Antam’s Third-Quarter Profit Rises 46%: Here’s Why

Jakarta, CNBC Indonesia — State-owned mining company PT Aneka Tambang Tbk (ANTM) recorded profit of Rp9.6 trillion through the third quarter of this year. This was 46% higher than the Rp6.61 trillion reported in the same period last year.

According to information disclosed to the Indonesia Stock Exchange (IDX), growth was supported by increases across almost all profitability measures. Net sales for the first nine months of 2026 reached Rp88.48 trillion, up 23% from Rp72.03 trillion in the same period last year. The domestic market remained the mainstay, accounting for Rp83.86 trillion, or about 95% of net sales, a 21% year-on-year increase.

Gross profit rose 42% to Rp15.56 trillion from Rp10.98 trillion, while operating profit grew 53% to Rp12.05 trillion from Rp7.89 trillion.

Earnings before interest, tax, depreciation and amortisation (EBITDA) reached Rp13.48 trillion, up 45% from Rp9.33 trillion in the same period of 2025. Contributions from associated entities also surged 115% to Rp300.58 billion from Rp140.03 billion.

ANTAM President Director Untung Budiharto said the results demonstrated the company’s ability to sustain growth momentum amid changing conditions in the mining industry.

“We continue to strengthen our business fundamentals by optimising operations, reinforcing our commercial strategy and developing our business portfolio,” he said on Wednesday (28 October 2026).

Gold remained the largest contributor, accounting for 77% of total sales. Gold sales rose 17% to Rp68.41 trillion from Rp58.67 trillion. Sales volume reached 25,217 kg (810,745 troy ounces), while gold production from the company’s mines stood at 634 kg (20,384 troy ounces).

The nickel segment, comprising ferronickel and nickel ore, contributed 19% of total sales. Revenue from the segment surged 52% to Rp16.98 trillion from Rp11.15 trillion. Nickel ore production reached 12.16 million wet metric tonnes (wmt), with sales of 10.73 million wmt. Ferronickel production was 11,638 tonnes of nickel in ferronickel (TNi), while sales climbed 71% to 13,971 TNi from 8,182 TNi in the first nine months of 2025.

Bauxite and alumina contributed 3% of total sales, worth Rp2.64 trillion, up 35% from Rp1.95 trillion. Bauxite production reached 2 million wmt, while sales grew 49% to 1.64 million wmt from 1.10 million wmt. Chemical-grade alumina production increased 14% to 153,399 tonnes from 134,224 tonnes, and sales rose 9% to 146,642 tonnes from 134,768 tonnes.

On the balance sheet, ANTAM’s total assets at the end of the third quarter reached Rp59.74 trillion, up 24% from Rp48.07 trillion in the third quarter of 2025. The company’s equity rose 17% to Rp41.22 trillion from Rp35.20 trillion.

Liquidity remained strong, with cash and cash equivalents of Rp10.54 trillion, up 14% from Rp9.26 trillion. Net cash from operating activities increased 26% to Rp5.06 trillion from Rp4.02 trillion, supported by customer cash receipts of Rp87.92 trillion, up 29% from Rp68.24 trillion.