Top 30 Indonesian Agriculture Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
The agriculture and plantation complex (plantation, feed & poultry, edible oils/processing, aquaculture and related agro-processing) reported broadly improved profitability in Q3 2025 compared with a year earlier. The main drivers cited across company reports and market commentaries were: (a) firmer CPO / kernel prices and better product mixes for palm oil producers; (b) margin recovery in integrated poultry & feed from lower input costs and stronger broiler prices; (c) continuing operational improvements and cost discipline; and (d) the industry-wide uncertainty stemming from government enforcement actions on illegal plantations which added short-term supply uncertainty and supported prices.
Representative list Top 30 publicly-listed Indonesian agribusiness / agriculture / plantation / feed / related companies (selected from IDX/sector listings and recent sector writeups):
Astra Agro Lestari (AALI), PP London Sumatra (LSIP), Sampoerna Agro (SGRO), Charoen Pokphand Indonesia (CPIN), Japfa Comfeed (JPFA), Salim Ivomas Pratama (SIMP), Tunas Baru Lampung (TBLA), Dharma Satya Nusantara (DSNG), Eagle High Plantations (BWPT), Sawit Sumbermas Sarana (SSMS), Golden Plantation (GOLL), FAP Agri (FAPA), Austindo Nusantara Jaya (ANJT), Bakrie Sumatra Plantations (UNSP), Cisadane Sawit Raya (CSRA), Gozco Plantations (GZCO), Multi Agro Gemilang Plantation (MAGP), Indo Oil Perkasa (OILS), Jaya Agra Wattie (JAWA), Andira Agro (ANDI), Bahtera Adimina Samudra (BASS), Central Proteina Prima (CPRO), Malindo Feedmill (MAIN), Tiga Pilar / relevant listed feed processors (where listed), Budi Starch & affiliates, and several other plantation/processing names listed on IDX sector pages.
High-level Q3 2025 read on the universe
Many plantation groups (AALI, LSIP, DSNG, SSMS, etc.) reported YoY net-profit increases as realization prices for CPO and kernel strengthened and volumes were steady.
Integrated poultry/feed players (CPIN, JPFA, SIMP) posted notable profit recoveries thanks to lower DOC/input cost pressure and stronger broiler prices.
Smaller mid-cap plantation names showed mixed results: some large percentage gains off low bases; others still face balance-sheet pressure. Market commentary flagged regulatory risk from the large plantation seizures as an important macro factor going into Q4.
2) Q3 2025 earnings call / results Top 10 public agribusiness companies (summaries, rupiah + USD equivalent)
Below are the top 10 companies (by size and market relevance) with their reported Q3 / 9M 2025 net profit figures (reported in IDR) and the USD equivalent (rounded).
Charoen Pokphand Indonesia CPIN
Reported: Net profit (9M25) Rp 3.37 trillion (company / interim report).
USD equivalent: ≈ USD 202.4 million (3.37e12 / 16,650).
Takeaway: Broad-based margin recovery across feed, broiler and processed foods; Q3 net profit rebound QoQ driven by lower input costs and higher selling prices.
Japfa Comfeed Indonesia - JPFA
Reported: Net profit (9M25) Rp 2.41 trillion.
USD equivalent: ≈ USD 144.7 million.
Takeaway: Feed segment remained the main profit driver; 3Q25 saw strong QoQ growth in operating profit as DOC (day-old chick) and broiler margins improved.
Astra Agro Lestari - AALI
Reported: Net profit (9M25) Rp 1.07 trillion.
USD equivalent: ≈ USD 64.3 million.
Takeaway: Plantation operator benefited from higher CPO prices and operational efficiency; net profit rose YoY. Company interim financials (Q3 report) available on corporate site.
PP London Sumatra Indonesia - LSIP
Reported: Net profit (9M25) Rp 1.25 trillion.
USD equivalent: ≈ USD 75.1 million.
Takeaway: Sales mix of palm and rubber supported the jump; YoY net profit growth flagged in the 3Q disclosure.
Salim Ivomas Pratama - SIMP
Reported: Net profit (9M25) Rp 1.42 trillion.
USD equivalent: ≈ USD 85.3 million.
