Jakarta, April 30, 2025 – PT Aneka Tambang Tbk (ANTM) or ANTAM, recorded positive financial performance throughout the first quarter of 2025 (January-March 2025, 1Q25). Further strengthening the reliability of the company's operations in 1Q25, ANTAM recorded growth in profitability with the achievement of profit for the period in 1Q25 amounting to Rp2.32 trillion, a significant increase of 1,003% from the achievement of profit for the period in 1Q24 of Rp210.59 billion.
In line with profit growth for the period, ANTAM's Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased 518% to Rp3.26 trillion in 1Q25, compared to EBITDA in 1Q24 of Rp527.61 billion.
Nicolas D. Kanter, President Director of ANTAM said that the positive achievement was the result of the Company's prompt response to market challenges and improved operational efficiency continuity.
“We are still prioritizing innovative marketing strategies, prudent cash cost control to remain competitive, and maintaining a competitive cash cost structure,” said Nico.
ANTAM's profitability growth in 1Q25 was also reflected in the achievement of gross profit of Rp3.64 trillion, a significant increase 1,350% from 1Q24 gross profit of Rp250.75 billion. Meanwhile, the Company's 1Q25 operating profit also turned positive to Rp2.69 trillion, a significant increase 648% from 1Q24 operating loss of Rp491.19 billion. The Company also posted ANTAM's 1Q25 net profit per basic share of Rp88.69 per basic share, an increase 794% from 1Q24 net profit per basic share of Rp9.92 per basic share.
In the Company's financial position, ANTAM booked an increase in assets by 17% from Rp41.21 trillion in 1Q24 to Rp48.30 trillion in 1Q25. In addition, ANTAM's equity also increased to Rp34.62 trillion, growing 10% from the equity in 1Q24 of Rp31.43 trillion. With a solid financial structure, ANTAM is not only ready to capture market opportunities, but also has a strong foundation to take on various business challenges in 2025.
Solid Operational Fundamentals Support Strengthened Production and Sales Performance
In carrying out operational activities, ANTAM continues to implement the principle of operation excellence based on good mining practice to ensure optimal performance.
"By maintaining consistency in production and sales, ANTAM was able to achieve a solid operating performance in early 2025," said Nico.
ANTAM net sales amounted to Rp26.15 trillion in 1Q25, an increase of 203% compared to 1Q24 net sales of Rp8.62 trillion. Domestic sales in 1Q25 contributed Rp24.83 trillion or equivalent to 95% of total net sales in 1Q25. The domestic sales growth in line with the Company’s strategy to strengthen its domestic customer base in gold, nickel ore and bauxite ore products.
The gold segment remains the primary contributor to the ANTAM’s performance, with significant sales growth of 182% in 1Q25 with a value of Rp21.61 trillion, compared to gold sales of Rp7.67 trillion in 1Q24. Gold products became the largest contributor to ANTAM’s sales, with a proportion of 83% of total sales in 1Q25. Gold sales growth in 1Q25 was supported by global factors and effective business strategies. Global geoeconomic and geopolitical conditions increased demand for gold as a safe haven asset. In addition, ANTAM managed to optimize market opportunities through a more active marketing strategy, expanding distribution channels, and introducing a digital physical gold business line.
ANTAM officially launched mobile “ANTAM Logam Mulia”, a digital platform that enables physical gold transactions through the smartphones of ANTAM precious metal customers in a more secure and practical manner on March 18, 2025. The application brings BRANKAS (Berencana Aman Kelola Emas) features that were previously only available in the web-based version. Currently, customers can easily buy and sell gold, store it, and access all BRANKAS services directly from their mobile devices, without the need to visit a Precious Metal Gold Boutique. All app transactions are guaranteed secure and covered by insurance. This new line provides consumers with an easier and safer way to invest in gold, which contributed to the increase in gold sales volume in 1Q25.
In 1Q25, ANTAM successfully met the increase in domestic demand, resulting in ANTAM's gold product sales volume in 1Q25 reaching 13,739 kg (441,719 troy oz.), an increase of 93% from 1Q24 gold sales of 7,112 kg (228,656 troy oz.). Meanwhile, gold production from the Company's mines was recorded at 230 kg (7,395 troy oz.), growing 39% from 1Q24 gold production of 166 kg (5,337 troy oz.).
The Nickel segment (ferronickel and nickel ore products), recorded a contribution in 1Q25 of 14% to the Company's total sales with a value of Rp3.77 trillion. Nickel segment revenue increased significantly by 581% compared 1Q24 performance amount to Rp552.49 billion.
In 1Q25, ANTAM successfully optimized ANTAM's ferronickel production reached 4,498 tons of nickel in ferronickel (TNi), with the achieved sales volume of ferronickel products in 1Q25 reaching 4,839 TNi. Meanwhile, ANTAM's nickel ore production in 1Q25 recorded the highest quarterly sales of ANTAM’s history.
Production of nickel ore was recorded at 4.63 million wet metric tons (wmt), a significant increase of 221% from 1Q24 nickel ore production of 1.44 million wmt. ANTAM also recorded 1Q25 nickel ore sales of 3.83 million wmt, a significant increase of 281% from 1Q24 nickel ore sales of 1 million wmt. Nickel ore is used by the Company to produce ferronickel in Kolaka and domestic sales to third parties.
The Bauxite and Alumina segment made a contribution of 3% to the company's total sales in 1Q25, with a sales value of Rp708.75 billion, or an increase of 102% from 1Q24 sales of Rp351.26 billion.
In 1Q25, ANTAM recorded the production volume of bauxite used as ore raw material for chemical grade alumina ("CGA") and smelter grade alumina ("SGA") plants of 653,781 wmt, a significant increase of 328% compared to 1Q24 bauxite production of 152,717 wmt. Meanwhile, bauxite sales were recorded at 544,750 wmt in 1Q25.
Through its subsidiary, PT Indonesia Chemical Alumina, ANTAM produced 44,051 tons of alumina in 1Q25, an increase 78% compared to alumina production in 1Q24's of 24,753 TNi. Meanwhile, alumina sales volume reached 44,048 tons of alumina in 1Q25, an increase of 4% compared to alumina sales volume of 42,323 tons of alumina in 1Q24.
Sustainable Business Development and Downstream
To strengthen the gold business, ANTAM has signed a deed of land sale and purchase agreement with Java Integrated Industrial and Ports Estate (JIIPE) in Gresik, East Java in February 2025. This signing is the first step towards the planning stage of the project to develop precious metal processing facilities in JIIPE, with plans to build a manufacturing plant that aims to increase production capacity and strengthen ANTAM's competitiveness.
In the nickel segment, the EV Battery Ecosystem Development Cooperation Project in Indonesia achieved several important milestones in early 2025 to support smooth construction preparations on schedule.
For bauxite commodity, ANTAM is is committed to the success of downstreaming through through the Smelter Grade Alumina Refinery (SGAR) Mempawah project. The primary focus at the moment is to finalize the readiness of operations to ensure the production and initial delivery of alumina to Kuala Tanjung running smoothly, as well as supporting the commissioning and commercial operation of the project which is jointly managed by INALUM through PT Borneo Alumina Indonesia.
Through these strategic initiatives, ANTAM demonstrate its commitment to supporting the national mineral downstreaming program, creating sustainable added value, and strengthening its contribution to national economic growth.
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