PT Hillcon Tbk Targeting IDR 6 Trillion Revenue and IDR 1 Trillion Net Profit in 2023

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- Mining contractor company PT Hillcon Tbk (HILL) has set a revenue target of IDR 6 trillion and net profit of IDR 1 trillion for this year. This target aligns with the three new clients that have entered the company's pipeline.

Director of Hillcon, Jaya Angdika, stated that the target will be achieved by increasing the volume of nickel mining by 15 million tons. “Thus, we can increase the volume of nickel mining which was previously only 9 million tons in 2022,” he explained in Jakarta on Friday (13/1/2023). 

However, he was not able to disclose the value of the contracts from these new clients. As a reference, the average new contract for the company has a duration of up to 3 years and there is an opportunity for an extension.

Currently, the company, which is currently conducting an initial public offering (IPO) of shares, holds 8 mining contracts. When asked about acquisitions, Jaya stated that the company currently has no plans as the cost of mining land is already expensive. "We will focus on being a mining contractor only and then we will feed them to their smelters," said Jaya.

To smooth out its plans to increase production this year, Hillcon CEO Hersan Qiu stated that the company is preparing a capital expenditure (capex) of IDR 800 billion to IDR 1 trillion. The funds will come from the proceeds of the IPO. If not enough, the company will open the option of bank or multifinance loans.

Hillcon is continuing the IPO process, which was previously delayed in June 2022. In this corporate action, the company is ready to release 442.3 million shares or equivalent to 15%. The IPO price of HILL shares is IDR 1,250-2,000 per share. With this, HILL has the opportunity to raise fresh funds of IDR 884.6 billion.

Why was the IPO plan delayed?

According to Jaya, the company was hindered by a tight timetable. It was previously reported that the delay of the IPO was due to PT Hillcon Jaya Sakti and PT Intraco Prima Servis, a subsidiary of PT Intraco Penta Tbk (INTA). "Actually, the PKPU issue was resolved within 4 days because it was not our issue, the delay was due to the timetable being too tight," he said.

According to the plan, the funds from the IPO will be used by the company to provide loans to its subsidiary, PT Hillconjaya Sakti (HS). Furthermore, HS will use 55% of the funds for working capital and 45% for capital expenditure.

The initial offering period for HILL shares runs from January 12th, 2023 to January 26th, 2023. Then, the effective statement of the IPO is expected to be issued on February 7th, 2023.

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