Antam (ANTM) Profit Soars 197% in Q3 2025 on Strong Gold and Nickel Performance
Key Takeaways
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JAKARTA, Investortrust.id — PT Aneka Tambang Tbk, or Antam, one of Indonesia’s largest state-controlled metal producers, has recorded a 197% jump in net profit to Rp 6.61 trillion by the third quarter of 2025, up from Rp 2.23 trillion a year earlier, supported by surging commodity prices and stronger gold and nickel sales.
Antam management said in its filing to the Indonesia Stock Exchange on Monday that the impressive growth was fueled by continued downstreaming initiatives, operational efficiency, and stronger core business performance in gold, nickel, and bauxite. These factors also lifted the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) by 137% to Rp 9.33 trillion from Rp 3.93 trillion in the same period of 2024.
President Director Achmad Ardianto said the results underscored the company’s solid fundamentals. “Antam is not only focused on improving financial performance but also on creating long-term value through responsible and sustainable mining practices,” he said.
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The company’s gross profit rose 168% to Rp 10.98 trillion, while operating profit soared 323% to Rp 7.89 trillion from Rp 1.86 trillion a year earlier, reflecting stronger performance across business lines.
Antam also improved its financing efficiency, reducing finance costs by 41% to Rp 103.68 billion as it cut interest-bearing debt throughout 2025. The efficiency gains helped boost basic earnings per share by 171% to Rp 248.62, from Rp 91.60 previously.
As of September 2025, Antam’s total assets increased 17% to Rp 48.07 trillion, while equity rose 16% to Rp 35.20 trillion. Net cash flow from operating activities surged 2,455% to Rp 4.06 trillion, marking a major turnaround in cash generation.
Surge in Gold Prices
Antam booked total revenue of Rp 72.03 trillion through the first nine months of 2025, up 67% from Rp 43.20 trillion in the same period last year. Domestic sales contributed Rp 69.31 trillion, reflecting the company’s success in strengthening its local market presence.
Gold remained the largest contributor, accounting for 81% of total revenue. Gold sales rose 64% to Rp 58.67 trillion, supported by a 20% increase in sales volume to 34,164 kilograms. Gold production reached 590 kilograms, equivalent to 18,969 troy ounces.
The nickel segment contributed 15% or Rp 11.15 trillion to total revenue, up 83% from Rp 6.10 trillion a year earlier. Nickel ore production rose 72% to 12.55 million wet metric tons (wmt), with sales jumping 97% to 11.23 million wmt. For ferronickel, output reached 13,309 tons of nickel (TNi) with sales of 8,182 TNi.
The bauxite and alumina segment accounted for 3% of total revenue, or Rp 1.95 trillion, up 68% from Rp 1.16 trillion in the previous year. Bauxite production soared 263% to 2.31 million wmt, while sales climbed 1,033% to 1.10 million wmt.
Through its subsidiary PT Indonesia Chemical Alumina, Antam produced 134,224 tons of alumina, up 27%, with sales of 134,768 tons, a 1% increase from last year.