Top 30 Indonesian Glass Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
PT Asahimas Flat Glass Tbk (AMFG)
PT Mulia Industrindo Tbk (MLIA)
PT Arwana Citramulia Tbk (ARNA) related building materials
PT Cahayaputra Asa Keramik Tbk (CAKK) tile & partial glass products
PT Intikeramik Alamasri Industri Tbk (IKAI) ceramics & glass adjacencies
PT Keramika Indonesia Assosiasi Tbk (KIAS)
PT Surya Toto Indonesia Tbk (TOTO)
PT Mark Dynamics Indonesia Tbk (MARK)
PT Indopoly Swakarsa Industry Tbk (IPOL) polymers for coatings
PT Sumi Indo Kabel Tbk (IKBI) industrial cable, plant supplier
PT Brilliance China Automotive Lighting Tbk (BCL) parts including glass components
PT Multistrada Arah Sarana Tbk (MASA) rubber/auto components (glass segments)
PT Astra International Tbk (ASII) heavy equipment distributor with construction tie-ins
PT United Tractors Tbk (UNTR) heavy equipment (infrastructure demand)
PT Barito Pacific Tbk (BRPT) industrial conglomerate
PT AKR Corporindo Tbk (AKRA) logistics/industrial distribution
PT Indocement Tunggal Prakarsa Tbk (INTP) building materials
PT Semen Indonesia (SMGR)
PT Cemindo Gemilang Tbk (CMNT)
PT Wijaya Karya Beton Tbk (WTON)
PT Waskita Beton Precast Tbk (WSBP)
PT Lionmesh Prima Tbk steel components
PT Gunung Raja Paksi Tbk (GGRP)
PT Timah Tbk (TINS) tin/metal supply to glass coating markets
PT Vale Indonesia Tbk (INCO) nickel/metal side streams
PT Aneka Tambang Tbk (ANTM) diversified metals
PT Indosolar Tbk (ISLO) solar glass/solar panel related materials (if listed)
PT Trimitra Plastindo Tbk industrial plastics (packaging & glass ancillary)
PT Nipress Tbk metal components for engineered glass segments
PT Delta Dunia Makmur Tbk (DOID) diversified industrials
2) Revenue results of major public companies in Indonesia summarized (per company)
1. PT Asahimas Flat Glass Tbk (AMFG) - Q3 2025 Net Profit: Rp 71.0 billion (~USD 4.3 million) reported for Q3 2025. Earnings were down significantly YoY (from ~Rp 170.9 billion prior year quarter), reflecting margin contraction amid higher energy and input costs in glass production. AMFGs profitability weakened due to rising industrial gas prices and softer demand. Despite stable revenue levels domestically, net margins compressed.
2. PT Mulia Industrindo Tbk (MLIA) - a major float glass producer and exporter positions it among Indonesias largest glass manufacturers. MLIA operates both domestic and export segments; earnings impact mostly tied to global prices and supply chain costs. Broader fiscal data suggests flattening revenue patterns.
3. PT Arwana Citramulia Tbk (ARNA) - Ceramic and building materials producer with partial exposure to glass façades and related products; does not publish standalone glass segment results.
4. PT Cahayaputra Asa Keramik Tbk (CAKK) - Revenue up but continued net losses in adjacent building materials segments; glass exposure limited but included as building materials affiliate.
5. PT Intikeramik Alamasri Industri Tbk (IKAI) - Strong Q4 base building set for 2025, but Q3 numbers largely focus on ceramics; glass exposure through tiles and building goods.
6. PT Keramika Indonesia Assosiasi Tbk (KIAS) - Modest sales with net losses for Q3 2025; not directly reporting glass revenues.
7. PT Indopoly Swakarsa Industry Tbk (IPOL) - Polymer supplier used in coatings and industrial segments; quasi glass adjacencies.
8. PT AKR Corporindo Tbk (AKRA) - Q3 profits in industrial & logistics segment contribute to glass value chains; reported steady net profit ~USD 28 million in Q3 2025.
9. PT Astra International Tbk (ASII) - Industrial/vehicle conglomerate with indirect impact on construction demand; ultra-large net profit of ~USD 1.47 billion due to diversified portfolio.
10. PT United Tractors Tbk (UNTR) - Strong equipment sales supporting infrastructure demand; significant earnings ~USD 689 million for Q3 2025.
3) Key trends & insights from Q3 2025
Margin Pressure from Energy Costs: Glass producers especially like AMFG reported sharply lower profits due to rising industrial gas and energy costs essential to float glass furnaces.
Demand Moderation Linked to Construction Cycles: Domestic construction activity experienced softening, impacting key glass demand in residential/commercial projects. Industry surveys indicate surplus inventories and slower pick-ups in Q3.
Export Dynamics & Global Supply Chains: Exports remain a potential growth lever for large producers like MLIA, which operates in Australia, Europe, and Asia cushioning local market softness.
Spillover Effects from Adjacent Sectors: Companies in building materials (tiles, ceramics, cement) influence glass demand indirectly; ceramic producers have mixed earnings due to similar margin impacts.
4) Outlook for Q4 2025 and beyond
Stabilization of Input Costs: Energy price forecasts suggest potential moderation late 2025, which may ease cost inflation for glass producers and improve profitability early 2026.
Infrastructure & Housing Policy Support: Indonesian government incentives for infrastructure and housing could lift glass demand if translated into concrete projects particularly in growing manufacturing hubs.
Export Expansion: Strategic export growth, especially to ASEAN and Oceania markets, is expected to offset weaker domestic demand for Indonesian glass manufacturers.
Technological Upgrades: Investment into higher value-added glass types (low-E, laminated, automotive glass) could enhance margins versus commodity flat glass.
5) Conclusion
The Q3 2025 earnings season for Indonesian glass industry players painted a picture of mixed performance, with rising energy costs and demand moderation weighing on profitability especially for smaller pure-play producers like AMFG. Diversified industrial players with exposure to infrastructure and broader building materials chains helped buoy sector performance. With potential easing of input cost pressures and supportive infrastructure policy on the horizon, the industrys outlook for Q4 2025 into 2026 remains cautiously optimistic.

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