Indika Energy’s Financial Performance Strengthens Through September 2026, with Kideco’s Coal Sales Reaching 22.6 Million Tonnes and Exports Extending Across Several Asian Markets
ICN News – PT Indika Energy Tbk. (INDY) recorded a significant improvement in its financial performance during the first nine months of 2026. The diversified energy company posted a net profit attributable to owners of the parent entity of US$20.21 million, representing a surge of approximately 4,118% compared with only around US$0.5 million in the corresponding period of the previous year.
Based on its consolidated financial statements as of September 30, 2026, Indika Energy generated revenue of US$1.842 billion, up 27.6% from US$1.443 billion in January–September 2025.
Although the percentage increase in net profit appears exceptionally high, the growth was also influenced by the relatively low earnings base in the corresponding period of the previous year. Accordingly, revenue growth and operating profit performance provide important indicators of the overall improvement in the company’s business performance.
The stronger results were supported by several business units, particularly PT Kideco Jaya Agung (Kideco), which remains one of the most important assets within Indika Energy’s coal business portfolio.
Other contributors to revenue growth included Tripatra, Interport Mandiri Utama, and Indika Indonesia Resources (IIR).
KIDECO CONTRIBUTES APPROXIMATELY 73% OF GROUP REVENUE
Kideco continues to serve as the backbone of Indika Energy’s business operations. Through September 2026, the coal mining company, which operates in Paser Regency, East Kalimantan, generated revenue of US$1.3456 billion, representing an increase of 16.8% compared with the same period last year.
This contribution accounted for approximately 73% of Indika Energy’s consolidated revenue.
The increase in Kideco’s revenue was supported by an improvement in its average coal selling price to US$56.3 per tonne. Meanwhile, sales volume reached 22.6 million tonnes, up 2.2% from 22.1 million tonnes in January–September 2025.
Improved selling prices and stronger sales volume also contributed to an increase in Kideco’s gross profit margin to 18.9%, compared with 13.2% in the corresponding period of the previous year.
KIDECO’S COAL PRODUCTION AND SALES
Throughout 2025, Kideco recorded coal production of approximately 30.5 million tonnes, with total sales reaching 30.8 million tonnes.
Kideco’s coal is marketed to meet demand from power generation facilities and industrial sectors, both in the domestic market and internationally.
During January–September 2026, Kideco’s sales composition showed that export markets continued to play an important role in its business operations.
Of the total sales volume of 22.6 million tonnes, approximately 12.4 million tonnes, equivalent to 54.8%, were directed to export markets. The domestic market absorbed approximately 10.2 million tonnes, or 45.2%.
This sales composition demonstrates Kideco’s continued strong international market orientation, while domestic demand remains an important component of its marketing strategy.
KIDECO’S EXPORT DESTINATIONS
Export markets remain an important factor in maintaining Kideco’s position as one of Indonesia’s major coal producers.
In its international trading activities, Kideco has established market reach across several countries and regions, including:
1. China
2. India
3. South Korea
4. Japan
5. Taiwan
6. Several countries across Southeast Asia.
These countries and regions form part of the Asian coal market, where demand is driven by power generation and industrial activities.
China and India are major coal markets in Asia, while Japan and South Korea maintain coal requirements to support their power generation and industrial sectors.
Meanwhile, Southeast Asian countries represent regional markets that also absorb Indonesian coal supplies.
It should be noted that the above list reflects Kideco’s export market coverage based on available trade information, rather than a ranking of purchasing countries during January–September 2026. Detailed export volumes by individual destination country are not yet available in the public data used for this analysis.
OTHER BUSINESS UNITS ALSO RECORD STRONGER PERFORMANCE
Beyond Kideco, several other Indika Energy business units also recorded significant revenue growth.
Tripatra generated revenue of US$289.7 million, representing an increase of 64.4% compared with the corresponding period of the previous year. This growth was primarily supported by contributions from engineering, procurement, construction, and energy facility development projects.
Interport Mandiri Utama recorded revenue of US$137.2 million, up 47.4%. Its growth was mainly supported by fuel trading and logistics services.
Meanwhile, Indika Indonesia Resources generated revenue of US$91.9 million, an increase of 94.7%. Its coal trading volume rose to 966,000 tonnes from 465,000 tonnes in the same period last year.
OPERATING PROFIT AND EBITDA INCREASE
Stronger operational performance across various business units contributed to improved profitability at Indika Energy.
Through September 2026, consolidated gross profit reached US$280.1 million, increasing from US$193.7 million in the corresponding period of the previous year.
Operating profit rose 92.6% to US$155.9 million from US$80.9 million.
Meanwhile, adjusted EBITDA reached US$212.9 million, up 36.8% compared with US$155.6 million in January–September 2025.
These improvements indicate stronger operational performance and business margins, particularly from the coal business, which remains the group’s main revenue contributor.
BUSINESS DIVERSIFICATION BEYOND COAL
Alongside the strengthening of its coal business, Indika Energy continues to pursue a diversification strategy aimed at reducing its long-term dependence on thermal coal.
One of its strategic projects is the development of the Awak Mas gold mine through PT Masmindo Dwi Area in Luwu Regency, South Sulawesi.
The development of this project forms part of Indika Energy’s efforts to expand its business portfolio into the mineral mining sector and other non-coal business activities.
This strategy reflects the company’s broader transformation towards a more diversified business portfolio, while anticipating changes in the dynamics of the global energy industry.
KIDECO REMAINS A STRATEGIC ASSET FOR INDIKA ENERGY
The increase in Indika Energy’s net profit through September 2026 reflects an improvement in the group’s financial performance. Nevertheless, Kideco continues to play a dominant role, particularly through its contribution of approximately 73% to the group’s consolidated revenue.
With sales volume reaching 22.6 million tonnes during the first nine months of 2026, more than half of which was directed to export markets, Kideco remains one of the most strategic assets within Indika Energy’s business portfolio.
Going forward, the company’s challenges will not only involve maintaining coal production and sales performance, but also strengthening its competitiveness in international markets while developing new revenue streams beyond the coal business.
Source Note: Indika Energy’s consolidated financial statements as of September 30, 2026, company information, and economic and industry media reports. Detailed export destinations and country-by-country sales volumes should be cross-checked against verified trade data.
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