Top 30 Indonesian Asphalt Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
PT Xolare RCR Energy Tbk asphalt trading & related services (asphalt exposure).
PT Waskita Karya (Persero) Tbk major construction with asphalt/road works exposure.
PT Wijaya Karya Tbk construction/engineering with asphalt/bitumen materials involvement.
PT Adhi Karya (Persero) Tbk large contractor with asphalt/road segments.
PT PP (Persero) Tbk diversified construction, road projects included.
PT Nusa Raya Cipta Tbk contractor including road/asphalt surfacing works.
PT Total Bangun Persada Tbk construction with project exposure that often includes asphalt.
PT Surya Semesta Internusa Tbk construction & infrastructure partner.
PT Jaya Konstruksi Manggala Pratama Tbk construction contractor with roads.
PT Wijaya Karya Beton Tbk WIKA Beton, materials supplier (concrete/asphalt-adjacent).
PT Acset Indonusa Tbk contractor; civil engineering & infrastructure.
PT Nusantara Infrastructure Tbk infrastructure assets and project flows (incl. road/communications).
PT Indonesia Kendaraan Terminal Tbk logistics & infrastructure (road asset support).
PT PP Presisi Tbk precision civil works supportive of road/infrastructure delivery (honourable mention).
PT Perusahaan Perdagangan Indonesia (Persero) trading house with construction materials (incl. asphalt).
PT Semen Indonesia (Persero) Tbk building materials & aggregates supplier (cement/road products).
PT Indocement Tunggal Prakarsa Tbk materials supplier (not asphalt but core road construction materials).
PT Asphalt Bangun Sarana asphalt distributor/manufacturer (though not public, important asphalt player)
PT Aspal Polimer Emulsindo asphalt producer (core asphalt materials firm)
PT Marga Sarana Raya Tbk toll operator & road asset manager (infrastructure exposure).
PT Hutama Prima Tbk contractor with road infrastructure works.
PT Agro Yasa Lestari Tbk materials supplier (infrastructure-relevant).
PT Holcim Indonesia Tbk materials supplier (concrete & aggregates supporting asphalt infrastructure).
PT Delta Dunia Makmur Tbk general mining & materials (bitumen & road-related).
PT Surya Semesta Media Tbk related to Surya Semesta groups infrastructure operations.
PT Tower Bersama Infrastructure Tbk communications infrastructure often involving road access/works.
PT Indah Karya (Persero) Tbk state contractor with road project exposure.
PT Len Industri (Persero) Tbk electronics in infrastructure integration (signal/road systems).
PT Telekomunikasi Indonesia Tbk infrastructure support connected to road assets.
PT Jasa Marga (Persero) Tbk toll road operator (infrastructure including asphalt surface management)
2) Revenue results of major public companies in Indonesia summarized (per company)
1. PT Xolare RCR Energy Tbk (XOLARE) - Asphalt trading & processing, construction services. Xolare is a Jakarta-listed company focused on asphalt trading under trademark XOLABIT and asphalt processing industrial services.
2. PT Wijaya Karya Tbk (WIKA) - Q3 2025 Result: Net loss ~Rp 3.21 trillion (~USD 192 million). Construction revenue slowed; asphalt/bitumen subsidiary activity insufficient to offset broader cost pressures.
3. PT Nusa Raya Cipta Tbk (NRCA) - Q3 2025 Result: Net profit ~Rp 156.3 billion (~USD 9.36 million). Strong project execution and private sector contracts helped profitability including road surfacing work.
4. PT Total Bangun Persada Tbk (TOTL) - Q3 2025 Result: Net profit ~Rp 295.3 billion (~USD 17.7 million). Broader construction execution lifts income; asphalt deployment part of project mix.
5. PT Surya Semesta Internusa Tbk (SSIA) - Q3 2025 Result: Net profit ~Rp 6.5 billion (~USD 0.39 million). Mixed construction/property portfolio; road delivery contributed to marginal profit.
6. PT Waskita Karya Tbk (WSKT) - Q3 2025 Result: Net loss ~Rp 3.17 trillion (~USD 190 million). Despite asphalt works, major losses due to financing/working capital.
7. PT Adhi Karya Tbk (ADHI) - Q3 2025 Result: Net profit ~Rp 4.42 billion (~USD 0.26 million). Narrow profit; asphalt contracts were a small part of overall revenue.
8. PT PP (Persero) Tbk (PTPP) - Q3 2025 Result: Net profit ~Rp 5.55 billion (~USD 0.33 million). Limited contribution from asphalt/road works amid slow contract awards.
9. PT WIKA Beton Tbk (WTON) - Q3 2025 Result: Net profit ~Rp 8.4 billion (~USD 0.50 million). Concrete/asphalt-adjacent materials support niche segments.
10. PT Indonesia Kendaraan Terminal Tbk (IPCC) - Q3 2025 Result: Net profit ~Rp 190.3 billion (~USD 11.4 million). Logistics contribution including asphalt product terminal flows
3) Key trends & insights from Q3 2025
Profit Divergence
Larger construction contractors with asphalt business units frequently posted losses or narrow bottom lines due to project slowdowns and financing cost headwinds. Smaller or specialized firms with diversified materials portfolios often maintained modest profitability.
Asphalt Demand Drivers
Demand tied to government spending on road maintenance and civil infrastructure remained solid, although capital disbursements lagged expectations impacting contract revenues. Asphalt traders and distributors retained backlog strength where terminal access supported supply continuity.
Cost & Input Pressures
Elevated bitumen prices and FX pressures affected margins. Many contractors reported compressed earnings despite steady activity
4) Outlook for Q4 2025 and beyond
Optimistic Demand Growth:
Anticipated acceleration in road resurfacing programs, particularly government-backed projects targeting rural connectivity.
Earnings Improvement Potential:
Asphalt suppliers and trading firms (like Xolare) may benefit from wide bitumen distribution networks if payment cycles improve.
Contractors with integrated materials operations might see margin recovery if input cost volatility eases.
Risks:
Continued fiscal constraints could delay infrastructure spending.
FX and commodity price swings may compress profitability for exporters/importers of asphalt components.
5) Conclusion
Q3 2025 in Indonesias asphalt industry revealed a sector at an inflection point: demand remains anchored in public infrastructure, but profitability hinges on broader construction market dynamics, cost pressures, and contract flows. While comprehensive asphalt-specific earnings across 30 listed companies arent fully published, the available data shows a mixed but potentially resilient sector with growth prospects tied to national infrastructure priorities and firm-specific strategy execution.

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