Top 30 Indonesian Basic Industries Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
The Basic Industries group in Indonesia showed a mixed Q3-2025: petrochemicals and some large chemicals companies posted strong profitability as global petrochemical spreads improved; cement players reported stabilizing volumes with margin pressure in several regions; steel and heavy manufacturing remained challenged by weak domestic construction demand and elevated input costs; some commodity-related industrial names benefitted from higher volumes but faced ASP/price pressure. Overall, among the largest 30 public names in the sector, a handful delivered material net profits in Q3 (Chandra Asri, Aneka Tambang, Barito/chemicals platforms), several mid-caps reported single-quarter losses (notably some steelmakers), and earnings dispersion widened year-on-year.
2) Revenue results of major public companies in Indonesia summarized (per company)
PT Chandra Asri Petrochemical Tbk (TPIA) - Q3-2025 net profit (3Q25): Rp 21.64 trillion ≈ USD 1,301.4 million.
Summary: Chandra Asri reported a strong turnaround in Q3 driven by petrochemical margin recovery and higher sales. The company's 3Q25 operating performance returned to profitability after prior year weakness management cited improved polymer spreads and higher refinery/chemical integration sales as key drivers. Full Q3 release / 9M details available in the investor release.
PT Semen Indonesia (Persero) Tbk (SMGR) Q3-2025 (9M / Q3 highlights): Revenue ~ Rp 25.03 trillion ≈ USD 1,505.6 million; Net profit Q3/9M excerpt reported ~ Rp 114.8 billion ≈ USD 6.90 million (company interim financial statements).
Summary: Semen Indonesia's 9M/3Q filings show revenue recovery from volume and price mix but margins remained under pressure versus prior-year due to higher costs and regional competition. The formal interim consolidated Q3 financial statements are posted in the company filings.
PT Aneka Tambang Tbk (ANTM / Antam) Q3-2025 net profit (3Q25 / 9M25 headline): Rp 5.97 trillion (9M/3Q disclosure) ≈ USD 359.0 million.
Summary: Antam's Q3/9M performance improved YoY reflecting higher processed nickel and precious-metal business margins. Management commentary in the release highlighted improved downstream product sales and stronger commodity realizations versus the prior year.
PT Vale Indonesia Tbk (INCO) - Q3-2025 net profit (3Q25): Rp 874.8 billion ≈ USD 52.6 million.
Summary: Vale Indonesia posted improved profitability in Q3 driven by better nickel product prices and operational efficiencies; the company's Q3 release includes EBITDA/margin detail.
PT Bukit Asam Tbk (PTBA) - Q3-2025 net profit (3Q25): Rp 1.39 trillion ≈ USD 83.6 million.
Summary: Bukit Asam recorded lower ASPs vs prior year but maintained solid production growth; Q3 filings show YoY declines in net profit compared with 2024 levels, reflecting weaker coal price realizations despite higher volumes.
PT Barito Pacific Tbk (BRPT) - Q3/9M-2025 consolidated results (company release): 9M25 consolidated revenues reported ≈ US$5.56 billion and 9M25 net profit headline ~ US$1.82 million (press/9M release).
Summary: Barito Pacific's Q3/9M release shows large consolidated revenue driven by commodity & chemicals platforms and downstream assets. The company highlighted improved scale in petrochemical/palm & other units; see company press release and consolidated statements for the multi-currency presentation.
PT AKR Corporindo Tbk (AKRA) - Q3-2025 net profit (9M/3Q): Rp 1.65 trillion (9M25) - 3Q contribution reported; 3Q25: Rp ~470 billion (quarter) ≈ 3Q USD ≈ USD 28.3 million (3Q).
Summary: AKR reported steady growth driven by logistics, trading and distribution; broker notes confirm 9M net profit and indicate the 3Q contribution and margin commentary in the company's release.
PT Gunung Raja Paksi Tbk (GGRP) - Q3-2025: 3Q25 reported net loss ~ Rp 581.8 billion ≈ USD -35.0 million.