Takeaway: Integrated edible-oil/processing group (Salim group) - strong domestic sales and margin expansion drove the 9M outturn.
Dharma Satya Nusantara - DSNG
Reported: Net profit (9M25) Rp 1.32 trillion.
USD equivalent: ≈ USD 79.3 million.
Takeaway: Plantation resilient with ~88% revenue from palm; higher CPO prices and better volumes lifted profitability materially in Q3.
Sawit Sumbermas Sarana - SSMS
Reported: Net profit (9M25) Rp 1.00 trillion.
USD equivalent: ≈ USD 60.1 million.
Takeaway: Revenue and volume gains plus better realizations pushed SSMS to a strong 9M result (YoY improvement).
Sampoerna Agro - SGRO
Reported: Net profit (9M25) Rp 874.6 billion.
USD equivalent: ≈ USD 52.5 million.
Takeaway: YoY profit rise; the company's integrated palm operations saw better FFB yields and prices.
Tunas Baru Lampung - TBLA
Reported: Net profit (9M25) Rp 629.5 billion.
USD equivalent: ≈ USD 37.8 million.
Takeaway: Food-oils & processing group; biodiesel and cooking-oil sales contributed to the revenue mix; Q3 improved on both volume and price.
Eagle High Plantations - BWPT
Reported: Net profit (9M25) Rp 271.4 billion.
USD equivalent: ≈ USD 16.3 million.
Takeaway: Profit jump YoY as CPO price tailwinds and productivity improvements boosted margins.
3) Key trends & insights from Q3 2025
CPO / palm oil price tailwind, but regulatory overhang remains.
Q3 price strength (and market expectations of tighter supply due to enforcement actions) supported plantation margins and translated into improved net profits across the majors. At the same time, the governments large-scale seizure/transfer program for contested plantations introduced material policy uncertainty that market participants flagged as a near-term risk for maintenance, investment and supply.
Integrated poultry & feed recovery.
Integrated players (CPIN, JPFA, SIMP) reported stronger Q3 results as cost pressures eased (DOC and feed input cost normalization) and broiler prices firmed. That has restored operating leverage in feed + poultry segments. Broker research flagged improved margin mix and higher realization as the main drivers.
Scale / integration matters.
Larger diversified groups with downstream processing and integrated value chains managed margin shocks better than smaller pure-play plantations. Companies with biodiesel/processing or feed integration outperformed in volatility. (Seen in TBLA, CPIN, JPFA commentary.)
ESG / traceability and investor attention.
The enforcement actions and social/land-use scrutiny increased investor attention to sustainability credentials, lease/title clarity and traceability a theme that will weigh on capital allocation and valuations going forward.
4) Outlook Q4 2025 and beyond
Near term (Q4 2025): expect continued mixed tailwinds. If CPO prices remain elevated (supported by domestic regulation and supply uncertainty), plantation profits should stay healthy; integrated poultry/feed names could post further improvement if seasonal demand for poultry holds and feed input costs remain benign. However, the ongoing plantation re-seizures and transfer actions create execution risk for some large players and could reduce near-term supply or create legal/operational disruptions in affected estates.
Medium term (2026): winners will likely be those with (a) clean land titles and good sustainability credentials, (b) diversified downstream footprints (processing, biodiesel, feed), and (c) disciplined capex and balance-sheet management. Companies over-levered to contested land or with weak governance may suffer valuation discounts and operational disruption.
Investor implications: re-rate potential for high-quality integrated names (CPIN, JPFA, AALI, LSIP) if earnings momentum continues, but monitor policy/legal developments closely. Because of the policy risk, a higher risk premium is reasonable for pure-play plantation mid-caps without clear title clarity.
5) Conclusion
Q3 2025 was a broadly constructive quarter for Indonesias listed agriculture / plantation complex: many companies posted YoY profit improvement supported by better commodity realizations and operational discipline. Integrated players (feed/poultry/processing) and well-run plantations with clean governance benefitted most. But regulatory intervention around land and plantations remains a material near-term geopolitical/policy risk that could reshape the sectors landscape and valuations going into 2026. Investors should combine company-level Q3/9M numbers with on-the-ground checks about title/sustainability exposure before drawing portfolio conclusions.

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