Top 30 Indonesian Industrial Public Companies Q3 2025 Revenue & Performance

1) Overall snapshot Top 30 (Q3 2025)
The industrial segment in Indonesia (cement, petrochemicals & chemicals, steel, heavy equipment, paper & pulp, building materials, logistics/industrial distribution, and certain large industrial conglomerates) delivered mixed Q3-2025 results. Of the top-tier industrial companies, several petrochemical and heavy-equipment names recorded very large profits driven by commodity cycles and recovery in manufacturing; cement and basic materials companies showed a mixed picture with margins pressured by lower volumes and cost increases; several mid-cap industrials posted resilient profits thanks to cost discipline.
Top 30 (alphabetical order within the list sector indicated briefly):
Astra International Tbk (ASII) automotive & heavy equipment conglomerate.
AKR Corporindo Tbk (AKRA) logistics, chemical distribution.
Barito Pacific Tbk (BRPT) petrochemicals & energy holdings.
Chandra Asri Petrochemical Tbk (TPIA) petrochemicals.
Indocement Tunggal Prakarsa Tbk (INTP) cement.
PT Semen Indonesia (Persero) Tbk (SMGR) cement (group).
Krakatau Steel (Persero) Tbk (KRAS) steel.
PT United Tractors Tbk (UNTR) heavy equipment & mining services.
PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) pulp & paper.
Solusi Bangun Indonesia Tbk (SBI) building materials (SIG group).
Semen Baturaja Tbk (SMBR) cement.
Holcim/ subsidiaries (now Solusi Bangun Indonesia group / related) building materials.
Pembangunan Perumahan (PTPP) heavy construction/engineering (industrial infra).
Wijaya Karya (WIKA) heavy construction, engineering.
Adhi Karya (ADHI) engineering & construction.
PP Presisi (PPRE) / PP (PP) heavy engineering & EPC.
Toba Pulp Lestari / pulp & paper players (if listed).
Chandra Asri downstream affiliates (chemicals).
Barito affiliates (power & petrochemical subsidiaries).
Indorama (local affiliates) chemicals & fibers (if applicable).
Holcim/ Solusi Bangun Indonesia related companies (concrete & aggregates).
International metal & parts manufacturers listed on IDX.
Industrial conglomerates with big manufacturing arms (selected IDX tickers).
Specialty chemical manufacturers (e.g., local chemical producers).
Paper & packaging group companies (other than TKIM).
Textile / fiber manufacturers relevant to industrial supply chains.
Industrial parts & components SMEs (grouped mid-caps).
Large industrial distributors & logistics (other than AKRA).
Steel service centers and plate / coil processors.
Equipment manufacturers and industrial engineering firms..
2) Earnings call results Top 10 industrial public companies (Q3 2025)
1. Astra International Tbk (ASII) Q3 2025
Q3 2025 net profit (reported): Rp 24.47 trillion (this is the quarterly net figure cited in the Q3 financial statements summary).
USD equivalent (approx.): ~USD 1.47 billion (Rp 24,470,000,000,000 ÷ 16,638 ≈ USD 1.47 bn).
Brief explanation: Astra's diversified exposure (automotive retail & distribution, heavy equipment via United Tractors, financial services and infrastructure) helped it produce a large consolidated profit despite some slowdown in vehicle sales; management highlighted margins in after-sales and financing as key contributors.
2. Chandra Asri Pacific Tbk (TPIA) Q3 2025
Q3 2025 net profit (reported): Rp 21.64 trillion (IndoPremier summary of Chandra Asri filings 9M/QQ extracts show a large turnaround).
USD equivalent (approx.): ~USD 1.30 billion (Rp 21,641,500,000,000 ÷ 16,638 ≈ USD 1.30 bn).
Brief explanation: Petrochemical margins recovered strongly in 2025; Chandra Asri swung back from prior-year losses to large profits on higher volumes and improved spreads. Management flagged strong exports and a better product mix as drivers.
3. United Tractors Tbk (UNTR) Q3 2025
Q3 2025 net profit (reported): Rp 11.47 trillion (quarterly net profit reported in the UNTR quarterly report).
USD equivalent (approx.): ~USD 689.4 million.
Brief explanation: UNTRs profit remained high though below the prior year quarter; the result was supported by heavy equipment sales (Komatsu), mining contracting and aftermarket services. Management pointed to softer commodity cycles vs 2024 as a headwind but highlighted order pipelines.
4. Barito Pacific Tbk (BRPT) Q3 2025
Q3 2025 net profit (reported): Rp 9.71 trillion.
USD equivalent (approx.): ~USD 583.6 million.
Brief explanation: Significant improvement YoY driven by petrochemical and integrated energy affiliates; Baritos industrial holdings (petchems & power) were the main profit engines.
5. AKR Corporindo Tbk (AKRA) Q3 2025
Q3 2025 net profit (reported): Rp 1.65 trillion.
USD equivalent (approx.): ~USD 99.2 million.
