• AMAR Reports Strong Profit Growth in 1Q25
Bank Amar Indonesia (AMAR) posted a 38.14% yoy increase in net profit to IDR 67.49B in 1Q25,
driven by a 19.24% rise in net interest income to IDR 320.79B and a 32.48% increase in other
operating income, despite higher impairment losses. Loan disbursement grew 15.82% to IDR
3.18T, while third-party funds surged 42.14%, led by a 67.3% jump in low-cost CASA deposits.
AMAR recorded a higher NIM of 24.93%, ROA of 6.94%, and ROE of 8.13%, reflecting stronger
operational efficiency and improved funding quality. (Bisnis Indonesia)
• AMMN and INCO to Spend Substantial Capital Expenditure in 1Q25
Amman Mineral International (AMMN) and Vale Indonesia (INCO) invested hundreds of
millions of US dollars in capital expenditures to support expansion projects in 1Q25. AMMN
allocated USD 360M (-14% yoy) from the previous year, for initiatives including smelter and
precious metals refinery development, concentrator plant expansion, and power and
infrastructure projects. Amid a transitional production phase with lower output due to
stockpile processing and low-grade ore, AMMN focused on operational efficiency and cost
discipline. Meanwhile, INCO spent USD 128.1M, more than double its 1Q24 capex, signaling its
commitment to growth projects. INCO also advanced maintenance schedules to better align
operations and emphasized prudent cash management, with its cash reserves falling 11% to
USD 601.4M by the end of Mar 25. (Bisnis Indonesia)
• Toyota Acquires 40% Stake in ASII’s Used Car Arm for IDR 2T
Toyota Motor Asia (Singapore) Pte. Ltd. has acquired a 40% stake in Astra Digital Mobil
(ADMO), a used car business entity under Astra International (ASII), with an investment of
USD 120M (approx. IDR 2T). ASII retains majority control of ADMO through Astra Digital
Internasional (ADI), holding 60%. ADMO manages the OLX.co.id and OLXmobbi platforms,
offering digital classifieds and a growing online-to-offline retail network across 10 major
Indonesian cities. The partnership supports ASII’s strategy to develop sustainable business
portfolios and leverages Indonesia’s fragmented used car market, while aligning with
Toyota’s regional push for inclusive, sustainable mobility solutions. (Investor)
• INET Plans Rights Issue to Fund Telecom Expansion
Sinergi Inti Andalan Prima (INET) plans to issue up to 12.8B new shares via a rights issue
(HMETD), as per its May 6, 2025 prospectus. The proceeds—net of issuance costs—will be
allocated for telecommunications sector expansion, including submarine cable and FTTH
(Fiber To The Home) development, covering both capex and opex. The initiative is expected
to bolster equity structure and reduce the debt ratio. The rights issue proposal will be tabled
at the EGMS on June 12, 2025. Non-participating shareholders may face up to 57.14% dilution.
(IDX Channel)
• IPCC Stock Rallies on Surge in Car Imports
Indonesia Kendaraan Terminal (IPCC) shares rose 7% to IDR 1,030, extending a 40% gain over
the past month, buoyed by a rise in Chinese-made EV and auto imports through Tanjung
Priok Port. IPCC handled 368,123 units in 1Q25, up 11.3% yoy. The company remains optimistic,
banking on strategic collaboration, transformation, and digitalization initiatives to enhance
performance in 2025. (IDX Channel)
• JSMR to Distribute IDR 1.13T in Dividends
Jasa Marga (JSMR) will pay IDR 1.13T in dividends—25% of its 2024 net profit—equivalent to
IDR 156.23/share. In FY24, the company recorded core profit of IDR 3.70T (+35.95% yoy) and
revenue of IDR 18.73T (+20.32% yoy). EBITDA rose 27.3% to IDR 12.62T with a margin of 67.38%.
JSMR aims to sustain dividend distribution while preserving financial resilience. (IDX
Channel)
• KRAS Reports Wider Loss in 1Q25 Despite Slight Revenue Growth
Krakatau Steel (KRAS) reported a 1.28% yoy rise in revenue to USD 234.76M in 1Q25, but net
losses deepened to USD 46.91M from USD 29.14M last year. The loss stemmed from a 4.70%
increase in cost of sales, slashing gross profit by 35.04%. Operating losses reached USD
15.08M. While total assets edged up, liabilities increased and equity fell. KRAS’s cash position
dropped 20.71%. The company has expanded to South Asia and Africa to reduce dependency
on the U.S. market amid currency risks and U.S. trade tariffs. (Bisnis Indonesia)
• PPRI Books IDR 1.17B Profit in 1Q25, to Distribute IDR 1.12B Dividend
Paperocks Indonesia (PPRI) reported a net profit of IDR 1.17B in 1Q25, up 14.5% yoy. Revenue
reached IDR 42.19B, supported by rising demand for its cup, bowl, and lid products. The
company is targeting a 40% increase in sales this year through local market expansion and
ongoing product innovation, with a focus on sustainability by boosting the use of eco-friendly
and recycled materials. Following a strong FY24 performance—net profit rose 99.9% yoy to
IDR 4.5B—PPRI announced a dividend payout of IDR 1.12B. CEO Catur Jatiwaluyo credited the
consistent growth to efforts in maintaining product quality and customer service. (IDX
Channel)
• PRDA to Buy Back Shares Worth IDR 200B
Prodia Widyahusada (PRDA) will conduct a share buyback from 8 May to 7 Aug 25, allocating
up to IDR 200B from internal funds. The move aims to stabilize the share price amid market
volatility and strengthen investor confidence in the company’s long-term prospects.
Management assured that the action will not disrupt operations or cash flow, given the
company’s strong financial position. (Bisnis Indonesia)
• PZZA Turned Around Losses to IDR 418.5M Profit in 1Q25
Sarimelati Kencana (PZZA) returned to profitability in 1Q25 with a net profit of IDR 418.5M,
reversing a loss of IDR 58.6B in the same period last year. This performance was supported
by a 10.8% yoy increase in net revenue to IDR 707.1B, driven primarily by a rise in food sales,
while beverage sales slightly declined. CEO Boy Lukito attributed the rebound to strong
market response to innovative products like “Seriously Musangking”, as well as the enhanced
customer experience through outlet renovations and new store openings in Bali and Bekasi.
The company maintained stable financials, with total assets at IDR 2.11T and a slight decline
in liabilities to IDR 1.09T by the end of 1Q25. (Bisnis Indonesia)
