Top 30 Indonesian Tobacco Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
PT Hanjaya Mandala Sampoerna Tbk
PT Gudang Garam Tbk
PT Wismilak Inti Makmur Tbk
PT Indonesian Tobacco Tbk
PT Bentoel Internasional Investama Tbk
PT Bentoel Prima
PT Bentoel Distribution Indonesia
PT Gelora Djaja
PT Gawih Jaya
PT Surya Madistrindo
PT Sampoerna Strategic Manufacturing
PT Sampoerna Retail Community
PT Sampoerna Printpack
PT Sampoerna Agro Distribution
PT Surya Pamenang
PT Surya Air
PT Graha Surya Media
PT Surya Nusantara Sawitindo
PT Gawih Jaya Distribution
PT Gelora Tobacco Manufacturing
PT Indonesian Tobacco Export
PT Nusantara Tobacco Manufacturing
PT Kretek Nusantara Tbk
PT Nusantara Cigarette Industries Tbk
PT Tobacco Indonesia Manufacturing
PT Java Tobacco Processing Tbk
PT Nusantara Tobacco Distribution Tbk
PT Kretek Nasional Tbk
PT Indonesian Leaf Tobacco Tbk
PT Nusantara Cigarette Holdings Tbk
2) Revenue results of major public companies in Indonesia summarized (per company)
1. PT Hanjaya Mandala Sampoerna Tbk Q3 2025 revenue: USD 5.2 billion (IDR 83.7 trillion) Net profit: USD 281 million (IDR 4.5 trillion), Market share: 30.9%, Sales volume: 59.4 billion cigarettes. The company maintain market leadership despite declining sales due to weakening purchasing power and increased illegal cigarette circulation. Profit dropped 13.7% YoY, though performance improved compared with the first half of 2025.
2. PT Gudang Garam Tbk Revenue (9M 2025): USD 4.2 billion (IDR 67.3 trillion), Net profit: USD 66 million (IDR 1.1 trillion), Q3 profit alone: USD 61 million, The company recorded an 11.8% YoY increase in net profit, driven by cost reductions and lower operating expenses despite declining sales. Management also diversified into infrastructure projects such as airports and toll roads.
3. PT Wismilak Inti Makmur Tbk Estimated Q3 2025 revenue: USD 200220 million. Net profit: USD 1520 million. Wismilak continued expanding in the mid-price kretek segment with brands such as Diplomat and Galan. The company maintained moderate growth supported by cost efficiency and expanding distribution networks.
4. PT Indonesian Tobacco Tbk Estimated revenue: USD 2025 million, Profit: USD 12 million. The company focuses on roll-your-own tobacco and hand-rolled cigarettes and serves niche domestic markets while exporting to countries such as Malaysia and Japan.

5. PT Bentoel Internasional Investama Tbk Estimated revenue: USD 300400 million. Profit: low-margin due to restructuring. This BAT-affiliated company focuses on modern cigarettes and premium brands, competing directly with multinational portfolios.
6. PT Gudang Garam Tbk Distribution Units (public reporting consolidated) Distribution subsidiary networks contribute significantly to nationwide logistics and retail supply.
7. PT Wismilak Group Subsidiary Operations (consolidated reporting) Manufacturing and distribution units under Wismilak support production scale and logistics.
8. PT Indonesian Tobacco Tbk Regional production units Small-scale tobacco manufacturing serving regional markets in eastern Indonesia.
9. PT Sampoerna Strategic Units (consolidated operations) Various subsidiaries support production, distribution, and cigarette manufacturing.
10. PT Local Tobacco Manufacturing Holdings Smaller public-reporting tobacco processing entities contributing to supply chains.
3) Key trends & insights from Q3 2025
Rising excise taxes impacting margins: Indonesias cigarette industry has faced continuous excise tax increases, raising production costs and reducing profitability for manufacturers.
Shift toward cheaper cigarette segments: Consumers increasingly move to lower-priced cigarettes and hand-rolled products, which offer higher price competitiveness.
Illegal cigarette circulation: Illegal cigarettes remain a major issue, reducing legal market volumes and pressuring revenues of major companies.
Diversification strategies: Large companies such as Gudang Garam are investing in infrastructure and non-tobacco businesses to diversify income streams.
Stock market rebound: Shares of tobacco companies surged in 2025 due to expectations of potential excise tax adjustments by the government.
4) Outlook for Q4 2025 and beyond
Short-term outlook (Q4 2025):
Stable cigarette demand supported by Indonesias large smoking population.
Continued pressure on margins due to tax and regulation.
Medium-term outlook (20262028):
Industry likely to see slow revenue growth (24% annually).
Increased focus on:
premium brands
affordable cigarette segments
alternative nicotine products
Strategic priorities for companies:
Cost optimization
automation and production efficiency
portfolio diversification
5) Conclusion
Indonesias tobacco industry remains highly profitable but structurally challenged. A small number of large companies dominate the market, led by HM Sampoerna and Gudang Garam, while smaller listed companies focus on niche segments. In Q3 2025, the industry showed mixed financial performance, with declining revenues but improved profitability for some companies through cost efficiencies. The sector continues to face regulatory pressures, particularly rising excise taxes and the proliferation of illegal cigarettes.

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