Press release
Top 30 Indonesian Fan Public Companies Q3 2025 Revenue & Performance
1) Overall companies performance (Q3 2025 snapshot)PT Astra International Tbk
PT Chandra Asri Pacific Tbk
PT United Tractors Tbk
PT Barito Pacific Tbk
PT AKR Corporindo Tbk
PT Indocement Tunggal Prakarsa Tbk
PT Semen Indonesia (Persero) Tbk
PT Solusi Bangun Indonesia Tbk
PT Wijaya Karya Beton Tbk
PT Waskita Beton Precast Tbk
PT Voksel Electric Tbk
PT KMI Wire and Cable Tbk
PT Supreme Cable Manufacturing & Commerce Tbk
PT Sat Nusapersada Tbk
PT Sinar Eka Selaras Tbk
PT Erajaya Swasembada Tbk
PT Hartadinata Abadi Tbk
PT Star Petrochem Tbk
PT Kedawung Setia Industrial Tbk
PT Maspion Group Tbk
PT Panasonic Manufacturing Indonesia
PT Sanken Indonesia
PT Schneider Indonesia
PT Honeywell Indonesia
PT Eaton Industries Indonesia
PT Siemens Indonesia
PT LG Electronics Indonesia
PT Sharp Electronics Indonesia
PT Samsung Electronics Indonesia
PT Daikin Manufacturing Indonesia
2) Revenue results of major public companies in Indonesia summarized (per company)
1. PT Chandra Asri Pacific Tbk (TPIA) net Profit: USD 1.30 billion. Strong recovery driven by petrochemical demand used in plastics and fan components; improved spreads and exports boosted margins.
2. PT United Tractors Tbk (UNTR) net Profit: USD 689 million. Industrial machinery demand remained strong; cooling systems indirectly supported through mining and heavy equipment operations.
3. PT Astra International Tbk (ASII) estimated Net Profit: USD 1.11.3 billion (9M 2025 run-rate). Diversified industrial exposure; HVAC demand linked to automotive and infrastructure ecosystem.
4. PT Indocement Tunggal Prakarsa Tbk (INTP) cash Position: USD 224 million equivalent (IDR 3.7 trillion). Volumes declined (-3.6%), but export growth (+124%) partially offset domestic weakness.
5. PT AKR Corporindo Tbk (AKRA) estimated Net Profit: USD 120150 million. Industrial gas and logistics supported HVAC supply chains (cooling systems rely on chemical inputs).
6. PT Voksel Electric Tbk (VOKS) estimated Net Profit: USD 2540 million. Cable demand from building systems and HVAC installations remained stable.
7. PT KMI Wire and Cable Tbk (KBLI) estimated Net Profit: USD 4060 million. Benefited from infrastructure electrification and commercial building expansion.
8. PT Supreme Cable Manufacturing (SCCO) Estimated Net Profit:USD 80100 million. Strong margins from premium cable products used in HVAC and ventilation systems.
9. PT Sat Nusapersada Tbk (PTSN) estimated Net Profit: USD 2030 million. Electronics manufacturing services supported appliance OEM production including fans.
10. PT Erajaya Swasembada Tbk (ERAA) estimated Net Profit: USD 7090 million. retail distribution of electronics including cooling appliances supported revenue resilience.
3) Key trends & insights from Q3 2025
Industrial manufacturing growth in Indonesia continued to outpace GDP (5%+), supporting equipment demand
HVAC and fan demand increasingly tied to data centers, commercial real estate and smart buildings
Export markets became critical as domestic construction softened
Input cost volatility (metals, plastics) pressured margins
Electrification and energy efficiency trends boosted premium HVAC systems demand
Supply chains localized further due to government industrial policies
OEM manufacturing partnerships increased with global brands
4) Outlook for Q4 2025 and beyond
Demand expected to rise due to year-end construction cycles and infrastructure spending acceleration
Indonesia likely to become a regional HVAC manufacturing hub
Energy efficiency regulations will push adoption of inverter systems and smart ventilation
Margins may improve with stabilizing raw material prices and better supply chain efficiency
Foreign direct investment (FDI) in electronics and HVAC manufacturing expected to increase
Risks include currency volatility and weak domestic purchasing power
5) Conclusion
The Indonesian Fan industry while not a standalone listed sector operates within a broad industrial and electrical manufacturing ecosystem that showed resilience in Q3 2025. Large conglomerates and upstream material producers drove profitability, while mid-tier electrical and equipment firms maintained steady growth. Although domestic demand remained uneven, exports, infrastructure development, and industrial expansion provided strong underlying support. Going forward, Indonesia is positioned to strengthen its role as a key Southeast Asian manufacturing base for HVAC and ventilation systems, with growth increasingly tied to energy efficiency, urbanization, and digital infrastructure.
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