Jakarta, 29th April 2025 – Today PT United Tractors Tbk (“the Company”) released its consolidated financial statements for the first quarter of 2025. The Company recorded net revenue of Rp34.3 trillion, increased by 6% compared to Rp32.4 trillion in the same period of 2024. The revenue was mainly derived from:
– Rp12.6 trillion in Mining Contracting, 6% lower than the first quarter of 2024
– Rp10.9 trillion in Construction Machinery, 31% higher than the first quarter of 2024
– Rp7.0 trillion in Thermal and Metallurgical Coal Mining, 15% lower than the first quarter of 2024
– Rp2.9 trillion in Gold and Other Mineral Mining, 61% higher than the first quarter of 2024.
The Company’s net income was Rp3.2 trillion, 30% lower due to:
- declined performance contribution from Thermal and Metallurgical Coal Mining business resulting from lower coal sales and prices and Mining Contracting business owing to heavy rain were partly offset by improved contribution from Gold and Other Mineral Mining and Construction Machinery businesses, and
- net loss from associates related to an impairment of two Nickel Industries Limited (NIC)’s older RKEF processing plants**.
**) share of net loss from NIC for the 3-month period in arrears based on NIC’s results from the final quarter of 2024
Summary of the Company’s consolidated performance is provided on the table below:
Construction Machinery Segment
The Construction Machinery segment recorded a increase in Komatsu sales volume by 23% to 1,385 units driven by higher sales across sectors. Komatsu maintains its position as market leader. Based on internal market research, Komatsu’s market share was 24%.
Sales volume of Scania mainly from trucks increased from 87 units to 158 units and UD Trucks sales increased from 32 units to 88 units primarily due to higher demand in mining sector. Revenue from spare parts and maintenance services increased by 6% to Rp2.8 trillion. In total, the Construction Machinery segment recorded 31% increased net revenue of Rp10.9 trillion.
Mining Contracting Segment
The Company operates its Mining Contracting segment through PT Pamapersada Nusantara (PAMA) and its subsidiary PT Kalimantan Prima Persada (KPP Mining). PAMA and KPP Mining (PAMA Group) provide mining services to mine concession owners, by assisting them with overburden removal and coal and other mineral production.
Until the first quarter of 2025, PAMA Group recorded decreased overburden removal by 12% to 252 million bcm and decreased coal production for its clients by 2% to 32 million tons, with an average stripping ratio of 7.9x. The lower PAMA overburden removal and client’s coal production was due to heavy rain in the first quarter of 2025.
Thermal and Metallurgical Coal Mining Segment
The Company’s thermal and metallurgical coal mining business segment is operated by PT Tuah Turangga Agung (Turangga Resources).
Until the first quarter of 2025, Turangga Resources’ coal mine reported reported own coal sales volume of 3.2 million tons (including 1.1 million tons of met coal), decreased by 2% compared to the first quarter of 2024. Total coal sales volume including third party coal decreased 3% to 3.8 million tons compared to the same period last year.
Coal Mining segment recorded a 15% decrease in net revenue to Rp7.0 trillion due to lower coal sales and declined prices (both thermal and met coal).
Gold and Other Mineral Mining Segment
The Gold and Other Mineral Mining segment recorded 61% higher revenue to Rp2.9 trillion, mainly due to higher gold sales and stronger selling prices.
Gold Mining
The Company’s gold mining business operated by PT Agincourt Resources (PTAR) and PT Sumbawa Jutaraya (SJR) reported total gold sales equivalent of 57 thousand ounces, 16% higher year on year. PTAR operates Martabe gold mine located in South Tapanuli, North Sumatra. Martabe reported 55 thousand ounces of gold sales equivalent, 12% higher than the same period last year. SJR operates a gold mine concession in Sumbawa Island, West Nusa Tenggara. SJR reported 2 thousand ounces of gold sales equivalent.
Nickel Business
PT Stargate Pasific Resources (SPR) operates nickel mine which is located in Southeast Sulawesi. SPR reported 525 thousand wet metric tonnes (wmt) of nickel ore sales in first quarter 2025, comprising 155 thousand wmt of saprolite and 370 thousand wmt of limonite.
20.14%-owned Nickel Industries Limited (NIC) is an integrated nickel mining and processing company with major assets located in Indonesia. The Company recorded share of net loss from NIC for the 3-month period in arrears based on NIC’s results from the final quarter of 2024. The performance of this business was affected by an impairment relating to two of NIC’s older RKEF processing plants.
For further information, please contact the following:
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Corporate Secretary |
: Sara Loebis |
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Address |
: Jl. Raya Bekasi Km.22 Cakung, Jakarta Timur 13910 |
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Phone |
: (62-21) 24579999, Fax: (62-21) 4600655 |