[SINGAPORE] Indonesia conglomerate Astra International reported on Friday (Oct 31) that its net income for the nine months ended Sep 30 slid 6 per cent year on year to 24.7 trillion rupiah (S$1.9 billion) from 26.2 trillion rupiah.
Net revenue for the period decreased by 1 per cent to 243.6 trillion rupiah, from 246.3 trillion rupiah in the same period a year before.
The decline was mainly attributed to lower contributions from the group’s mining services and coal mining. It was partially mitigated by stronger performance in gold mining, financial services, agribusiness and infrastructure businesses, while overall automotive performance was stable.
Net income from the group’s heavy equipment, mining, construction and energy division fell by 26 per cent to seven trillion rupiah. The segment is represented by 59.5 per cent-owned United Tractors, a construction and heavy machinery subsidiary of Astra.
Coal mining subsidiaries of United Tractors in fact recorded higher own coal sales of 9.2 million tonnes, including 2.8 million tonnes of metallurgical coal, compared with eight million tonnes in the first nine months of 2024, which included 2.4 million tonnes of metallurgical coal. However, revenue from this business was affected by lower coal prices, said the company.
United Tractors’ gold mining business reported 8 per cent higher gold sales at 178,000 ounces, amid gold prices rising by 37 per cent.
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However, mining services provider Pamapersada Nusantara recorded a 10 per cent lower overburden removal at 829 million bank cubic metres, due to heavy rainfall alongside reduced stripping ratios for some customer contracts.
The 24.7 trillion rupiah net income figure excludes fair value adjustments on investments in tech company GoTo and Medikaloka Hermina. The business had increased its ownership in Hermina to 20.2 per cent in September this year.
Hermina is one of Indonesia’s largest private hospital networks, while GoTo is the Indonesian technology company formed by the merger of ride-hailing service provider Gojek and e-commerce brand Tokopedia.
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The group’s total investment to date in the healthcare sector, including Hermina, Halodoc and Heartology Hospital, amounted to 8.6 trillion rupiah, according to the Friday statement.
Net cash, excluding Astra’s financial services subsidiaries, was 13.4 trillion rupiah as at Sep 30, 2025, up from eight trillion rupiah as at Dec 31, 2024.
The net debt of the group’s financial services units was 64.6 trillion rupiah as at end-September this year, an increase from 60.2 trillion rupiah as at Dec 31, 2024.
Net asset value per share as at Sep 30 rose by 6 per cent to 5,609 rupiah.
This comes on the back of Astra’s share buyback programme, which it also announced on Friday, for up to two trillion rupiah. It will run from Nov 3, 2025, to Jan 30, 2026.
A subsidiary of United Tractors also announced its share buyback programme for up to two trillion rupiah, which will run from Oct 31, 2025, to Jan 30, 2026.
Under both programmes, shares will be repurchased in accordance with the Financial Services Authority regulation related to share buyback under “significantly fluctuating market conditions”, said the group.
The management said in the bourse filing that on the whole, the group’s earnings were down mainly due to lower coal prices.
“Solid contribution from our other businesses helped to provide resilience, said the conglomerate. “We expect the full-year results to remain broadly in line with current trends.”
Jardine Cycle & Carriage holds a 50.1 per cent stake in Astra.
Shares of Jardine Cycle & Carriage were up 2.5 per cent or S$0.80 at S$33.29 as at 11.43 am on Monday.
