Top 30 Indonesian Aluminum Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
PT Aneka Tambang Tbk (ANTM) Diversified metal producer with gold, nickel, and light metals exposure; reported net profit ~USD 357.7 m in Q3 2025.
Bayan Resources Tbk (BYAN) Large coal/metal miner; Q3 profit ~USD 521.8 m.
Adaro Energy Tbk (ADRO) Coal and energy miner with diversified metals exposure; Q3 profit ~USD 301.3 m.
Indo Tambangraya Megah Tbk (ITMG) Coal/minerals; Q3 profit ~USD 130.6 m.
PT Bukit Asam Tbk (PTBA) Coal/minerals; Q3 profit ~USD 83.3 m.
Vale Indonesia Tbk (INCO) Nickel concentrator with metals markets linkage; Q3 profit ~USD 52.4 m.
PT Timah Tbk (TINS) Tin & metal producer; Q3 profit ~USD 36.1 m.
Harum Energy Tbk (HRUM) Mining group with positive Q3 earnings ~USD 37.3 m.
Merdeka Copper Gold Tbk (MDKA) Large metals producer; 9M 2025 revenue ~USD 1.298 bn.
Amman Mineral Internasional Tbk (AMMN) Metals & smelting; Q3 net loss ~USD 178.5 m.
Golden Energy & Resources (GEMS) Major energy/mining group with Q3 earnings.
Bumi Resources Tbk (BUMI) Integrated mining group with profit data available.
PT Merdeka Gold Resources (EMAS) Precious metals miner.
Borneo Olah Sarana Sukses (BOSS) Mining & metal services.
Baramulti Suksessarana (BSSR) Mining conglomerate.
Indika Energy Tbk (INDY) Energy & mining exposure.
Mitrabara Adiperdana Tbk (MBAP) Mining & logistics.
Sumber Mineral Global Smaller listed metals & mining entity.
J Resources (PSAB) Gold & metal miner.
Wilton Resources (SQMI) Nickel/metal mining exposure.
Bumi Resources Minerals (BRMS) Minerals segment with metals exposure.
Transcoal Pacific Tbk Coal & related mining; sector placement.
Petrosea Tbk Mining & heavy services.
Elnusa Tbk Oil & mining services.
TBS Energi Utama Tbk Energy & mining sectors.
Other IDX Metals/Mining Small Caps Represents multiple smaller listings with emerging metals exposure (lumped as IDX metal small caps).
PT Alumindo Light Metal Industry Tbk (ALMI) Light metals / aluminum products company
PT Cita Mineral Investindo Tbk (CITA) Materials/mining company with aluminum/bauxite linkage
2) Revenue results of major public companies in Indonesia summarized (per company)
1. PT Aneka Tambang Tbk (ANTM) - Net Profit: ~Rp 5.97 trillion (~USD 357.7 m) in Q3 2025. Profit improvement driven by higher downstream margins in metals, including ancillary contributions to processing volumes.
2. Bayan Resources Tbk (BYAN) - Net Profit: ~Rp 8.71 trillion (~USD 521.8 m). Strong earnings supported by consistent contract pricing and volume mix, placing Bayan among the top metal-sector earners.
3. Adaro Energy Tbk (ADRO) - Net Profit: ~Rp 5.03 trillion (~USD 301.3 m). Continues cash generation amid commodity pricing pressures.
4. Indo Tambangraya Megah Tbk (ITMG) - Net Profit: ~Rp 2.18 trillion (~USD 130.6 m). Reflects stable coal/metals operations despite softer benchmarks.
5. PT Bukit Asam Tbk (PTBA) - Net Profit: ~Rp 1.39 trillion (~USD 83.3 m). Volume growth offset by weaker realized pricing yields.
6. Vale Indonesia Tbk (INCO) - Net Profit: ~Rp 874.8 billion (~USD 52.4 m). Operational efficiencies amid stable nickel cycles.
7. PT Timah Tbk (TINS) - Net Profit: ~Rp 602.4 billion (~USD 36.1 m). Margins modest, tin price impact notable.
8. Harum Energy Tbk (HRUM) - Net Profit: ~Rp 622.3 billion (~USD 37.3 m). Positive cash flows amid tighter margins.
9. Merdeka Copper Gold Tbk (MDKA) - Performance: ~USD 1.3 bn 9M revenue; weaker YoY performance tied to lower nickel markets.
10. Amman Mineral Internasional Tbk (AMMN) - Net Loss: ~Rp 2.98 trillion (~USD 178.5 m). Quarterly loss driven by export constraints and smelter issues.
3) Key trends & insights from Q3 2025
Aluminum Demand and Production
INALUM Achievements: INALUM reported record production/sales for 2025 (≈280,082 MT production and 280,141 MT sales) - the best performance in its 50-year history, signaling strong operational momentum in Indonesian primary aluminum production.
Commodity Pricing
Global aluminum prices have shown resilience, supporting export-linked revenues for producers despite pressures in other metal segments.
Divergent Company Performance
Some metal companies recorded strong profits (e.g., BYAN, ANTM), while others like AMMN faced significant losses, highlighting mixed operational outcomes across the metal ecosystem.
Hilirisasi and Downstream Push
Companies like INALUM and related downstream players are advancing value-added aluminum processing (e.g., billets, extrusions) to capture greater margins domestically and internationally.
4) Outlook for Q4 2025 and beyond
Market Drivers
Stable Global Demand: Continued infrastructure, automotive, and renewable energy growth supports long-term aluminum demand.
Supply Chain Enhancements: Expansion of alumina refining capacity (e.g., ASEAN alumina projects) may lower input costs and improve margins.
Key Risks
Commodity Price Volatility: Fluctuating prices on global exchanges (e.g., LME) can compress earnings for producers.
Operational Challenges: Smelter constraints (as seen at AMMN) and export restrictions can erode quarterly performance.
Strategic Focus
Firms are expected to emphasize downstream integration, energy efficiency, and market diversification to mitigate cyclicality while capturing growth in both domestic and export markets.
5) Conclusion
The Q3 2025 financial results across Indonesian metals and aluminum-associated companies reveal a mixed yet resilient industry landscape. High performers like ANTM and BYAN anchor strong quarterly earnings, while strategic operations by INALUM continue to push Indonesias aluminum production capabilities to new highs. Despite the absence of standalone aluminum company earnings for many listings, the broader metals sector underscores the importance of diversified production, operational efficiency, and alignment with global demand trends as Indonesia positions itself as a key player in the aluminum value chain.

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