PTBA Boss Frank on 2025 Profit Dropping to Rp2.93 Trillion
PT Bukit Asam Tbk (PTBA) reported its financial performance for the 2025 fiscal year, recording a net profit of Rp2.93 trillion. This figure is considered to have declined due to the plunge in global coal selling prices throughout the previous year.
PTBA’s President Director, Arsal Ismail, revealed that 2025 was a challenging period for the global coal industry. He mentioned that the Newcastle coal reference price index experienced a sharp decline of up to 25%, while the Indonesian Coal Index (ICI), which serves as the company’s benchmark, also corrected by 16% annually.
“We are aware that the decline in global coal prices, looking at the Newcastle index, dropped quite significantly by 25%. The ICI index, where we mostly use ICI 3 in 2025, also fell annually by 16%, which naturally resulted in our average selling price decreasing,” said Arsal during the company’s performance presentation at The Westin, Jakarta, on Monday (6/4/2026).
In addition to the pressure on selling prices, Arsal highlighted a 5% increase in the cost of goods sold. This cost increase was driven by operational burdens as well as higher fuel costs due to the implementation of the B40 energy mix policy and energy price adjustments.
Despite facing these challenges, PTBA managed to maintain solid operational performance with production volume actually increasing by 9% to 47.2 million tonnes. Sales volume also grew by 6% to 45.4 million tonnes, supported by an increase in coal transportation from 38.2 million tonnes in 2024 to 40.4 million tonnes in 2025.
This achievement reflects the company’s business resilience amid global coal price fluctuations throughout 2025.
Regarding sales composition, PTBA continued to prioritise fulfilling domestic needs (Domestic Market Obligation/DMO) at 54%, while the remaining 46% was allocated for exports.
For export markets, the company continued to diversify to countries such as Bangladesh, Vietnam, South Korea, and even attempted to penetrate the European market like Spain and Romania to reduce dependence on China and India.
Facing margin pressures, the company implemented operational efficiency and disciplined supply chain optimisation through selective mining methods. This step is claimed to have kept the company’s financial fundamentals healthy, as reflected in operating cash flow growth of 24% and total assets increasing to Rp43.92 trillion.
As information, PT Bukit Asam (Persero) Tbk (PTBA) recorded a profit for the year attributable to the owners of the parent entity of Rp2.93 trillion throughout 2025. This achievement plunged 43% annually or year-on-year (yoy).
Detailing its press release, the red-plate coal issuer recorded business revenue slightly down to Rp42.65 trillion. This figure is slightly down from the previous year of Rp42.76 trillion.
Although PTBA’s sales volume was recorded to increase by 6% yoy, the weakening of coal prices, both the Newcastle Index which fell 22% yoy and ICI-3 which fell 16% yoy, impacted the weakening of the average selling price which was recorded to fall 6% yoy.
As for the sales portion up to the end of December 2025, domestic sales were recorded at 54%, while the remaining 46% consisted of exports. At the end of this period, the five largest export destination countries were occupied by Bangladesh, India, Vietnam, South Korea, and the Philippines.
The cost of goods sold was realised at Rp36.39 trillion, or up 5% yoy. This increase was in line with the increase in operational volume, both coal production which rose 9% yoy and transportation which also rose 6% yoy, although from the stripping ratio side it was recorded lower at 6.07x compared to the same period last year at 6.23x.
In addition, the removal of subsidies for FAME components on biodiesel and the obligation to use B40 also impacted the increase in fuel prices per litre (+13% yoy), which automatically affected the increase in fuel costs used by PTBA, both for mining activities and railway transportation.
Besides that, yoy, general and administrative expenses rose by Rp261.88 billion or 13%, and selling expenses rose 3% or Rp23.58 billion. This increase was in line with the increase in sales volume which rose 6% yoy.
PTBA booked financial income of Rp219.50 billion, or down 12% yoy in line with the decline in interest income both from cash placements in banks and time deposits as well as from bond placements.
Financial expenses were recorded at Rp325.93 billion or up 15% yoy in line with the increase in interest expenses from bank loans. Meanwhile, the share of net profit from associates and joint ventures was recorded at Rp671.56 billion, or up 5% yoy.
On the balance sheet side, PTBA’s total assets as of 31 December 2025 were recorded at Rp43.92 trillion or up 5% compared to the end of 2024 which was recorded at Rp41.79 trillion. This was caused by an increase in non-current assets value by 12% or equivalent to Rp3.12 trillion, mainly obtained from the addition of fixed assets.
Total liabilities and equity: Total liabilities as of 31 December 2025 were recorded up from the position at the end of December 2024 of Rp19.14 trillion to Rp21.30 trillion, mainly caused by an increase in bank loans. Meanwhile, equity was recorded to decrease slightly from the position at the end of December 2024 of Rp22.64 trillion to Rp22.62 trillion as of 31 December 2025.