United Tractors Crowns New CEO and Declares $372 Million Dividend as Martabe Gold Mine Gears Up for Relaunch

JAKARTA, Investortrust.id — PT United Tractors Tbk (UNTR), the heavy equipment and mining unit of Indonesia’s diversified conglomerate Astra International, is undergoing a major leadership transition while simultaneously rewarding shareholders with a massive Rp 5.92 trillion ($372.3 million) dividend payout. The company announced the appointment of Iwan Hadiantoro as its new President Director on Thursday, signaling a fresh chapter as it maneuvers through a softening commodity cycle.

For global investors, UNTR is a primary proxy for Indonesia’s industrial and mining health. The appointment of a new CEO and the commitment to a high dividend yield—despite a 24% drop in annual net profit—demonstrates the company's focus on maintaining shareholder loyalty. Furthermore, the imminent restart of the Martabe gold mine is a critical catalyst for the stock, as gold prices remain a key hedge against global macroeconomic volatility.

Leadership Shake-up and Dividend Rewards

During the Annual General Meeting of Shareholders (RUPST) held at Menara Astra in Jakarta, the company confirmed that the total dividend for 2025 stands at Rp 1,663 per share. Since an interim dividend of Rp 567 per share was already distributed in October 2025, investors are set to receive a final payment of Rp 1,096 per share on May 18, 2026.

The meeting also marked the end of Frans Kesuma’s tenure as CEO, with Iwan Hadiantoro stepping into the top role. Frans Kesuma will remain with the firm as the President Commissioner. This reshuffle comes at a time when UNTR's 2025 revenue dipped slightly to Rp 131.30 trillion ($8.25 billion) from Rp 134.42 trillion the previous year, reflecting the cooling global demand for coal and heavy machinery.

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Martabe Gold Mine: The May Rebound

Perhaps the most significant operational update is the projected recovery of the Martabe gold mine, operated by UNTR’s subsidiary PT Agincourt Resources. The mine’s operations were halted in late 2025 following severe flooding in North Sumatra and a subsequent government-mandated environmental audit.

"In mid-May, we should be able to operate, and once we are running, the target is around 70,000 ounces," Iwan Hadiantoro told reporters during a press conference on April 16, 2026. He noted that the company is currently mobilizing contractors and recalling workers who had been furloughed during the suspension. Iwan emphasized that the company is working closely with the Ministry of Environment to ensure all safety and sustainability protocols are strictly met before the first pour.

Stock Split Rumors Quashed

Despite UNTR’s share price reaching an expensive Rp 31,475—making it the most expensive stock within the Astra Group—management is holding firm against a stock split. Investors had been speculating that a split would improve liquidity and make the shares more accessible to retail traders.

"At this time, there is no plan for a stock split," Ari Setiawan, Corporate Secretary of UNTR, stated flatly following the meeting. Market analysts, however, remain bullish on the stock’s technical path. MNC Sekuritas analyst Herditya Wicaksana noted that while the stock is in an uptrend, investors should look for "buy on weakness" opportunities, setting a price target between Rp 32,025 and Rp 32,450.