Not Gold, This Is ANTAM's Biggest Money Machine
Jakarta, CNBC Indonesia - PT ANTAM (Persero) Tbk has recorded the highest financial performance in its operational history for the 2025 fiscal year. The company posted a net profit for the year of Rp7.92 trillion, marking a significant 106 per cent surge compared to the previous year’s figure of Rp3.85 trillion.
This massive net profit growth was driven by total consolidated revenue reaching Rp84.64 trillion, a 22 per cent increase from the 2024 revenue of Rp69.19 trillion.
Revenue Structure of Commodity Business Lines
ANTAM’s main business lines are divided into three strategic operational segments: Precious Metals and Refining, Nickel, and Bauxite and Alumina. The precious metals sector holds full sway over the company’s cash flow turnover, with gold revenue contributing Rp66.47 trillion, equivalent to 78.53 per cent of the company’s total consolidated turnover.
In second place, the nickel sector contributed total revenue of Rp14.85 trillion, derived from the aggregation of domestic nickel ore sales of Rp12.75 trillion and ferronickel export sales of Rp2.10 trillion. Furthermore, the bauxite and alumina sector provided a combined revenue contribution of Rp2.92 trillion, divided into downstream alumina product sales of Rp1.83 trillion and bauxite ore sales of Rp1.09 trillion. The remaining revenue was contributed by silver commodity sales and precious metal refining services.
Financial costs and other operating income are managed centrally by the corporation. Therefore, the fundamental profitability level of each commodity is analysed using the gross profit metric. In 2025, ANTAM successfully posted a total gross profit of Rp13.68 trillion.
Although the gold sector contributed nearly 80 per cent of total revenue, its gross profit margin is very limited. The financial report indicates that ANTAM had to incur costs of Rp60.73 trillion purely for the purchase of precious metal raw materials from third parties. Due to the high cost of procuring these raw materials, the real profitability of the retail gold trading sector is significantly eroded before conversion into operating profit.
Conversely, the nickel sector operates as the main profit margin engine for ANTAM. The nickel ore commodity is a direct mining product from the company’s own mining concession land, making its production cost structure very efficient and unburdened by raw material purchasing costs from external parties. The surge in domestic nickel ore sales volume, reaching 14.58 million wet metric tonnes combined with sales price optimisation, made the nickel sector the largest contributor to the company’s accumulated consolidated gross profit.
Profitability Calculation and Transmission to Net Profit
The accumulated gross profit from the three main commodity segments reached Rp11.80 trillion. The difference of Rp1.88 trillion to achieve the total consolidated gross profit of Rp13.68 trillion came from precious metal services, gains from associated entities, and other operational adjustments. The accounting recovery of inventory realised value also played a role in suppressing the total consolidated cost of goods sold to Rp70.96 trillion.
The solidity of gross profit generated by the efficiency of the nickel sector and the volume turnover of the gold sector was then reduced by operating expenses of Rp5.28 trillion, resulting in an operating profit of Rp8.39 trillion. This operational performance was further strengthened by other operating income of Rp786.63 billion, sourced from the fair value adjustment of contingent consideration on the divestment transaction of a subsidiary.
After accounting for financial costs successfully reduced to Rp167.10 billion, profit share from associated entities of Rp182.65 billion, and the deduction of income tax expense of Rp1.82 trillion, ANTAM successfully locked in an absolute total net profit of Rp7.92 trillion. The dominance of the nickel sector with a 37.71 per cent margin is the main reason this commodity is the company’s net profit printing machine. The surge in nickel ore sales volume from its own mines was the main catalyst that boosted ANTAM’s profitability to record a net profit record this year.