Antam Accelerates Downstreaming to Increase Added Value
Jakarta (ANTARA) - PT Aneka Tambang Tbk (Antam) is strengthening the development of downstream-based businesses to increase the added value of mineral commodities while reinforcing the company’s long-term fundamentals.
The effort is in line with the company’s solid performance in the first half of 2026, supported by growth in its nickel, bauxite and alumina businesses.
Antam Finance and Risk Management Director Arini Kasmira said in a statement received in Jakarta on Monday that the first-half 2026 results reflected the company’s solid fundamentals, supported by optimising the performance of its key commodities and disciplined cost and risk management.
“Antam continues to maintain its growth momentum by optimising operational performance, improving efficiency and strengthening its business portfolio in gold, nickel, bauxite and alumina. At the same time, we continue to prioritise prudence in financial and risk management,” Arini said.
She said the development of downstream-based businesses was one of the company’s measures to increase the added value of mineral commodities and strengthen its long-term performance.
“With increasingly strong fundamentals and a diversified commodity portfolio, we are optimistic that Antam can maintain healthy and sustainable growth and deliver added value to all stakeholders,” she added.
According to research by BRI Danareksa Sekuritas (BRIDS), Antam recorded revenue of Rp62.7 trillion in the first half of 2026, up 6.3 per cent from the same period a year earlier. Net profit surged 36 per cent to Rp6.4 trillion.
The results were supported by revenue growth in the nickel, bauxite and alumina businesses. BRIDS reported that revenue from the two businesses grew by 32.4 per cent and 28.3 per cent respectively, while gold revenue rose a moderate 1.4 per cent.
BRIDS said higher average selling prices (ASPs), particularly for nickel, were among the factors driving Antam’s net profit growth.
In the second quarter of 2026, nickel ASP rose 18.7 per cent quarter on quarter and 44 per cent year on year to US$80 per tonne. The increase was driven by a higher mineral benchmark price (HPM). Nickel ore sales volume reached 3.4 million tonnes.
In terms of profitability, the nickel business’s net profit margin (NPM) increased by 410 basis points quarter on quarter to 54.5 per cent. The bauxite business recorded an NPM of 24.1 per cent, while gold’s stood at 4.4 per cent.
Gold sales volume in the second quarter of 2026 reached 9.6 tonnes, up 13.6 per cent from the previous quarter. However, BRIDS noted that gold prices fell 9.2 per cent quarter on quarter during the period as prices normalised, although they remained up 38 per cent for the year.
Overall, Antam’s first-half net profit reached 69.7 per cent of BRIDS’ full-year forecast and 70 per cent of analyst consensus. Revenue for the period amounted to 52.9 per cent of BRIDS’ full-year estimate.
BRIDS maintained its 2026 forecasts for Antam of Rp118.7 trillion in revenue and Rp9.2 trillion in net profit.