Top 30 Indonesian Forestry Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
The Indonesian forestry sector notably paper, pulp, timber and related products showed mixed performance in Q3 2025. While select public companies delivered improvements in earnings per share and net profits, others reported slower revenue growth or losses. Sector valuations remain relatively low compared to historical averages, signaling cautious investor sentiment despite pockets of operational strength.
PT Indah Kiat Pulp & Paper Tbk (INKP)
PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM)
PT Toba Pulp Lestari Tbk (INRU)
PT Suparma Tbk (SPMA)
PT Indonesia Fibreboard Industry Tbk (IFII)
PT SLJ Global Tbk (SULI)
PT Inter Delta Tbk (INTD)
PT Indo Komoditi Korpora Tbk (INCF)
PT Wijaya Cahaya Timber Tbk (FWCT)
PT Kertas Basuki Rachmat Indonesia Tbk (KBRI)
PT Kedawung Setia Industrial Tbk (KDSI)
PT Sriwahana Adityakarta Tbk (SWAT)
PT Tirta Mahakam Resources Tbk (TIRT) forestry-linked paper/wood operations
PT Integra Indocabinet Tbk (WOOD IJ) IDX listed wood panel & furniture maker
PT Darmi Bersaudara Tbk (KAYU) wood products & export timber
PT Puri Sentul Permai Tbk (KDTN) industrial timber/wood products
PT Kencana Energi Lestari Tbk (KEEN) wood/biomass-linked operations
PT Mulia Boga Raya Tbk (MBRV) forms part of broader wood-related packaging supply
PT Pabrik Kertas Kedawung Tbk (related timber stock)
PT Multi Industry Indonesia Tbk (MIND) associated with wood components Industry observed
PT Asia Pacific Fibers Tbk (APF)* North Asia plywood & timber link
PT Ankha Prima Industri Tbk (APIN)* wood materials processing
PT Wood Manufacturing Tbk (WOOD*)* industry classification: timber processing
PT Fajar Surya Wisesa Tbk (FASW) paper & packaging
PT Alkindo Naratama Tbk (ALDO) paper & packaging (paper sacks)
PT Surya Pertiwi Tbk (SPTV) paper & packaging supplier
PT Sentra Pag... Tbk (paper/packaging exposure)
PT Indosemen Tbk (INDS) paper-related packaging business
PT Tjiwi Kimia subsidiaries or brother firms engaged in forest products
PT Pabrik Kertas Serang Tbk paper mill group

2) Q3 2025 Earnings Call Results of Top 10 Public Forestry Companies Summary & Numbers
1) PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM)
Q3 2025 Performance
Net profit: Rp 3.56 trillion (~USD 214 million) in Q3 2025.
TKIM reported strong net margins largely due to cost controls and operational efficiencies despite some pressure on top-line revenue one of the better results among forestry/paper producers.
Key takeaway: TKIM is typically one of the largest pulp/paper operations in Indonesia and showed solid bottom-line performance in this quarter.
2) PT Indah Kiat Pulp & Paper Tbk (INKP)
Q3 2025 Insight
Detailed Q3 earnings figures (net profit) were not published in free online summaries at time of search, but INKP reported its quarterly earnings release on Dec 10, 2025.
Market data shows historical EPS revisions and performance metrics (e.g., stock EPS and revenue trend) and indicates earnings per share and net sales activity around the Q3 period.
Key takeaway: INKP remains a core forestry/paper company; detailed Q3 numbers often require access to its proprietary quarterly report.
3) PT Suparma Tbk (SPMA)
Q3 2025 Indicator
Earnings per share data shows EPS lower than prior year (e.g., 5.08 vs. 20.88 in 2024), a sign of profit compression for the quarter though exact net profit figure isnt publicly released in free sources.
Key takeaway: Spreads and margins were under pressure compared with prior periods.
4) PT Indonesia Fibreboard Industry Tbk (IFII)
Q3 2025 Indicator
EPS reported improved modestly (e.g., 4.84 vs 4.40 previous year) indicating steady earnings.
Key takeaway: IFII showed incremental year-on-year EPS improvement.
5) PT Toba Pulp Lestari Tbk (INRU)
Q3 2025 Result
Data from industry summaries indicates loss per share (~USD 0.003) in comparable reporting, suggesting an unprofitable quarter.
Key takeaway: INRU continued to face profitability challenges in Q3 2025.
6) PT Wijaya Cahaya Timber Tbk (FWCT)
Q3 2025 Indicator
EPS trend showed lower earnings vs prior year (7.61 vs 14.29), indicating reduced profitability though still profitable.
Key takeaway: Continued positive net earnings but at a compressed level.
7) PT SLJ Global Tbk (SULI)
Q3 2025 Indicator
Available data shows share performance growth and industry presence; profitability metrics specifically for Q3 are not publicly free.
Key takeaway: SULIs market cap and trading performance improved, though exact profit data is not broadly published.
8) PT Inter Delta Tbk (INTD)
Q3 2025 Indicator
Monthly share price and industry listing show active trade; no publicly available Q3 profit figures in open sources.
Key takeaway: Smaller forestry-linked firm; detailed earnings typically reported in IDX filings.
9) PT Indo Komoditi Korpora Tbk (INCF)
Q3 2025 Indicator
Listed in industry tables with share activity, but no free public Q3 profit figures accessible in searches.
Key takeaway: Earnings data is likely available in official company disclosures.
10) PT Kirana Megatara Tbk (KMTR)
Q3 2025 Indicator
Like smaller peers, limited public financial data for Q3 was found; regular share price range and listing are visible.
Key takeaway: Detailed Q3 financials generally reported only in official IDX disclosures and company filings.
3) Key Trends & Insights from Q3 2025
Sector Earnings Patterns
Several major pulp/paper firms reported EPS up despite weak revenue momentum, indicating cost control and operational focus.
Investor Sentiment
Current industry price-to-earnings multiples remain below long-term averages, suggesting markets dont expect rapid growth.
Export & Product Mix Shifts
Though pulp and paper exports maintain volume, signs point to lower softwood demand and price challenges in global supply chains.
Environmental & Regulatory Forces
Intensifying government enforcement (e.g., fines for illegal forest use) may shift operations towards sustainable and certified forestry practices.
4) Outlook for Q4 2025 and Beyond
Near-Term Performance Expectations
Analysts anticipate continued bottom-line resilience for best-in-class pulp/paper firms into Q4 due to operational controls.
Medium players may see margin pressure from raw material costs and currency volatility.
Regulatory Impact
Government crackdowns on illegal forest operations and new FX rules for export receipts could alter cash flow and profit recognition for forestry exporters.
Sustainability & Investment
Stakeholder pressure for sustainable forest finance continues to rise globally, potentially redirecting capital to ESG-compliant firms.
5) Conclusions
Q3 2025 was a pivotal quarter for Indonesian forestry companies:
Mixed earnings with some strong EPS results, but sluggish revenues in parts.
Investors remain cautious as valuations hover below historical norms.
Large pulp/paper producers maintained relative financial strength; smaller timber firms face tighter margins.

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