Declining Coal and Gold Sales Weigh on Performance, While Mining Contracting Segment Continues to Grow
ICN News, JAKARTA – PT United Tractors Tbk (UNTR), one of Indonesia’s leading heavy equipment and mining services companies, recorded net revenue of Rp90.33 trillion through September 2026. This represents a decline of approximately 10.08% compared with Rp100.47 trillion in the same period last year.
The decline in revenue also affected the company’s profitability. Based on its consolidated financial statements, net profit attributable to owners of the parent entity stood at Rp4.47 trillion, down approximately 61.09% from Rp11.48 trillion in January–September 2025.
In its official statement, management explained that the weaker performance was primarily driven by declines in the construction machinery segment, as well as thermal and metallurgical coal mining. These developments were associated with lower allocations under the 2026 national Work Plan and Budget (RKAB) for coal mining, alongside a decrease in gold sales by PT Agincourt Resources.
COAL MINING SEGMENT UNDER PRESSURE
In the thermal and metallurgical coal mining segment, operated through PT Tuah Turangga Agung (Turangga Resources), coal sales volume reached 7.1 million tonnes through the third quarter of 2026, including 2.1 million tonnes of metallurgical coal.
This represented a decline of approximately 23% compared with the same period last year. In line with lower sales volume, segment revenue also decreased by 15% to Rp15.9 trillion.
The decline highlights how tighter coal production allocations can directly affect sales volumes and revenue for mining companies.
MINING CONTRACTING BUSINESS CONTINUES TO GROW
Despite pressure on several business segments, the mining contracting business, primarily operated through PT Pamapersada Nusantara (PAMA) and PT Kalimantan Prima Persada (KPP Mining), continued to record growth.
Net revenue from the mining contracting segment increased by 11% to Rp44.5 trillion through September 2026, compared with the same period last year.
The increase was primarily supported by the strengthening of the US dollar exchange rate. This segment has become one of UNTR’s key performance contributors amid weaker results in its heavy equipment and coal mining businesses.
The company is also continuing to expand its mining contracting services into other mineral sectors, including gold and nickel, as part of its business diversification strategy.
GOLD SALES ALSO AFFECT EARNINGS
In addition to coal, declining gold sales also played a significant role in affecting UNTR’s consolidated performance.
Revenue from the gold mining and other minerals segment fell by 53% to Rp4.9 trillion through September 2026. The decline was mainly attributable to an approximately 70% decrease in gold sales.
This performance was associated with the temporary suspension of operations at the Martabe Gold Mine, operated by PT Agincourt Resources. Mining operations resumed during the second quarter of 2026.
Management also recorded non-recurring items amounting to Rp3.5 trillion, primarily related to impairment losses on investments in Supreme Geothermal Energy and payments associated with previous activities in forest areas at the Stargate nickel mine.
DIVERSIFICATION AS A LONG-TERM STRATEGY
In response to changing conditions in the mining industry, UNTR continues to strengthen its business portfolio by developing its mining contracting services and expanding into mineral sectors beyond coal.
These initiatives reflect the company’s efforts to reduce its dependence on a single commodity and broaden its revenue sources across various mining sectors.
With revenue reaching Rp90.33 trillion through September 2026, UNTR remains a major player in Indonesia’s mining industry. However, the decline in net profit demonstrates that changes in coal production allocations, commodity sales volumes, and mining operations remain important factors influencing the company’s financial performance.
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