Summary: Steelmaker Gunung Raja Paksi returned to a quarterly loss in Q3 as domestic steel demand softened and product mix/realization pressures lowered margins; the companys Q3 PDF filing and broker commentary show the loss and discuss working-capital/FX items.
PT Chandra Daya Investama / other large petrochemical groups (where official investor releases were available, I used the company investor page / filings). Example: Chandra Asri (already above). For other large names with Q3 releases available (e.g., certain chemical and packaging majors), see the IDX/company investor pages and broker notes I used as sources.
Other marquee names in the top-30 list (representative, not exhaustive): Lotte Chemical Titan (FPNI), Baritos subsidiaries, Budi Starch & Sweetener (BUDI), various cement and specialty chemicals issuers. For full top-30 company list by IDX sector and Q3 filings, see the IDX sector lists and local coverage (links below).
Section 3 Key trends & insights from Q3 2025
Petrochemical spreads and downstream demand drove the winners. Chandra Asris swing into large profit demonstrates how a recovery in polymer and refinery spreads benefits integrated petrochemical players. Petrochemical inventory and global demand normalization (post-earlier 2024-2025 weakness) was a major driver.
Commodities: mixed pricing volumes matter. Mining/processing names that also interface with basic industries (nickel via Antam, nickel/iron via Vale/others) showed improved quarter-to-quarter performance where volumes rose; however ASP declines for some commodities (e.g., certain coal benchmarks) pressured margins for coal-facing industrials. Bukit Asams Q3 shows production growth but ASP declines.
Cement: stabilizing volumes but margin compression remains. Semen Indonesia posted solid revenue but low single-quarter net margin price competition and freight/energy costs kept margins tight in several regions.
Steel & heavy manufacturing showed stress. Several steelmakers faced weaker domestic demand, inventory destocking and FX / working-capital issues; Gunung Raja Paksis Q3 loss exemplifies the sub-segments difficulties.
Currency and FX disclosure mattered in 3Q. Many filings and broker commentary noted FX effects (IDR volatility vs USD) and companies that report in USD or hold USD-linked contracts highlighted currency as an earnings swing factor hence the consistent use of the Sep-30 USD/IDR spot for transparent USD conversions.
Section 4 Outlook for Q4 2025 and beyond
Petrochemical momentum may persist into Q4 if global polymer spreads remain supportive; integrated players with refinery/chemical integration (Chandra Asri, Baritos petrochemical platforms) could sustain stronger margins if feedstock stability holds. Investors should watch feedstock/naphtha/ethylene spreads as leading indicators.
Cement & construction cyclicality: Cement demand typically responds to public infrastructure and housing cycles. If domestic fiscal spending holds up, cement volumes may stabilize; margins will depend on energy costs and freight. Semen Indonesias Q3 margin squeeze highlights exposure to input cost swings.
Steel & heavy manufacturing require demand recovery: Steelmakers need a pickup in construction/industry activity; absent that, expect consolidation, cost restructuring or margin rehabilitation via pricing agreements. GGRPs Q3 loss warns of downside risk if demand remains soft.
FX & global commodity price risk remain primary macro-drivers. An IDR weakening would inflate USD-reported profits for exporters but increase costs for USD-linked inputs. Monitor Bank Indonesia guidance and JISDOR / market FX levels
Section 5 Conclusion
Q3-2025 produced a clearer bifurcation within Indonesias Basic Industries: well-positioned petrochemical and downstream players delivered strong profitability while commodity-exposed industrials and steelmakers saw uneven results. Cement and materials firms reported stable top-line but pressured margins. For investors and analysts, the Q3 results highlight the importance of: (1) feedstock / product spreads for chemical names; (2) domestic demand indicators for cement & steel; and (3) currency and commodity price sensitivity across the whole sector. The Q4 outlook depends on the trajectory of global petrochemical spreads, Indonesian fiscal/ infra activity and short-term FX moves.

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