United Tractors (UNTR) Net Profit Falls 24% to Rp14.8 Trillion in 2025
PT United Tractors Tbk. (UNTR) reported that net profit declined 24% to Rp14.8 trillion throughout 2025. The profit decline was caused by decreased contributions from the mining contractor segment, constrained by heavy rainfall, and the thermal coal and metallurgical segment due to lower coal selling prices, partially offset by strengthened gold prices.
UNTR’s consolidated net revenue reached Rp131.3 trillion, representing a 2% decline compared to 2024. Net revenue was primarily derived from the mining contractor segment at Rp54.1 trillion, or down 7%.
The construction equipment segment generated Rp36.6 trillion, down 2%, the thermal coal and metallurgical mining segment contributed Rp24.2 trillion, down 7%, whilst the gold and other minerals segment rose 41% to Rp14 trillion.
From total heavy equipment sales, 60% was absorbed by the mining sector, 14% by the plantation sector, 15% by the construction sector, and 11% by the forestry sector.
According to internal market research, Komatsu’s market share stood at 20%, maintaining its position as the market leader in heavy equipment in the mining sector. Meanwhile, sales of other branded products showed mixed results, with Scania rising 7% to 466 units and UD Trucks declining 34% to 155 units.
Net revenue from spare parts and heavy equipment maintenance services declined 3% to Rp11.3 trillion, whilst net revenue from construction equipment fell 2% to Rp36.6 trillion.
The mining contractor business segment, operated by PT Pamapersada Nusantara (PAMA) and its subsidiary PT Kalimantan Prima Persada (KPP Mining), recorded lower earthmoving (overburden removal) volumes of 10% to 1,100 million bcm, with coal production for clients reaching 148 million tonnes at an average stripping ratio of 7.4x.
The decline in earthmoving volume was primarily due to heavy rainfall and reduced stripping ratios on certain client contracts.
Total net revenue from mining contractors fell 7% to Rp54.1 trillion.
For operations in thermal coal and metallurgical mining, conducted by PT Tuah Turangga Agung (Turangga Resources), coal sales volume reached 11.6 million tonnes (including 3.7 million tonnes of metallurgical coal), up 14% from 2024. Total coal sales volume including third-party coal reached 14.3 million tonnes, 9% higher than the previous year.
Revenue from this business segment declined 7% to Rp24.2 trillion due to lower average coal selling prices.
Net revenue from gold and other minerals business increased 41% to Rp14 trillion, primarily driven by strengthened gold selling prices.
The company’s subsidiaries in gold mining, PT Agincourt Resources (PTAR) and PT Sumbawa Jutaraya (SJR), recorded total equivalent gold sales of 227,000 ounces, 2% lower than 2024.
PTAR recorded equivalent gold sales of 213,000 ounces, down 7% from 2024, whilst SJR recorded 14,000 ounces of equivalent gold sales.
For the nickel business, PT Stargate Pacific Resources (SPR) recorded nickel ore sales of 2.1 million wet metric tonnes (wmt) through the fourth quarter of 2025, comprising 0.7 million wmt saprolite and 1.4 million wmt limonite.
Nickel Industries Limited (NIC), in which the company holds a 20.14% stake, is an integrated nickel mining and processing company with major assets located in Indonesia.
This business segment’s performance was impacted by the recording of impairment charges related to two of NIC’s legacy RKEF projects in the final quarter of 2024 (affecting the company’s performance in the first quarter of 2025). NIC’s RKEF operations reported nickel metal sales of 93,264 tonnes through the third quarter of 2025.