REG - Jardine Matheson Hdg - PT Astra 2025 Third Quarter Financial Statements
31/10/2025 10:30
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RNS Number : 7097F Jardine Matheson Hldgs Ltd 31 October 2025
To: Business
Editor
31 October 2025
For immediate release
PT Astra International Tbk
2025 Third Quarter Financial Statements
The following announcement was issued today by the Company's 85%-owned
subsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT
Astra International Tbk.
For further information, please contact:
Jardine Matheson Limited
Jonathan Lloyd
(852)
2843 8223
Brunswick Group Limited
Ben
Fry
(65) 9017 9886
31st October 2025
PT ASTRA INTERNATIONAL TBK (the "Company" or "Astra")
2025 THIRD QUARTER FINANCIAL STATEMENTS
Highlights
● Earnings per share down 6% to Rp609 (excluding fair value
adjustments)
● Overall results were impacted by lower coal prices partially
offset by higher contributions in gold mining, financial services,
agribusiness and infrastructure, while automotive performance was stable
● Resilient market share in motorcycles in a relatively stable
market, while car market share declined in a softer market reflecting weaker
purchasing power in the entry-level segment
● Astra and United Tractors announced separate share buyback
programs for up to Rp2 trillion each, reflecting management's confidence in
both companies' prospects and their ability to generate sustainable cash
flows. These programs also support the government in maintaining stability of
the capital market
"The Group's earnings for the first nine months of 2025 were down mainly due
to lower coal prices. Solid contribution from our other businesses helped to
provide resilience and we expect the full-year results to remain broadly in
line with current trends.
We remain focused on maintaining financial discipline and operational
excellence, while leveraging our strong balance sheet to capture growth
opportunities and enhance shareholder value creation."
Djony Bunarto Tjondro
President Director
Astra group ("the Group") Results
For the period ended 30th September
2025 2024 Change
Rp bn
Rp bn
%
Net revenue 243,608 246,329 (1)
Net income*+ 24,674 26,186 (6)
Net income* 24,473 25,854 (5)
Rp Rp
Net earnings per share*+ 609 647 (6)
Net earnings per share* 605 639 (5)
As at 30th September 2025 As at 31st December 2024** Change
Rp bn
Rp bn
%
Shareholders' funds 227,091 213,651 6
Rp Rp
Net asset value per share 5,609 5,277 6
* Profit attributable to owners of the parent
+ Net income before fair value adjustments on investments in GoTo and Hermina
** Restated due to implementation of PSAK 117: Insurance Contracts
The financial results for the nine months ended 30th September 2025 and 2024,
as well as the financial position as at 30th September 2025, have been
prepared in accordance with Indonesian Financial Accounting Standards and are
unaudited.
PRESIDENT DIRECTOR'S STATEMENT
Performance
The Group's consolidated net revenue in the first nine months of 2025 was
Rp243.6 trillion, 1% lower than the first nine months of 2024. The Group's net
income, excluding fair value adjustments on investments in GoTo and Hermina,
was Rp24.7 trillion, 6% lower than the same period last year. Including these
fair value adjustments, the Group's net income declined by 5% to Rp24.5
trillion. The decline was mainly attributable to lower contribution from the
Group's mining services and coal mining, partly mitigated by stronger
performance in gold mining, financial services, agribusiness and
infrastructure businesses, while overall automotive performance was stable.
The net asset value per share at 30th September 2025 increased by 6% to
Rp5,609.
Net cash, excluding the Group's Financial Services subsidiaries, was Rp13.4
trillion at 30th September 2025, up from Rp8.0 trillion at 31st December 2024.
Net debt of the Group's Financial Services subsidiaries was Rp64.6 trillion at
30th September 2025, up from Rp60.2 trillion at 31st December 2024.
Business Activities
The Group's net income by division in the first nine months of 2025, compared
with the same period last year, is set out in the table below:
Net Income by Division
For
the
per
iod
end
ed
30t
h
Sep
tem
ber
2025 2024 Change
Rp bn Rp bn
%
Automotive & Mobility 8,816 8,741 1
Financial Services 6,731 6,230 8
Heavy Equipment, Mining, Construction & Energy 7,036 9,571 (26)
Agribusiness 853 638 34
Infrastructure 935 728 28
Information Technology 139 116 20
Property 164 162 1
Net Income* - before fair value adjustments on investments in GoTo and Hermina 24,674 26,186 (6)
Fair value adjustments on investments in GoTo and Hermina (201) (332) 39
Net Income* 24,473 25,854 (5)
* Profit attributable to owners of the parent
Automotive & Mobility
Net income from the Group's Automotive & Mobility division rose 1% to
Rp8.8 trillion, supported by the motorcycle and component businesses, despite
lower car sales in a weak national market.
