Alamtri Resources Net Profit Surges 76.8% as Green Metals Pivot Powers Historic Margin Expansion

JAKARTA, Investortrust.id — Diversified natural resources group PT Alamtri Resources Indonesia Tbk (ADRO) saw its shares leap 6.37% to Rp 2,840 ($0.18) on Monday after delivering a massive 76.8% jump in first-half net profit to $309.37 million.

The market capitalization of the resources conglomerate swelled to Rp 81.79 trillion ($5.14 billion) on the Jakarta trading floor, with investors cheering an explosive earnings performance that far outpaced revenue growth.

Operating Leverage Proves Post-Thermal Coal Viability

The results provide critical proof of concept for ADRO’s multi-year pivot away from legacy thermal coal assets—which were spun off into PT Adaro Andalan Indonesia Tbk (AADI)—toward metallurgical coal, green minerals, and renewable power. By generating wider profit margins from non-thermal operations, the company demonstrates that its downstream mineral and clean energy transformation can deliver superior cash flows.

Consolidated revenue rose 16.5% to $999.24 million in the six months ended June 2026, up from $857.69 million a year earlier.

Operating efficiency powered the bottom-line blowout, as cost of revenues remained virtually flat at $576.55 million compared to $573.42 million previously. That discipline lifted gross profit 48.7% to $422.68 million and sent operating profit surging 87.8% to $381.76 million.

Profit Margins Expand as Second-Quarter Momentum Accelerates

Gross profit margin broadened to 42.3% from 33.2%, while operating margin climbed to 38.2% from 23.7%. Net profit margin attributable to the parent company expanded to nearly 31%, compared to 20.4% in the prior-year period.

Growth accelerated strongly through the second quarter, with quarterly net income reaching roughly $181.23 million—a 41% surge over the $128.14 million booked in the first quarter of 2026.

Aluminium Smelter Catalyst Secures Analyst Conviction

Brokerage house PT Mandiri Sekuritas reaffirmed its "Buy" rating on the stock with a 12-month price target of Rp 3,000 ($0.19), pointing to the commercial commissioning of the company's aluminium smelter by late 2026.

"ADRO's net profit of $309 million exceeded Mandiri Sekuritas and consensus estimates," Mandiri Sekuritas analysts Ariyanto Kurniawan and Vanessa Taslim wrote in a client research note. "ADRO will benefit from record-high aluminium prices as its aluminium smelter starts commercial operations at the end of this year."

The company trades at an attractive price-to-earnings multiple of 9.3x, offering a substantial dividend yield of 15.1% alongside significant sum-of-the-parts re-rating potential as green metal output comes online.