction activities with a Commercial Operation Date
(COD) target of 2025. In 3Q24, the focus of construction activities will be structural work for
the smelter area, dormitory, and other facilities as well as completing the construction of the
pier. The KAI aluminum smelter for the first phase was built with an estimated production
capacity of 500,000 tons per year. Currently, KAI is exploring the aluminum market potential
for both domestic and export markets, though it is also committed to reducing dependence
on aluminum imports by supplying part of its products to the local market. (Kontan)
• BEST develops cluster for data centers
Bekasi Fajar Industrial Estate (BEST) is developing a dedicated cluster for data centers within
its MM2100 Industrial Town, known as Befa Digital Town. This initiative aims to meet the
growing demand from high-tech industries, particularly data center operators. The first
phase of Befa Digital Town encompasses 20 hectares, with a total planned area of 50
hectares. This strategic move is expected to enhance BEST’s attractiveness to technologydriven
tenants, potentially boosting land sales and rental income. (Kontan)
• HRUM is intensifying its expansion into nickel business
Harum Energy (HRUM), traditionally a coal mining company, is intensifying its expansion into
the nickel sector to enhance profitability. In the first nine months of 2024, HRUM’s revenue
surged by 51.01% year-over-year to US$970.17 million, driven by significant contributions from
its nickel business. The company reported local sales of nickel matte and ferronickel
amounting to US$16.79 million and US$55.01 million, respectively. This strategic
diversification into nickel aligns with global trends favoring battery metals, potentially
offering HRUM a more sustainable revenue stream amid fluctuating coal markets. (Kontan)
• INDY’s performance was under pressure in 3Q24
Indika Energy (INDY) recorded a 22.4% decline in revenue in 3Q24 to USD 1.78B. This was
mainly due to the decrease in revenue from its coal mining subsidiary, Kideco Jaya Agung to
IDR 1.4B (-17.7% yoy) due to the decline in coal ASP. The ASP of coal has decreased quite
sharply, almost 20% from USD 75.7 per ton last year to USD 60.6 per ton this year. In 3Q24,
Kideco sold 23.2M tons of coal (+2.7% yoy), with 8.6M tons or 37% of total coal sales volume
allocated to the domestic market, exceeding the DMO requirement of 25%. Apart from the
coal sector, INDY also recorded a decline in revenue from Indika Indonesia Resources, namely
60.4% yoy to USD 138.9M due to the divestment of the coal mining company Multi
Tambangjaya Utama (MUTU) and the decreasing contribution from the coal trading business.
The engineering and construction services sector also recorded a decline in revenue of 15.1%
yoy to USD 157.3M, mainly due to a decrease in the contribution of the BP Tangguh project.
Meanwhile, the logistics business sector through Interport Mandiri Utama (IMU) recorded an
increase in revenue of 2.1% yoy to USD 85.2M. INDY posted a decrease in net profit to USD
34.4M in 3Q24. (Kontan)
• WTON achieved 81% new contract target in 10M24
Wijaya Karya Beton (WTON) has achieved 81% of its new contract target for 2024, securing
IDR 4.99T in contracts by October. Client segmentation indicates that 79.26% of contracts are
from private companies, 17.97% from state-owned enterprises, 1.18% from WIKA affiliates,
1.17% from the WIKA parent company, and 0.42% from government projects. Financially,
WTON reported a 13.64% yoy increase in revenue, reaching IDR 3.39T in 9M24. Net profit for
the same period rose by 19% to IDR 33.03B. The revenue composition is predominantly from
concrete products (88.12%), followed by services (11.84%), and materials (0.04%). (Kontan)