● The wholesale car market decreased by 11% to 562,000 units in
the first nine months of 2025, reflecting weaker purchasing power in the
entry-level segment. Astra's market share declined from 56% to 53%, mainly
reflecting lower Daihatsu market share, while Toyota market share remained
resilient.
● The wholesale motorcycle market decreased by less than 1% to
4.8 million units in the first nine months of 2025. Astra Honda Motor's market
share remained stable at 77%.
● The net income contribution from 80%-owned Astra Otoparts, the
Group's components business, increased by 15% to Rp1.3 trillion in the first
nine months of 2025, with higher contribution from all segments.
● Serasi Autoraya, the Group's transportation and logistics
solutions business, recorded relatively stable vehicles under contract at
26,500 units.
● OLXmobbi, the Group's used car business, booked a 24% increase
in used car sales to 23,900 units.
Financial Services
Net income from the Group's Financial Services division increased by 8% to
Rp6.7 trillion, due to higher contribution from consumer financing on larger
loan portfolios.
● The Group's consumer finance businesses saw a 5% increase in
new amounts financed to Rp85.6 trillion (excluding dealer financing), mainly
reflecting strong growth in multipurpose financing. The net income
contribution from the Group's car-focused finance companies increased by 4% to
Rp1.8 trillion. The net income contribution from Federal International
Finance, the Group's motorcycle-focused finance business, increased by 5% to
Rp3.5 trillion.
● The Group's heavy equipment-focused finance companies saw new
amounts financed increased by 14% to Rp11.2 trillion. The net income
contribution from these businesses decreased by 1% to Rp169 billion.
● The Group's general insurance company, Asuransi Astra Buana,
reported a 7% increase in net income contribution to Rp1.2 trillion, largely
due to higher underwriting income and investment income. The Group's life
insurance company, Asuransi Jiwa Astra, recorded a 26% decrease in gross
written premiums to Rp3.3 trillion.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's Heavy Equipment, Mining, Construction and Energy
division, represented by 59.5%-owned United Tractors, decreased by 26% to
Rp7.0 trillion. Lower results in mining services and coal mining were partly
offset by gold mining.
● Komatsu heavy equipment sales increased by 10% to 3,700 units,
driven by stronger demand from all sectors. Revenues from its parts and
service businesses were slightly decreased.
● Mining services provider Pamapersada Nusantara recorded 10%
lower overburden removal at 829 million bank cubic metres, due to heavy
rainfall alongside reduced stripping ratios for some customer contracts.
● United Tractors' coal mining subsidiaries recorded higher own
coal sales of 9.2 million tonnes, including 2.8 million tonnes of
metallurgical coal, compared with 8.0 million tonnes in the first nine months
of 2024, which included 2.4 million tonnes of metallurgical coal. However,
revenue from this business was impacted by lower coal prices.
● United Tractors' gold mining business reported 8% higher gold
sales at 178,000 oz. Gold prices were 37% higher.
● United Tractors' nickel mining business comprises
majority-owned Stargate Pasific Resources and 20.1%-owned Nickel Industries
Limited ("NIC"). United Tractors recognised equity income from NIC for the
9-month period in arrears based on NIC's results from the final quarter of
2024 and the first half of 2025.
Agribusiness
Net income from the Group's Agribusiness division, represented by 79.7%-owned
Astra Agro Lestari, increased by 34% to Rp853 billion.
● Crude palm oil ("CPO") prices were 14% higher at Rp14,277/kg.
● CPO and derivative product sales increased by 14% to 1.4
million tonnes.
Infrastructure
The Group's Infrastructure division reported a 28% increase in net income to
Rp935 billion, due to increased tariffs and higher traffic volume. The Group's
toll road concessions generated 7% higher daily toll revenue during the period
from its 396km of operational toll roads along the Trans-Java network and the
Jakarta Outer Ring Road.
