INCO: 2024 Net Profit Down -79% YoY, Below Expectations

Key Summary:
- Low nickel prices brought sales down -23% YoY in FY24
- Guiding higher productions in 2025 from new mining pits
- Net profit was 11-12% below analysts’ full-year estimates
Vale Indonesia (INCO) has released its full-year 2024 financial report, whereby weak nickel selling prices substantially decreased its earnings, which came below analysts’ expectations.
Slower sales, as expected: The company reported 4Q24 revenue of USD242mn (+5% QoQ, -18% YoY), bringing its FY24 revenue to USD950mn (-23% YoY) that was in line with analysts’ estimates.