Alfamart vs Indomaret: Which Is More Profitable?

Jakarta, CNBC Indonesia — The competition between Indonesia’s two modern retail giants, Alfamart and Indomaret, is once again drawing attention following their third-quarter 2026 financial reports. Although the two businesses are similar, their financial statements show which company has been more profitable.

According to disclosures on the Indonesia Stock Exchange (IDX), PT Sumber Alfaria Trijaya Tbk (AMRT), the operator of Alfamart, was well ahead in profit attributable to owners of the parent. AMRT posted a profit of Rp2.40 trillion, up 3.80% year on year (YoY) from Rp2.31 trillion.

Meanwhile, PT Indoritel Makmur Internasional Tbk (DNET), the parent company of Indomaret, recorded a profit of Rp652.86 billion, down 22.15% YoY from Rp838.66 billion. In nominal terms, AMRT’s profit was around 3.7 times DNET’s.

On revenue, AMRT recorded net revenue of Rp101.29 trillion, up 7.21% from Rp94.48 trillion. Cost of revenue also rose 6.62% to Rp79.09 trillion, but more slowly than revenue, lifting gross profit by 9.35% to Rp22.20 trillion from Rp20.30 trillion. AMRT’s operating profit rose 7.89% to Rp3.19 trillion, while consolidated profit for the year increased 5.70% to Rp2.56 trillion from Rp2.42 trillion.

DNET’s revenue from contracts with customers rose 9.28% to Rp1.34 trillion from Rp1.22 trillion. However, selling expenses jumped 25.77% to Rp1.06 trillion from Rp841.84 billion, while general and administrative expenses increased 14.62% to Rp155.02 billion from Rp135.25 billion.

In addition, its share of profits from associates and joint ventures fell 12.48% to Rp617.04 billion from Rp705.06 billion. As a result, DNET’s operating profit plunged 28.20% to Rp711.32 billion from Rp990.65 billion, and profit for the period declined 26.67% to Rp629.83 billion from Rp858.98 billion.

AMRT also faced pressure, particularly from selling and distribution expenses, which rose 9.53%; other expenses, which surged 51.26%; and finance costs, which increased 35.82%. AMRT also recorded a loss of Rp18.23 billion from associates, reversing a profit of Rp2.92 billion. Nevertheless, finance income and other income rose 29.10% and 7.38%, respectively, allowing pre-tax profit to grow 7.13% to Rp3.20 trillion.