Information Technology
The Group's Information Technology division, represented by 76.9%-owned Astra
Graphia, reported a 20% increase in net income to Rp139 billion, primarily due
to higher revenue from its information technology solutions business and
improved operating margin.
Property
The Group's Property division reported a 1% increase in net income to Rp164
billion, mainly driven by contribution from its newly acquired industrial
warehouse assets, partly offset by weaker performance from its residential
business.
Corporate Actions
In September:
● The Group increased its ownership in Medikaloka Hermina
("Hermina") to 20.2%. Hermina is one of Indonesia's largest private hospital
networks. The Group's total investment to date in the healthcare sector,
including Hermina, Halodoc and Heartology Hospital, amounts to Rp8.6 trillion.
● The Group signed a Conditional Sale and Purchase Agreement
("CSPA") to acquire 100% of Arafura Surya Alam, a gold mining company located
in North Sulawesi, for a total consideration of USD540 million. This
acquisition will be effective subject to the fulfilment of conditions
precedent under the CSPA.
● The Group completed the acquisition of an 83.7% stake in Mega
Manunggal Property ("MMP"), an industrial and logistics property developer
listed on the Indonesia Stock Exchange. Following this transaction, the Group,
through Saka Industrial Arjaya, has become the new controlling shareholder of
MMP and will carry out a Mandatory Tender Offer in line with the capital
market regulations. This acquisition is part of the Group's strategy to
benefit from Indonesia's rapidly growing demand for industrial & logistics
infrastructure, particularly modern warehouses.
Today, Astra announces a share buyback program for up to Rp2 trillion, which
will run from 3 November 2025 to 30 January 2026. Yesterday, United Tractors
announced its share buyback program for up to Rp2 trillion, which will run
from 31 October 2025 to 30 January 2026. Under both of these programs, shares
will be repurchased in accordance with the Financial Services Authority
regulation related to share buyback under significantly fluctuating market
conditions.
These programs reflect management's confidence in both companies' prospects
and their ability to generate sustainable cash flows, as well as supporting
the government in maintaining stability of the capital market.
Prospects
The Group's earnings for the first nine months of 2025 were down mainly due to
lower coal prices. Solid contribution from our other businesses helped to
provide resilience and we expect the full-year results to remain broadly in
line with current trends.
We remain focused on maintaining financial discipline and operational
excellence, while leveraging our strong balance sheet to capture growth
opportunities and enhance shareholder value creation.
Djony Bunarto Tjondro
President Director
31st October 2025
For further information, please contact:
PT Astra International Tbk
Boy Kelana Soebroto, Chief of Corporate Affairs
Tel: +62 - 21 - 5084 3888
-end-
About Astra
Astra is one of Indonesia's largest public companies, comprising 302
subsidiaries, joint ventures, and associate companies, supported by more than
190,000 employees. The company's diversified business model creates synergies
and opportunities across industry sectors including automotive & mobility,
financial services, heavy equipment, mining construction & energy,
agribusiness, infrastructure, information technology, and property. The
company has a sustainability framework which includes Astra's 2030
Sustainability Aspirations. It will guide Astra in the transition journey to
be a more sustainable business by 2030 and beyond. Astra wishes to contribute
to the strength and resilience of the Indonesian economy while supporting an
inclusive and prosperous society.
Astra has a strong record of public and social contributions through four
pillars, which consist of health, education, environment, and entrepreneurship
as well as nine foundations to contribute to the growth of the Indonesian
economy while encouraging a more inclusive and prosperous society. Established
in 2010, Astra's Semangat Astra Terpadu Untuk (SATU) Indonesia Awards
programme, has recognised the contribution of 726 young Indonesians at the
national and provincial level across the nation. The SATU Indonesia Awards
programme is integrated with Astra's wide range of community activities
through 1,500 Desa Sejahtera Astra and Kampung Berseri Astra in 35 provinces
throughout Indonesia.
For more about Astra, visit.astra.co.id, and follow us on Instagram
@satu_indonesia, TikTok @satu_indonesia, YouTube SATU Indonesia, X (Twitter)
@satu_indonesia, LinkedIn PT Astra International Tbk, and Facebook Semangat
Astra Terpadu.
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