Developing Integrated Business, Aman Agrindo Tbk (GULA) Strengthens Sugar Manufacturing
PT Aman Agrindo Tbk (GULA) is shifting its business direction from relying on sugar trading towards becoming an integrated sugar producer. This strategy is being pursued by building manufacturing capacity while simultaneously strengthening its sugarcane plantation business.
The issuer, listed under the stock code GULA, was established in 2013 and began operating sugarcane plantations in 2016. A year later, GULA began selling sugarcane harvests from its 50-hectare plantation to sugar mills.
GULA’s steps continued with its entry into sugar trading in 2020, before expanding its product range to liquid sugar trading in 2021. In 2022, GULA began trading brown sugar from suppliers.
For its trading business, GULA trades various types of sugar, ranging from granulated sugar and liquid sugar to brown sugar. The sugar supply comes from various suppliers, while the sugarcane supply originates from plantations managed by GULA.
Trading remains GULA’s primary mainstay to date. According to financial reports as of 30 June 2026, GULA recorded only one segment, which is trading, with sales reaching Rp 144.32 billion.
These sales surged by 121.6% compared to Rp 65.13 billion during the same period the previous year. This indicates strong trading activity for GULA entering the first half of 2026.
However, revenue growth has not yet fully translated into net profit. As of 30 June 2026, GULA booked a net profit of Rp 34.84 million, after recording a loss of Rp 1.62 billion during the same period the previous year.
Improvements were also seen in operating profit, which increased to Rp 5.77 billion from Rp 2.40 billion. However, financial expenses reaching Rp 5.35 billion remain a pressure on GULA’s profitability.
Amidst its dominant trading business, GULA is preparing a new chapter through sugar manufacturing. This shift is aimed at increasing added value and expanding margins compared to merely relying on trading activities.
The President Director of PT Aman Agrindo Tbk, Andreas Utomo, stated that the transformation towards manufacturing is part of a long-term strategy. GULA aims for the manufacturing business contribution to continue increasing alongside the addition of production capacity.
“Our plan moving forward is to continuously increase production capacity so that the contribution from manufacturing itself can increase year by’on year,” he explained during a recent virtual discussion.
One of GULA’s manufacturing focuses is the production of brown sugar. This product targets industrial needs, particularly for soy sauce producers, while also capitalising on the growing use of brown sugar in food and beverage products.
GULA’s brown sugar factory in Banten is targeted to begin commercial production in the fourth quarter of 2026. GULA expects the utilisation rate to reach 90%–95% in its first year of operation due to the use of new machinery.
With the operation of these facilities, GULA projects that revenue can grow by approximately 25%–30%. The manufacturing contribution is expected to reach about 25% of revenue within the next two to three years.
“We project our revenue growth to be around 25%–30% with the addition of this new sugar factory,” said Andreas.
GULA’s expansion does not stop at building new facilities. GULA is also targeting the acquisition of an operational sugar mill in Sragen to accelerate capacity increases without having to wait for new facilities to be built from scratch.
Andreas noted that building a new sugar mill is a long process involving permits, technical studies, land acquisition, community socialisation, financing, and construction. Acquisition is considered a faster option to expand capacity.
The targeted factory in Sragen has access to sugarcane supplies from surrounding plantations. The availability of raw materials is a primary consideration for GULA, as sugarcane supply is one of the greatest challenges in the development of the national sugar industry.
Through this acquisition, GULA aims for an additional capacity of approximately 1,000 tons of sugarcane milling per day. This addition is equivalent to almost 200% of the installed capacity of GULA’s brown sugar factory in Banten.
From this expansion, GULA expects an additional revenue of approximately 35%–40%, or equivalent to Rp 175 billion. GULA also targets an additional EBITDA of around Rp 50 billion per year once the acquisition process is complete.
The transition towards manufacturing is also an effort by GULA to build a sugar business from upstream to downstream. This strategy has been part of GULA’s business plan since its IPO, with the goal of increasing competitiveness and market share.