Annual Reports
PT Trimegah Bangun Persada Tbk (Harita Nickel)'s annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
Harita Nickel (PT Trimegah Bangun Persada Tbk) — FY2025 Annual Report — FY2025
The latest report — management's fullest account of an integrated Obi Island nickel miner-processor after the KPS smelter ramp. · Open the full document →
Kegiatan Usaha / Business Activities — p. 64 · Read the full section →
The formal charter scope — nickel ore mining plus industrial estate — and the product ladder the rest of the report builds on.
Perkembangan Industri Nikel Global / Developments in the Global Nickel Industry — p. 106 · Read the full section →
The price cycle that governs this business — 2025 nickel averaged US$15,162/MT, down 19%, on persistent oversupply.
Management's read on the market: oversupply, moderating stainless demand, EV-battery split.
Throughout 2025, the global nickel industry remain in an adjustment phase following significant capacity expansions in recent years. Increased production particularly in Asia, has led to the oversupply conditions in the market. […] On the demand side, nickel consumption remains dominated by the stainless steel and EV battery industries.
p. 106 · Read in context →
Tinjauan Kinerja Operasional / Operational Performance Review — p. 108 · Read the full section →
How the business actually works: laterite ore split into two RKEF/HPAL routes, now ~120kt Ni-Co + ~240kt Ni-in-FeNi capacity.
The integrated model — saprolite to ferronickel via RKEF, feeding stainless steel.
The Company operates an integrated nickel business model spanning mining through processing activities. Its primary products are derived from laterite nickel ore, which consists of two main types: limonite and saprolite. […] Through its Subsidiaries, PT MSP, PT HJF, and Associated Entity, PT KPS, the Company operates smelter utilizing Rotary Kiln Electric Furnace (RKEF) technology to process saprolite ore into ferronickel (FeNi), which is subsequently used as a key raw material in stainless steel production.
p. 108 · Read in context →
Tinjauan Keuangan / Financial Overview — p. 118 · Read the full section →
Where management explains the results: revenue +9.9%, mining segment +88.8%, and a doubling of associate profit lifting net income +42%.
Revenue drivers — mining segment nearly doubled while processing dipped 3.1%.
The Company recorded revenue from contracts with customers of IDR29,633 billion in 2025, representing a 9.9% increase compared to IDR26,965 billion in 2024. […] This revenue was contributed by the nickel mining segment amounting to IDR7,178 billion, an increase of 88.8% compared to IDR3,801 billion, meanwhile the nickel processing segment amounting to IDR22,455 billion, a decrease of 3.1% compared to IDR23,164 billion in 2024.
p. 121 · Read in context →
Manajemen Risiko / Risk Management — p. 208 · Read the full section →
The risks that could bite a single-island miner: environmental compliance, production disruption, and community relations.
Informasi Segmen / Segment Information (Note 37) — p. 395 · Read the full section →
The audited two-segment split — mining vs. processing — with per-segment gross profit, capex and assets management runs the business by.
The two reportable segments defined: nickel processing (smelter/refinery) and nickel mining (open pit/open cast).
For management purposes, the Group is organized into business units based on their products and services and has two reportable operating segments as follows: […] Segment Nickel Processing is involved in nickel refinery and smelter plant, starting from drying process for reduce water content in nickel ore, smelting, converting and granulation. […] Nickel Mining Segment is involved in open pit and open cast stages which starts from area clearing processing, digging and hauling nickel ore to be taken for preparation to nickel processing plant.
p. 395 · Read in context →
More annual reports
Harita Nickel (PT Trimegah Bangun Persada Tbk) — FY2024 Annual Report — FY2024 · 446 pages · The prior year — the base for 2025's mining-segment surge and the smelter capacity that came online. · Open →
Harita Nickel (PT Trimegah Bangun Persada Tbk) — FY2023 Annual Report — FY2023 · 462 pages · First report as a listed company after the 12 April 2023 IPO — the post-listing baseline. · Open →
Harita Nickel (PT Trimegah Bangun Persada Tbk) — FY2022 Annual Report — FY2022 · 410 pages · The earliest edition — the company as presented around its IPO, before the HPAL/RKEF ramp. · Open →