Antam 9-month profit surges 197% on strong gold and nickel sales
Tuesday, October 28 2025 - 07:50 AM WIB
By Ranuh Rafiani Putri
IDX-listed mining firm PT Aneka Tambang Tbk (IDX: ANTM), or Antam, reported a sharp rise in profit for the first nine months of 2025, driven by stronger sales across its gold, nickel, and bauxite segments, along with ongoing efficiency and downstreaming initiatives.
The state-controlled miner booked a net profit of Rp6.61 trillion (US$392 million) in the January–September 2025 period, up 197% from Rp2.23 trillion a year earlier. Earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 137% to Rp9.33 trillion from Rp3.93 trillion.
Antam President Director Achmad Ardianto said the strong results underscore the company’s solid fundamentals and its ongoing transformation toward a sustainable business model. “This performance reflects the effectiveness of our cost management strategy and product value optimization,” he said.
Gross profit surged 168% to Rp10.98 trillion, while operating profit rose 323% to Rp7.89 trillion. Financial expenses fell 41% to Rp103.68 billion as the company reduced its interest-bearing debt this year. Basic earnings per share climbed to Rp248.62, up 171% from Rp91.60 in the same period last year.
Antam’s total assets stood at Rp48.07 trillion, up 17% from Rp40.98 trillion a year earlier, while equity rose 16% to Rp35.20 trillion. Net cash flow from operating activities soared 2,455% to Rp4.06 trillion, reflecting improved operational efficiency and stronger cash generation.
Revenue jumps 67%
Antam’s total sales climbed 67% to Rp72.03 trillion in the first nine months, from Rp43.20 trillion in the same period last year, with domestic sales contributing 96% or Rp69.31 trillion.
The gold segment remained the biggest revenue driver, accounting for 81% of total sales. Gold sales rose 64% to Rp58.67 trillion from Rp35.70 trillion, supported by stable domestic demand and global price dynamics. Gold sales volume increased 20% to 34,164 kilograms (1.1 million troy ounces), while gold production reached 590 kilograms.
Read also: Antam reports robust growth in profit and revenue in 1H 2025, driven by gold, nickel
The nickel segment contributed 15% of total sales, or Rp11.15 trillion, up 83% from Rp6.10 trillion a year earlier. Nickel ore production rose 72% to 12.55 million wet metric tons (wmt), and sales nearly doubled (up 97%) to 11.23 million wmt. Ferronickel output reached 13,309 tons of nickel in ferronickel (TNi), with sales of 8,182 TNi.
Bauxite and alumina contributed 3% of total sales, or Rp1.95 trillion, up 68% year-on-year. Bauxite production jumped 263% to 2.31 million wmt, while sales soared 1,033% to 1.10 million wmt. Through subsidiary PT Indonesia Chemical Alumina, Antam produced 134,224 tons of alumina, up 27%, with sales of 134,768 tons.
Downstream development
Antam reaffirmed its commitment to supporting Indonesia’s mineral downstreaming policy through multiple ongoing projects.
In the gold segment, the company is developing a precious metals manufacturing facility at the Java Integrated Industrial and Ports Estate (JIIPE) in Gresik, East Java, to boost production capacity and value addition. Antam also signed a long-term gold supply agreement with PT Freeport Indonesia in November 2024 to purchase 30 tons of gold annually at 99.99% purity.
In nickel, Antam continues its involvement in the country’s integrated battery industry, following the groundbreaking of plants in Karawang (West Java) and East Halmahera (North Maluku) in mid-2025.
Meanwhile, in bauxite, progress continues at the Smelter Grade Alumina Refinery (SGAR) project in Mempawah, West Kalimantan, which has begun commissioning and trial alumina shipments to Kuala Tanjung’s aluminum smelter as part of an integrated supply chain test.
Editing by Reiner Simanjuntak