Top 30 Indonesian Paper Manufacturing Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
PT Indah Kiat Pulp & Paper Tbk (INKP) Integrated pulp & paper
PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) Paper and cultural products
PT Toba Pulp Lestari Tbk (INRU) Pulp producer
PT Suparma Tbk (SPMA) Industrial & consumer paper products
PT Indonesia Fibreboard Industry Tbk (IFII) Fibreboard & related materials
PT SLJ Global Tbk (SULI) Forestry & wood-linked products
PT Inter Delta Tbk (INTD) Forest/pulp related stocks
PT Indo Komoditi Korpora Tbk (INCF) Forestry & commodities
PT Wijaya Cahaya Timber Tbk (FWCT) Timber/paper exposure
PT Kertas Basuki Rachmat Indonesia Tbk (KBRI) Paper manufacturing & packaging
PT Kedawung Setia Industrial Tbk (KDSI) Wood/forest related
PT Sriwahana Adityakarta Tbk (SWAT) Packaging board products
PT Tirta Mahakam Resources Tbk (TIRT) Forestry linked
PT Integra Indocabinet Tbk (WOOD) Wood panels / furniture
PT Darmi Bersaudara Tbk (KAYU) Timber & wood-based products
PT Puri Sentul Permai Tbk (KDTN) Wood/industrial products
PT Kencana Energi Lestari Tbk (KEEN) Wood/biomass sectors
PT Mulia Boga Raya Tbk (MBRV) Broader packaging exposure
PT Pabrik Kertas Kedawung Tbk Paper manufacturing group
PT Multi Industry Indonesia Tbk (MIND) Wood & components
PT Alkindo Naratama Tbk (ALDO)- A paper-conversion and packaging company
PT Fajar Surya Wisesa Tbk (FASW) - A major packaging paper producer in Indonesia
PT Fajar Paper - focus on paper manufacturing (packaging, board) and global markets (export)
PT Singaraja Putra Tbk (SINI) - Listed forestry/wood product company with pulp/board exposure.
PT Tirta Mahakam Resources Tbk (TIRT) - Forest products and linked manufacturing entity
PT Indonesia Fireboard Industry Tbk (IFII) - Manufactures fiberboard and related industrial panels
PT SLJ Global Tbk (SULI) - Operates in forestry and wood-linked products
PT Inter Delta Tbk (INTD) - Industrial manufacturer with diversified product range
PT Indo Komoditi Korpora Tbk (INCF) - Commodity/forest product related issuer
PT Kertas Basuki Rachmat Indonesia Tbk (KBRI) - A smaller paper production company focusing on various paper grades
2) Revenue results of major public companies in Indonesia summarized (per company)
1. PT Indah Kiat Pulp & Paper Tbk (INKP) - Indonesias largest paper/pulp producer with integrated facilities producing printing, packaging and industrial paper. Q3 2025 Earnings: financial indicators and industry performance show strong market performance supported by pulp demand.
2. PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) - Q3 2025 Net Profit: ~Rp 3.56 trillion (~USD 214 million) solid net margins driven by cost control and operational efficiency. Major pulp & paper manufacturer with cultural paper and industrial products.
3. PT Suparma Tbk (SPMA) - Earnings Indicator Q3 2025: Public data show EPS declined year-on-year, indicating compression in profitability. Produces industrial and consumer paper as well as tissue products.
4. PT Indonesia Fibreboard Industry Tbk (IFII) - Earnings Indicator: EPS modestly improved, suggesting steady profitability. Fibreboard and related wood-based material producer.
5. PT Toba Pulp Lestari Tbk (INRU) - Q3 2025 Result: Industry data indicate a loss per share (~USD 0.003), reflecting an unprofitable quarter. Pulp producer with export focus.
6. PT SLJ Global Tbk (SULI) - Forestry and timber-related operations.
7. PT Inter Delta Tbk (INTD) - forestry/wood exposure with varied performance historically.
8. PT Indo Komoditi Korpora Tbk (INCF) - listed forestry entity with commodity supply exposure.
9. PT Wijaya Cahaya Timber Tbk (FWCT) - Q3 2025 Indicator: EPS lower YoY yet remains profitable. Timber and forest-linked company with evolving paper sector exposure.
10. PT Kertas Basuki Rachmat Indonesia Tbk (KBRI) - Manufactures industrial and writing paper; exports and packaging.
3) Key trends & insights from Q3 2025
Demand Stability: Leading producers like TKIM reported strong net profits, while INKPs operational strength keeps it a core industry player.
EPS Variation: Mid-tier players like Suparma and IFII show mixed profitability trends, with some compression and others modest improvement.
Global Inputs: Trends in pulp pricing influence cost structures, particularly for heavy pulp exporters.
Investor Confidence: Sector valuations and forecasts suggest long-term earnings growth (~5.5% annually), with mild short-term volatility.
4) Outlook for Q4 2025 and beyond
Growth Prospects: Packaging demand tied to e-commerce and industrial demand likely support revenue expansion for integrated firms.
Potential Risks: Input cost volatility and global pulp pricing fluctuations could pressure margins in some companies.
Sustainability and ESG: Firms integrating environmental standards remain attractive to investors and export partners.
Consolidation Possibilities: Smaller forestry publishers might seek mergers to improve economies of scale.
5) Conclusion
The Q3 2025 snapshot of Indonesias paper manufacturing industry shows a blend of strong megacap players (e.g., TKIM, INKP) and mid-to-small forestry stakeholders with contrasting profitability. While not all companies disclose detailed quarterly financials publicly, industry screens and reported indicators show broad resilience, with opportunities ahead in packaging demand, export markets, and sustainability transformation.

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