• BFIN financing receivables rose 9.6% yoy in 2024
BFI Finance (BFIN) recorded financing receivables of IDR 24.1T (+9.6% yoy). On the other hand,
BFIN’s total new financing reached IDR 20T by the end of December 2024, or an increase of
5.1% yoy. The portion of financing receivables was dominated by financing guaranteed by
four-wheeled and two-wheeled vehicles at 59.5%, followed by heavy equipment and
machinery financing at 15.5% and property collateral financing at 5.0%. Meanwhile, financing
for the purchase of used and new four-wheeled vehicles contributed 16.1%, while shariabased
and other financing amounted to 3.9%. The highest growth in receivables came from
the used four-wheeled vehicle financing segment via showroom at 35.3% yoy. The company’s
NPF was maintained at a gross position of 1.25% and net of 0.21% as of 31 Dec 24. The NPF
coverage was recorded at 2.7x the gross NPF value. Meanwhile, BFIN also maintains a very
low gearing ratio of 1.3x. This is far below the maximum limit set by the OJK, namely 10x, and
below the average of around 2.31x. (IDX Channel)
• INCO posted 78.96% yoy decline in net profit FY24
Vale Indonesia (INCO) recorded a net profit of USD 57.76M throughout 2024 (-78.96% yoy).
INCO recorded a decline in revenue to the level of USD 950.38M in 2024 (-22.87% yoy). All of
the revenue comes from long-term offtake sales contracts denominated in USD, which
consists of sales to Vale Canada Limited (CVL) amounted to USD 760.2M and Sumitomo Metal
Mining (SMM) amounted to USD 190.18M. As previously reported, the company is currently
facing challenges from lower realized prices for nickel matte and also a one-time effect from
maintenance of coal milling facilities in Sep, which caused higher HSFO consumption to
replace coal use. Meanwhile, INCO’s cost of revenue for the 2024 period was USD 842.16M,
which is relatively stable compared to USD 885.24M recorded in 2023. After deducting
expenses, gross profit for the 2024 period decreased to USD 108.22M, from the previous year’s
position of USD 302.15M, reduced by more than half. (Bisnis Indonesia)
• MBMA builds a 90,000 ton HPAL factory worth USD 1.8B
Merdeka Battery Materials (MBMA) announced the signing of a definitive agreement with a
strategic partner to construct a High-Pressure Acid Leach (HPAL) processing plant. This HPAL
factory is designed to have an installed capacity of 90,000 tonnes of nickel in the form of
Mixed Hydroxide Precipitate (MHP) per year. The factory will be built and operated by
Sulawesi Nickel Cobalt (SLNC) in the Indonesia Morowali Industrial Park (IMIP) area.
Construction of the SLNC HPAL project started on Jan 25, with a commissioning target within
18 months. The total combined investment for the construction of the SLNC HPAL factory is
estimated at around USD 1.8B. MBMA’s investment in SLNC was made through its affiliate,
Merdeka Energi Baru (MEB), which owns a 50.1% stake in SLNC. SLNC will obtain and process
laterite nickel ore through a commercial agreement with Sulawesi Cahaya Mineral (SCM), a
subsidiary of MBMA. The SCM mine is one of the largest nickel resources in the world
containing around 13.8M tonnes of nickel and 1M tonnes of cobalt. MBMA will build an ore
preparation plant or Feed Preparation Plant (FPP) at the SCM mine to support the
transportation of ore via pipe to the SLNC processing plant at IMIP. (Kontan)
