Manufacture: Labor Unrest Grows as Cost Pressures Threaten Mass Layoffs
Indonesia’s Tobacco Products Industry (IHT) is facing mounting anxiety over potential mass layoffs, driven by the lingering impact of steep excise hikes in previous years and persistently high production costs. While there is no excise increase in 2025, industry players especially in Tier I machine-made cigarettes (SKM and SPM) are being forced to implement cost-cutting measures. Labor union FSP RTMM SPSI has called for a three-year moratorium on excise hikes to help stabilize employment and production. The
rise of illicit cigarettes is further eroding the market share of legal producers, compounding the challenges for both manufacturers and tobacco farmers. (Bisnis Indonesia)
ACES will Remain Expansice This Year
PT Aspirasi Hidup Indonesia Tbk (ACES) will continue to expand amid economic uncertainty this year. As of Q1 2025, ACES has opened six new AZKO stores which are a rebranding of Ace Hardware. The positive performance achieved in 2024 will be continued this year. In 2025, the company aims to open between 25-30 new stores. In addition, the company is also expanding and optimizing its omnichannel services by reaching four new regions, namely Abepura in Jayapura City (Papua), Sorong City (Southwest Papua), Indramayu Regency (West Java), and Palu City (Central Sulawesi).
AMAR Distributes IDR 95.5B Dividend as Net Profit Hits Record High
PT Bank Amar Indonesia Tbk. (AMAR), a digital bank, declared a cash dividend of IDR 95.47 billion or IDR 5.30 per share following a record net profit of IDR 67.5 billion in 2024, up 38.1% year-on-year.
This marks the bank’s highest annual profit since its inception in 2014. In Q1 2025, net interest income rose 19.06% yoy, supporting a 22.88% increase in total operating income to IDR 463.7
billion. Profitability ratios showed solid improvement with ROA at 6.94% and ROE at 8.13%, while credit growth reached 15.83% yoy and NPL remained low at 1.48%. Operational efficiency
improved with a BOPO of 81.79%, and AMAR maintained a strong capital position with a CAR of 121.6%, LCR of 3,860%, and NSFR of 163%. The bank continues to focus on expanding its CASA ratio and empowering MSMEs, especially in high potential creative sectors. (Investor)
ASLC Allocates Up to IDR 30B Capex to Expand Used-Car Showrooms Despite Short-Term Profit Pressure
PT Autopedia Sukses Lestari Tbk. (ASLC), part of the Triputra Group, is allocating up to IDR 30 billion in capital expenditure for 2025 to expand its Caroline.id used-car showroom network, targeting two additional locations in Bandung and Jabodetabek. As of mid-2025, ASLC operates 17 showrooms, with retail used-car sales contributing 70% of total revenue. In Q1 2025, revenue rose 21.38% YoY to IDR 222.51 billion, driven by over 900 vehicle sales. However, rising cost of revenue led to a 19.78% YoY drop in net profit to IDR 12.31 billion. ASLC remains optimistic about Indonesia’s growing car ownership
potential and is focused on long-term retail expansion despite short-term economic headwinds. (Bisnis Indonesia)
CTRA Targets Pre-sales of IDR 1T Throughout 2025
PT Ciputra Development Tbk (CTRA) targets presales of Rp11 trillion throughout 2025 (the same as the company’s target for 2024). As of 1Q25, CTRA recorded pre-sales of Rp3.15 trillion (a decrease of 5% compared to 2024), but it is still above the company’s projection because there were no new product launches in 1Q25, while in 1Q24 there was a new product launch in Sampali, Medan.
IPCC Achieves Significant Improvement in Performance
PT Indonesia Kendaraan Terminal Tbk (IPCC) successfully recorded outstanding performance
throughout the fiscal year 2024, with net profit reaching the highest record in the company’s
history. This also led to the decision of the Annual General Meeting of Shareholders (AGM) held on Wednesday (June 18, 2025) in Jakarta to distribute dividends of 80% of net profit. This achievement
cannot be separated from IPCC’s business expansion in 2024, including the management of the RoRo Terminal in Banjarmasin, as well as the implementation of the new operating system PTOS-C (Pelindo Terminal Operating System-Car) resulting from collaboration with Pelindo Group’s Subsidiary (ILCS) that began going live in August 2024 at several satellite terminals. IPCC is also committed to supporting the Net Zero Emission target by 2060, one of which is through the implementation of solar panels at the Central Inspection Facility (CIF) where all electric power comes from solar energy.
MEDC Commissions 25 MWp Solar Power Plant in East Bali
PT Medco Energi Internasional Tbk. (MEDC), through its subsidiary Medco Power Indonesia, has officially commissioned the East Bali Solar Power Plant (PLTS) with a capacity of 25 MWp in Karangasem, Bali. The project is managed by PT Medcosolar Bali Timur and was developed in strategic collaboration with Solar Philippines, supported by a 20-year Power Purchase Agreement (PPA) with PT PLN (Persero). The PLTS is expected to supply approximately 50 GWh of electricity annually—enough to power around 42,000 households—while helping reduce carbon emissions by over 800,000 tons of CO₂. Medco Power CEO Eka Satria stated that the plant strengthens local energy reliability and supports regional sustainability. In parallel, Medco Energi also achieved a key milestone with the first oil lifting of 10,000 BOPD from the Forel Field in South Natuna Sea Block B, stored on the FPSO Marlin Natuna—Indonesia’s first locally converted tanker-based facility. MedcoEnergi Director & CEO Roberto Lorato emphasized that both
projects reflect the company’s long-term strategy to diversify its energy portfolio and drive a transition to low-carbon solutions with positive social, economic, and environmental impact. (Bisnis Indonesia)
SMRA Establishes Two New Entities
PT Summarecon Agung Tbk (SMRA), through its subsidiary PT Serpong Cipta Kreasi (SPCK), has established two new joint venture companies. This corporate action is undertaken in collaboration with its affiliate partners, PT Variatata (VT) and PT Lestari Kreasi (LK), to expand real estate project development in the Summarecon Serpong area, Tangerang Regency. These two joint ventures are designed to acquire and manage land owned by VT and LK as locations for new project developments, which include residential and commercial areas. The two joint ventures formed are PT Serpong Cahaya Harmoni (SPCH) and PT Serpong Cipta Lestari (SPCL), with a total land control of more than 120 hectares.
