Hartadinata Abadi (HRTA) Profit Soars 90% to Rp 575 Billion as Gold Sales Surge
Key Takeaways
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JAKARTA, Investortrust.id – PT Hartadinata Abadi Tbk, or HRTA, Indonesia’s integrated gold jewelry and bullion producer, has reported an 89.6% year-on-year surge in revenue to Rp 25.19 trillion in the third quarter of 2025, driven by stronger gold demand and higher global prices.
The company said pure gold sales volume rose 29.6% to 14.79 tons in January–September 2025 from 11.41 tons a year earlier, while the average selling price climbed 46.3% to Rp 1,695,288 per gram.
“This strong performance reflects Hartadinata Abadi’s solid fundamentals and business resilience amid global market volatility,” said CEO Sandra Sunanto on Friday, Nov. 14, 2025. She added that the company continues to strengthen Indonesia’s gold ecosystem through product innovation, distribution expansion, and synergy between Islamic finance and supply chain digitalization.
Following the revenue surge, HRTA’s net profit jumped 90.7% year-on-year to Rp 575.76 billion as of the third quarter. Wholesale sales accounted for the largest contribution at 82.6%, followed by retail at 16.5%, pawnshop services at 0.4%, and exports at 0.4%.
CFO Ong Deny noted that growth was also supported by operational efficiency and a strong financial structure. “We recorded a net profit margin of 2.29%, return on assets of 9.39%, and return on equity of 27.13%. Our interest-bearing debt ratio stood at 1.39 times, reflecting prudent liquidity management while supporting sustainable expansion,” he said.
HRTA has been diversifying its sales channels and forging strategic partnerships to support long-term growth. Its flagship brands under HRTA Gold—such as EMASKU® and ARDORE®—continued to gain traction in line with rising consumer interest in investment-grade jewelry and bullion.
Investor Relations Director Thendra Crisnanda said global gold prices and positive market sentiment remained key drivers through year-end. “High gold prices continue to sustain demand for bullion and jewelry. We are optimistic the momentum will carry into the fourth quarter,” he said.
Over the longer term, HRTA is reinforcing its operational foundation to compete globally. The company has completed the Responsible Gold Guidance (RGG) audit under the supervision of the London Bullion Market Association (LBMA), aiming for full international certification by the end of 2025.
HRTA is also positioning itself as a key player in developing Indonesia’s national bullion bank ecosystem through collaboration with PT Pegadaian and Bank Syariah Indonesia (BSI) to strengthen domestic gold value chains.
“With solid performance, prudent governance, and a long-term expansion strategy, we reaffirm our commitment to strengthening our position as the market leader in Indonesia’s gold industry,” Sandra concluded.
Upside Potential Remains amid Robust Fundamentals
From a valuation standpoint, analysts remain optimistic on PT Hartadinata Abadi Tbk (HRTA) despite the stock’s recent pullback.
According to InvestingPro data, HRTA’s fair value is estimated at around Rp 1,828 per share, representing an upside potential of roughly 29% from its current market price of Rp 1,415. The company’s valuation spread ranges widely—from Rp 839 to Rp 2,760—indicating moderate uncertainty but healthy sentiment on future earnings and demand for gold.
Source: InvestingPro screenshot, as of Nov. 14, 2025. Data shown is for informational purposes only and not an invitation to buy or sell securities.
Two covering analysts currently maintain positive expectations, projecting continued sales growth in the current fiscal year. HRTA is also noted for trading at a low earnings multiple, suggesting that the stock remains attractively valued relative to its profit outlook and sector peers.
With consistent dividend growth for the past four years, a strong profitability profile (rated 4 out of 5 on InvestingPro’s health scale), and improving return momentum, analysts view HRTA as a fundamentally solid play in Indonesia’s consumer discretionary and gold segments—especially amid sustained global gold price strength.