• Economy: Indonesia PMI Contracted in Apr 25
Indonesia’s Manufacturing Purchasing Managers’ Index (PMI) plummeted to 46.7 on Apr 25
from 52.4 on Mar 25, signaling a significant contraction in the manufacturing sector. This
marked the steepest decline in business conditions since Aug 21, driven by a sharp drop in
both production volumes and new orders, with weakening demand reported from both
domestic and export markets. According to S&P Global’s economist Usamah Bhatti,
manufacturers began the 2Q on a weak footing, responding with layoffs, reduced input
purchases, and lower inventory levels. Rising USD values pushed up the cost of imported raw
materials, intensifying input cost inflation, although the April rate remained below the longterm
average. Despite companies increasing prices to protect margins, short-term outlooks
remain bleak as many are focused on completing outstanding work amid sluggish sales.
However, Bhatti noted a cautiously optimistic long-term view, with expectations of improved
production as economic conditions and purchasing power gradually recover, though the
timing of this recovery remains uncertain for many firms. (Kontan)
• AGRO Achieves Robust Growth, Driven by Digital Credit Expansion
Bank Raya Indonesia. (AGRO) booked a 1Q25 net profit of IDR 16.92B, rising 84.7% YoY,
supported by a 12.6% increase in interest income, especially from digital lending. Total assets
grew 9% to IDR 13.35T, driven by an 8.7% rise in loans, including a 78.5% surge in outstanding
digital credit to IDR 2.36T. Key products—Pinang Dana Talangan, Pinang Flexi, and Pinang
Maksima—delivered triple-digit growth. Profitability improved across NIM (4.87%), ROA
(0.52%), and ROE (2.11%). AGRO maintained sound asset quality and capital adequacy (CAR at
41.04%), and aims to scale its digital ecosystem and BRI Group synergies for sustained
growth. (Investor)
• ASSA Strengthens Logistics Ecosystem, Posts Strong Q1 Results
Adisarana Armada (ASSA) recorded strong 1Q25 performance, with revenue of IDR 1.4T
(+17.2% YoY) and net profit of IDR 143.8B (+76.5% YoY). The logistics segment led growth with
IDR 577.4B in revenue, reflecting a 29% YoY increase in express delivery, which now
contributes 42% of total revenue. Rental services, used car sales, and auction services also
posted solid growth. ASSA continues to expand its integrated logistics ecosystem to drive
long-term performance. (Bisnis Indonesia)
• EMTK Books Strong Q1 Profit on Investment Gains
Elang Mahkota Teknologi (EMTK) posted a 1Q25 net profit of IDR 3.63T, surging 1,352% YoY
from IDR 259.39B, largely fueled by IDR 2.46T in investment gains. Basic earnings per share
jumped to IDR 59.58 from IDR 4.25. Revenue rose 58% to IDR 3.93T, while gross profit climbed
41.8% to IDR 1.12T. Operating profit reached IDR 362.98B, supported by higher financial
income but offset by increased costs and lower forex gains. Total assets grew to IDR 61.11T,
with equity at IDR 53.73T and liabilities at IDR 7.37T. (Emiten News)
• HOKI’s Rice Sales Surge 56.3% in 1Q25
Buyung Poetra Sembada (HOKI), a rice producer, recorded net sales of IDR 365.3B in 1Q25, up
56.3% YoY. This growth was supported by the recovery of its core rice business via PT Buyung
Poetra Sembada and healthy rice alternatives distributed through its subsidiary, PT Hoki
Distribusi Niaga. Sales of Dailymeal and Hokairi Rice products jumped 321% YoY, driven by
wide community acceptance and nutritional benefits such as low glycemic index and high
fiber. With ongoing diversification and operational expansion strategies, HOKI remains
optimistic about strengthening its market position and financial performance in the
upcoming quarters. (IDX Channel)
• KRAS Posts IDR 2.4T Loss in 2024
Krakatau Steel (KRAS) reported a net loss of IDR 2.49T in 2024, deepening from the previous
year, mainly due to a 34.4% decline in revenue from the halted operation of its key HSM 1
plant. Despite this, KRAS achieved a gross profit of IDR 1.73T and EBITDA of IDR 107.17B. High
financial expenses—including IDR 2.48T in interest and IDR 802.66B in JV losses—added
pressure. Operating cash flow remained positive at IDR 1.42T, and total assets saw a slight
uptick. CEO Akbar Djohan expressed optimism for recovery in 2025, citing the HSM 1 restart
and new strategic partnerships. (Bisnis Indonesia)
• LPCK Books IDR 323B Marketing Sales in 1Q25
Lippo Cikarang (LPCK) recorded IDR 323B in marketing sales for 1Q25, reaching 19.6% of its
full-year target of IDR 1.65T. This was primarily driven by high demand for residential products
(67%) and commercial shophouses (33%). LPCK also reported total revenue of IDR 1.09T, up
157.5% YoY, supported by handovers of landed houses, apartments, shophouses, industrial
land, and contributions from non-property segments like township management. Key
residential developments—XYZ Livin and Cendana Spark – North—were instrumental in
boosting sales. A total of 325 units were sold across product types, and LPCK will continue
focusing on affordable housing development in line with prevailing market conditions.
(Bisnis Indonesia)
• SMAR Posts IDR 134.2B Net Profit in 1Q25
Sinar Mas Agro Resources and Technology Tbk. (SMAR), a CPO producer, reported a 1Q25 net
profit of IDR 134.2B, down 24.5% YoY. Despite an 18.3% YoY increase in revenue to IDR 21.15T—
driven by both domestic and export sales of palm oil products—the rise in cost of goods sold
weighed on profitability. Gross profit rose 20.6% to IDR 2.06T, but higher operational costs
resulted in a lower net margin. As of March 2025, SMAR’s total assets stood at IDR 46.26T,
with liabilities and equity rising to IDR 26.2T and IDR 20.06T, respectively. (Bisnis Indonesia)
• SMGR’s Net Profit Plummets 90.97% in 1Q25
PT Semen Indonesia (Persero) Tbk. (SMGR) booked a 1Q25 net profit of IDR 43B, down sharply
by 90.97% from IDR 471.81B in the prior year. The decline stemmed from an 8.6% drop in
revenue to IDR 7.65T due to a contraction in the domestic cement market. However, regional
sales rose 13.8% YoY, contributing 2.37M tons of cement volume. SMGR plans to drive growth
by focusing on retail, introducing innovative eco-friendly products, and expanding exports—
including a new Tuban, East Java project to raise export capacity by 1M tons/year. (IDX
Channel)
