PT Adhi Kartiko Pratama Tbk (NICE) AGMS Approves Profit Retention and Changes in Directors

AEINews - PT Adhi Kartiko Pratama Tbk (NICE), a nickel mining company, held an Annual General Meeting of Shareholders (AGMS) on Thursday, 20 June 2024. The AGMS approved the retention of net profit to strengthen the company's cash and support plans to increase production capacity. During the meeting, Chang Whan Kim's resignation from the director position was accepted, and Gwanghee Hong was appointed as his replacement.

Reports indicate that the proceeds from the IPO have been used as planned. Even though sales volume increased 30% in the first quarter of 2024, the decline in nickel selling prices put pressure on sales value and profitability. Cost efficiency remains NICE's main focus, with the hope that improvements in nickel prices in the second quarter of 2024 will improve the company's performance.

This year's projected revenue is USD 50 million and profit of USD 4 million, with a stable nickel production target of 1.8 million WMT. NICE plans to increase production/sales to 2.5 million WMT in 2025 and 2026.