Press release
Top 30 Indonesian Nitric Acid Public Companies Q3 2025 Revenue & Performance
PT Chandra Asri Pacific Tbk (TPIA)
PT Surya Esa Perkasa Tbk (ESSA)
PT Saraswanti Anugerah Makmur Tbk (SAMF)
PT Aneka Gas Industri Tbk (AGII)
PT Semen Indonesia Tbk (SMGR)
PT Indocement Tunggal Prakarsa Tbk (INTP).
PT Solusi Bangun Indonesia Tbk (SMCB).
PT AKR Corporindo Tbk (AKRA).
PT Chitose Internasional Tbk (CINT).
PT Panca Budi Idaman Tbk (PBID).
PT Unggul Indah Cahaya Tbk (UNIC).
PT Lautan Luas Tbk (LTLS).
PT Colorpak Indonesia Tbk (CLPI).
PT Champion Pacific Indonesia Tbk (IGAR).
PT Alkindo Naratama Tbk (ALDO).
PT Fajar Surya Wisesa Tbk (FASW).
PT Arwana Citramulia Tbk (ARNA).
PT Impack Pratama Industri Tbk (IMPC).
PT Emdeki Utama Tbk (MDKI).
PT Barito Pacific Tbk (BRPT).
PT Budi Starch & Sweetener Tbk (BUDI).
PT Duta Pertiwi Nusantara Tbk (DPNS).
PT Indopoly Swakarsa Industry Tbk (IPOL).
PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM).
PT Indah Kiat Pulp & Paper Tbk (INKP).
PT Panca Amara Utama
PT Tunas Alfin Tbk (TALF).
PT Kedawung Setia Industrial Tbk (KDSI).
PT Lionmesh Prima Tbk (LMSH).
PT Multi Bintang Indonesia Tbk (MLBI)
2) Revenue results of major public companies in Indonesia summarized (per company)
PT Chandra Asri Pacific Tbk (TPIA) recorded Q3 2025 revenue of approximately USD 1.81 billion. Net income attributable to shareholders reached roughly USD 51.4 million during the quarter as improved spreads and contributions from infrastructure businesses offset volatile petrochemical margins. The company continued expanding downstream chemical assets.
PT Surya Esa Perkasa Tbk (ESSA) benefited from higher ammonia prices and strong utilization at the PAU plant. Revenue during 9M 2025 remained supported by robust exports and stable gas feedstock availability. Margins improved sequentially amid stronger nitrogen fundamentals.
PT Saraswanti Anugerah Makmur Tbk (SAMF) maintained stable fertilizer sales throughout Q3 2025. Plantation demand and government food security programs supported NPK volume growth, although raw material costs remained volatile.
PT Aneka Gas Industri Tbk (AGII) Industrial gas demand from electronics, healthcare and chemical manufacturing continued to grow. The company reported steady revenue expansion and maintained healthy utilization rates across production facilities.
PT AKR Corporindo Tbk (AKRA) logistics and chemical distribution businesses delivered resilient performance. Strong industrial demand and integrated infrastructure assets supported profitability during the quarter.
PT Lautan Luas Tbk (LTLS) benefited from increased sales of specialty chemicals and industrial ingredients. Manufacturing and distribution operations showed improvement as Indonesian industrial activity strengthened.
PT Unggul Indah Cahaya Tbk (UNIC) maintained stable surfactant and chemical product sales. Margin pressure from feedstock costs moderated compared with earlier periods.
PT Emdeki Utama Tbk (MDKI) calcium carbide and industrial chemicals businesses experienced moderate growth driven by domestic manufacturing demand and infrastructure activities.
PT Indocement Tunggal Prakarsa Tbk (INTP) reported 9M 2025 revenue of approximately IDR 14.0 trillion (USD 0.89 billion) and EBITDA of about IDR 2.47 trillion (USD 157 million). Industry utilization remained near 50%, but cost discipline supported profitability.
PT Semen Indonesia Tbk (SMGR) maintained solid cement volumes despite competitive pricing conditions. Mining, infrastructure and industrial activities helped sustain demand, indirectly supporting explosives and nitric acid consumption.
3. Key Trends & Insights from Q3 2025
Nitrogen-based fertilizer prices improved globally as supply tightened.
Indonesian agricultural activity remained strong due to food security initiatives.
Ammonia prices recovered, supporting nitrogen and nitric acid economics.
Industrial gas demand expanded alongside electronics and manufacturing growth.
Mining activity sustained demand for ammonium nitrate explosives.
Downstream chemical integration became increasingly important.
Energy costs stabilized compared with 2024.
Petrochemical margins remained volatile but improved sequentially.
Export opportunities increased across Southeast Asia.
Capacity utilization improved among chemical producers.
Infrastructure spending supported industrial chemical consumption.
Environmental regulations encouraged investments in cleaner production technologies.
4. Outlook for Q4 2025 and Beyond
Nitrogen fertilizer fundamentals are expected to remain favorable heading into 2026.
Indonesian food security programs should support fertilizer demand.
Ammonia prices are likely to remain firm.
Mining activity is expected to sustain ammonium nitrate consumption.
New downstream investments could enhance domestic nitric acid self-sufficiency.
Infrastructure projects may boost industrial chemical demand.
Energy price volatility remains a risk.
Currency movements could affect imported feedstock costs.
Environmental regulations may accelerate modernization investments.
Southeast Asian export demand should continue supporting producers.
5. Conclusion
Indonesia's nitric acid ecosystem remains dominated by integrated fertilizer, petrochemical, industrial gas and specialty chemical producers rather than pure nitric acid manufacturers. Q3 2025 showed resilient demand across agriculture, mining and industrial sectors, with stronger nitrogen fundamentals improving profitability for companies exposed to ammonia and downstream chemical products. Chandra Asri Pacific, Surya Esa Perkasa, Saraswanti Anugerah Makmur and Aneka Gas Industri emerged as key beneficiaries of these trends. Looking into Q4 2025 and beyond, favorable fertilizer markets, stable economic growth and continued industrialization should provide a constructive backdrop for Indonesia's nitric acid-related industries.
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