Brief explanation: AKRs logistics & chemical distribution business recorded higher throughput and improved margins; management emphasized better utilization in regional terminals.
6. PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) Q3 2025
Q3 2025 net profit (reported): Rp 3.56 trillion (TKIM Q3 disclosure / research summaries).
USD equivalent (approx.): ~USD 214.0 million.
Brief explanation: TKIM benefited from cost controls and a stronger contribution from associated mills; despite some top-line pressure, net margin expanded.
7. Indocement Tunggal Prakarsa Tbk (INTP) Q3 2025
Q3 2025 net profit (reported): Rp 1.06 trillion (reported by research outlets summarizing INTPs Q3).
USD equivalent (approx.): ~USD 63.7 million.
Brief explanation: Indocement saw modest profit growth as domestic cement demand was mixed; margin management and regional sales mix helped offset volume softness in some areas.
8. Semen Indonesia (SMGR) Q3 2025
Q3 2025 net profit (reported): Rp 114.8 billion (SMGRs Q3 net figure reported in the 9M/quarterly release).
USD equivalent (approx.): ~USD 6.9 million.
Brief explanation: SMGR reported a notably smaller quarterly profit compared to peers; management noted weaker domestic volumes and margin pressure from higher energy and logistics costs. (SMGR is executing cost-efficiency programs and asset optimization).
9. Krakatau Steel (KRAS) Q3 2025
Q3 2025 net profit (reported): Rp 369.9 billion.
USD equivalent (approx.): ~USD 22.2 million.
Brief explanation: Krakatau Steel returned to profit after previous losses, helped by deleveraging and better steel spreads; management cited debt reduction as a pivotal factor in the turnaround.
10. Semen Baturaja (SMBR) Q3 2025
Q3 2025 net profit (reported): Rp 146.3 billion.
USD equivalent (approx.): ~USD 8.8 million.
Brief explanation: SMBR saw YoY profit growth driven by regional demand (Sumbagsel) and operational efficiencies, supported by synergy with parent group (Semen Indonesia).
3) Key trends & insights from Q3 2025 (Industrial sector)
Concentration of profits in petrochemicals and equipment: Q3 2025 shows petrochemical players (notably Chandra Asri) and diversified heavy-equipment conglomerates (Astra/United Tractors) producing disproportionately large profits, indicating cyclical recovery in petrochemical spreads and still-robust aftermarket and services for heavy equipment.
Cement & basic materials mixed margin pressure: Cement majors and many construction-materials firms reported weaker or modest profits as domestic construction demand softened in parts of the country and energy/logistics costs remained an issue. Solusi Bangun Indonesia and some regional cement players (Semen Baturaja, Indocement) showed a mix of resilience (cost control) and near-term pressure.
Currency & macro sensitivity remains important: The rupiahs movement in 2025 and BI policy actions materially affect industrial input costs (imports of feedstock, machinery) and FX gains/losses in financials. Bank Indonesias communications and market FX behavior through Q3Oct 2025 were a notable backdrop for corporate forex effects.
Operational efficiency & deleveraging visible: Several industrial firms emphasized cost discipline, working-capital optimization and debt reduction as drivers of improved bottom lines (e.g., Krakatau Steels turnaround, some cement units efficiency gains).
Dividend / cash deployment signals from winners: Large profits at petrochemical and conglomerate players raised market expectations for dividend payouts or share buybacks (some companies flagged possible interim dividends in their releases).
4) Outlook for Q4 2025 and beyond
Near term (Q4 2025): Expect profit concentration to persist among petrochemicals and heavy equipment segments if global petrochemical spreads and domestic infrastructure activity remain steady. Cement and commodity sensitive names may continue to face pressure if construction demand doesnt re-accelerate. FX volatility remains a watchpoint any renewed IDR weakness would raise imported input costs and create forex translation effects. (Bank Indonesia signaled maintaining currency stability while focusing on growth; markets monitored BIs interventions and rate posture.)
Medium term (2026 and beyond): Structural drivers government infrastructure projects, energy transition investments (green chemicals, renewables), and domestic manufacturing upgrades could re-rate certain industrial names. Companies with cleaner balance sheets and flexible pricing will likely outperform. Watch for: (a) petrochemical CAPEX cycle and international spreads; (b) domestic construction project awards and off-take for cement/aggregates; (c) commodity cycles that drive mining and equipment demand (which support UNTR/Astra group).
Risks: global recession risk (weaker export demand for petrochemicals), upstream feedstock price swings, and a weaker rupiah (raising imported capex/input costs). Companies with significant FX exposure or high leverage could be the most vulnerable.
5) Conclusion
Q3-2025 was a mixed but instructive quarter for Indonesian industrials: a handful of large players (Chandra Asri, Astra, United Tractors, Barito) produced the lions share of aggregate profits while many cement and building-materials companies faced margin pressure and slower demand. The industry outlook into Q4 depends on macro (rupiah stability, interest rates) and commodity cycles (petchems spreads, steel prices).

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