Alamtri Resources: Net Profit Soars 71.3%, Revenue Reaches US$1.90 Billion

English
7 November 2026

Metallurgical Coal and Aluminium Sales Emerge as Two Key Pillars of the Group’s Business Growth.

ICN News – Strong Financial Performance in the First Nine Months of 2026

PT Alamtri Resources Indonesia Tbk (ADRO), formerly known as PT Adaro Energy Indonesia Tbk, recorded strong financial growth throughout January–September 2026.

According to its consolidated financial statements as of September 30, 2026, the company posted revenue of US$1.90 billion, representing a 41.04% increase from US$1.35 billion in the corresponding period of the previous year.

More impressively, net profit attributable to owners of the parent entity reached US$516.56 million, surging 71.28% from US$301.59 million in the first nine months of 2025.

This improvement demonstrates the company’s success in expanding its revenue streams, particularly through the contribution of its aluminium processing business, which has begun entering the commercial production stage.

Aluminium Emerges as a New Growth Engine

One of the most significant developments in Alamtri’s business transformation is the commencement of operations at its aluminium smelting facility through PT Kalimantan Aluminium Industry (KAI).

During the first nine months of 2026, aluminium sales reached US$522.41 million, representing a significant new contribution to the company’s consolidated revenue.

Aluminium sales were predominantly generated from export markets, amounting to US$511.56 million, while domestic sales contributed US$10.85 million.

In the third quarter of 2026, KAI achieved full production capacity and recorded aluminium ingot sales of approximately 146,000 tonnes.

The establishment of its aluminium business has given Alamtri a new dimension. The company is no longer solely dependent on coal mining activities but is increasingly expanding its portfolio into metal processing and downstream industries.

Metallurgical Coal Remains a Strategic Business

Amid its aluminium business expansion, metallurgical coal remains one of Alamtri’s core business pillars.

This commodity plays a crucial role in the global steel industry, particularly as a key raw material in steelmaking through the blast furnace process.

Alamtri operates metallurgical coal mining activities supported by its mining operations in South Kalimantan.

However, during the third quarter of 2026, metallurgical coal sales encountered logistical challenges due to low water levels in the Barito River. This condition disrupted barge operations for more than two months.

According to DBS Research’s analysis dated November 1, 2026, metallurgical coal sales in the third quarter reached approximately 720,000 tonnes, declining 54% compared with the same period of the previous year.

This situation highlights the importance of logistics infrastructure and transportation efficiency in supporting the company’s mining operations.

Revenue Composition Becomes Increasingly Diversified

The financial statements for the first nine months of 2026 indicate that Alamtri has developed several major revenue streams, ranging from mining and mining services to metal processing.

The following table presents the company’s external revenue by business segment:

Source: Alamtri Resources Indonesia Consolidated Financial Statements, September 30, 2026.

This revenue composition demonstrates that metal processing, particularly aluminium, has developed into an increasingly important source of income for the group.

Financial Performance Continues to Strengthen

Revenue and net profit growth have also strengthened the company’s financial position.

In addition to higher sales, Alamtri recorded gross profit of US$776.29 million, increasing from US$463.52 million in the corresponding period of the previous year.

The substantial improvement in gross profit reflects business expansion and the growing contribution of new commercial operations.

Nevertheless, the company must continue to manage its operating costs carefully, particularly in its aluminium processing business, which requires substantial supplies of raw materials and energy.

Transformation Towards an Integrated Business Model

Alamtri’s diversification strategy reflects its broader transformation into a business group with an increasingly diversified portfolio across the natural resources and processing industries.

The development of its aluminium smelting facility represents a key component of this strategy. Through mineral processing and downstream industrial development, the company aims to capture greater added value from Indonesia’s natural resources.

Going forward, the aluminium business is expected to make an increasingly significant contribution to the company’s revenue structure while gradually reducing its dependence on coal price cycles.

Growth Prospects Ahead

Alamtri’s performance during the first nine months of 2026 provides a positive indication of the company’s business development.

Net profit growth of 71.28%, combined with a 41.04% increase in revenue, represents a significant achievement.

Nevertheless, the company continues to face several challenges, including volatility in metallurgical coal prices, mining logistics conditions, and the need to maintain operational efficiency at its aluminium processing facilities.

The ability to sustain operational performance, expand downstream business capacity, and strengthen logistics infrastructure will be critical factors in determining the company’s long-term growth.

For Indonesia’s mining industry, Alamtri’s transformation represents an important example of how mining companies are moving beyond primary commodity production towards higher value-added processing industries.

Source: PT Alamtri Resources Indonesia Tbk, Interim Consolidated Financial Statements as of September 30, 2026, published October 30, 2026. Operational analysis for the third quarter refers to DBS Research, November 1, 2026.

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