Gold Prices Surge, Gold Issuer Reaps Strong Performance
JAKARTA - The surge in global gold prices has boosted the performance of PT Hartadinata Abadi Tbk (HRTA) in the first quarter of 2026. The gold manufacturing and trading issuer recorded revenue of Rp 20.16 trillion, a 196.96% increase from Rp 6.78 trillion in the first quarter of 2025.
This performance also drove a significant rise in the company’s net profit to Rp 433.49 billion in the first quarter of 2026, up 189.48% from Rp 149.75 billion in the same period the previous year.
“The company has started 2026 with very positive performance, supported by growth in sales volume and the strengthening of global gold prices,” said President Director of PT Hartadinata Abadi Tbk Sandra Sunanto, in a press statement on Thursday (7/5/2026).
“HRTA will continue to focus on strengthening the integrated gold business ecosystem, optimising production capacity, and enhancing the distribution network to maintain sustainable growth,” Sandra added.
From a business segment perspective, sales are still dominated by the wholesale segment, contributing 90.60% to total revenue. This contribution includes sources from bullion banks and several sharia banks.
Meanwhile, the retail segment contributed 9.13% to total revenue, and the pawn segment 0.26%.
In line with global market conditions, gold prices throughout April 2026 were influenced by various global and domestic factors, ranging from conflicts in the Middle East, oil price fluctuations, expectations of The Fed’s policies, to Bank Indonesia’s steps to maintain rupiah stability.
During April 2026, gold was traded in the range of $4,717 per troy ounce or approximately Rp 78.79 million per troy ounce, assuming an exchange rate of Rp 16,703 per US dollar. Previously, gold prices had reached levels above $4,800 per troy ounce or approximately Rp 80.17 million per troy ounce at the beginning of the year.
In Indonesia, domestic gold prices also strengthened, supported by rupiah depreciation and sustained safe-haven demand. Gold prices in rupiah increased by around 11% year-to-date to Rp 2,600,000 per gram.
Sandra stated that the credit rating upgrade reflects the strengthening of the company’s fundamentals and financial discipline in maintaining a healthy capital structure.
“The upgrade of the Company’s credit rating by PEFINDO to idA+ reflects the strengthening of fundamentals and the Company’s financial discipline in maintaining a healthy capital structure amid ongoing business expansion,” said Sandra.
PEFINDO assessed that the rating upgrade is supported by HRTA’s ability to consistently record revenue growth, keep debt levels controlled, as well as support from integrated production facilities and sustained strong market demand for gold products.
From the capital market perspective, HRTA has officially joined the LQ45 index of the Indonesia Stock Exchange for the May-July 2026 period.
“We view this achievement as a form of market confidence in the business fundamentals, stock liquidity, and the Company’s long-term prospects as one of the key players in the national gold industry,” Sandra concluded.
Established in 2004, HRTA is a gold manufacturing and trading company with an integrated business ranging from gold jewellery, bullion, refinery, to retail. The company is also supported by a distribution network of more than 1,000 points of sale, including wholesale, local retail stores, and partnerships with e-commerce platforms.