United Tractors (UNTR) Profits Plunge 80%, What's Going On?

Jakarta, CNBC Indonesia - Astra Group-listed company PT United Tractors Tbk (UNTR) has announced an 80% decline in net profit for the first quarter of 2026. UNTR’s profits were pressured by the temporary halt in gold mining operations.

According to the latest financial report, UNTR’s profit was recorded at Rp643 billion as of 31 March 2026. In the previous year, its profit stood at Rp3.18 trillion.

Alongside this, UNTR’s net revenue was recorded at Rp28.6 trillion. This figure represents a 17% decrease from Rp34.3 trillion in the same period of 2025.

The net revenue primarily came from Rp11.9 trillion in the Mining Contracting segment, which was 6% lower than the same period last year. Additionally, Rp8.0 trillion came from the Thermal and Metallurgical Coal Mining segment, 13% higher than the same period last year.

Furthermore, revenue was supported by Rp7.5 trillion from the Construction Machinery segment, 31% lower than the same period last year. The Gold and Other Minerals Mining segment was recorded at Rp691.6 billion, 76% lower than the same period last year.

“This decline was mainly caused by a significant drop at PT Agincourt Resources due to the absence of gold sales, as well as lower performance in the Construction Machinery and Mining Contracting segments as a result of the reduced national coal RKAB allocation for 2026,” as quoted from the company’s official statement on Thursday (30/4/2026).

It is known that the company’s gold mining operations are managed by PT Agincourt Resources and PT Sumbawa Jutaraya, which recorded total gold equivalent sales of 4 thousand ounces up to the first quarter of 2026, 93% lower than the same period last year. In March 2026, the Martabe Gold Mine received approval from the Ministry of Environment (KLH) to resume operations.

Nevertheless, the company stated that this decline was partially offset by increased revenue from the Thermal and Metallurgical Coal Mining sector, mainly due to higher average coal prices.

The company’s net profit, excluding non-recurring charges, fell 44% to Rp1.8 trillion, primarily due to the absence of gold sales from PT Agincourt Resources and lower revenue, which largely reflects the impact of the reduced national coal RKAB allocation for 2026.

During the first quarter of 2026, the company recorded non-recurring charges of Rp1.2 trillion, mainly consisting of payments related to prior activities in forest areas in connection with the Forest Utilisation Agreement (PPKH) at the Stargate nickel mine and provisions for impairment of investments in the geothermal operations of PT Supreme Energy Rantau Dedap.