Bisnis.com, JAKARTA — Securities firm maintain a positive outlook on the stock of mining company PT Merdeka Copper Gold (MDKA), which is set to hold its annual general meeting of shareholders (AGMS) for FY2024 on Tuesday (10/6/2025).
According to Bloomberg data as of Monday (9/6), 25 out of 26 firms rated MDKA with a “Buy” while the remaining one gave it a “Hold” rating, with a consensus target price of IDR 2,183 for the next 12 months.
The coming AGM will be covering 10 agenda items, including the allocations of FY2024 net profits.
According to the company’s financial report, MDKA generated $2.23 billion in revenue in 2024, an increase of 31.18% from the previous year’s $1.7 billion. This was mostly was driven by MDKA’s nickel subsidiary PT Merdeka Battery Materials (MBMA), which saw a 150% increase in limonite production to 10.1 million wet metric tons (wmt), and a 110% increase in saprolite production to 4.9 million wmt.
Downstream, MBMA’s smelter facilities also saw higher output, producing 82,161 tons of nickel pig iron (NPI)—up 26%, and 50,315 tons of high-grade nickel matte (HGNM)—a 66% increase from 2023.
MDKA’s cost of goods sold reached $2.06 billion, up 32.13% year-on-year (YoY), while gross profit still grew 21.06% YoY to $176.35 million. After other expenses and income, however, MDKA reported a net loss of $55.76 million in 2024, higher than the $20.65 million loss in 2023.
