PT ANTAM (Persero) Tbk (ASX:ATM) reported Rp6.91 trillion in net profit and Rp62.71 trillion in first-half 2026 sales, with gold contributing the bulk of disclosed revenue. The Indonesian miner is also advancing downstream projects across gold, nickel and bauxite, although project costs and completion dates remain undisclosed.
- Rp6.91 trillion net profit on Rp62.71 trillion in 1H26 sales
- Gold revenue reached Rp50.39 trillion from approximately 18.1 tonnes of sales
- Gresik Logam Mulia facility planned for approximately 30 tonnes per year
- Nickel ore sales directed entirely to domestic demand
- Rp9.23 trillion in cash and cash equivalents at June 2026
Gold supplies the earnings engine
Gold did most of the visible heavy lifting for PT ANTAM (Persero) Tbk (ASX:ATM) in the first half of 2026. ANTAM reported net sales of Rp62.71 trillion and net profit of Rp6.91 trillion, while its gold business generated Rp50.39 trillion in revenue from approximately 18.1 tonnes of sales.
The figures give ANTAM a strong first-half headline, though the announcement provides no comparative prior-period data. Management attributed the performance to operational optimisation, commodity portfolio management, cost discipline and continued attention to financial health rather than pointing to a single factor.
Gresik facility remains at pre-construction stage
ANTAM is preparing a Logam Mulia manufacturing facility in Gresik with projected capacity of approximately 30 tonnes a year. The project is still at the pre-construction stage, making execution progress more consequential than the capacity figure itself at this point. The announcement does not provide a construction timetable, project cost or funding requirement.
The company said it is strengthening gold raw-material supply, processing and manufacturing capabilities, and market access. Those initiatives are intended to deepen the value chain, but the filing stops short of quantifying the expected financial contribution from the planned facility.
Nickel sales remain tied to domestic demand
ANTAM produced approximately 7.78 million wet metric tonnes of nickel ore and sold approximately 6.77 million wmt during 1H26. All nickel ore sales were directed to the domestic market.
Its longer-term nickel strategy spans mining, RKEF and HPAL processing, battery materials and battery cells as part of Indonesia’s electric-vehicle battery ecosystem. Finance and Risk Management Director Arini Kasmira said downstream development would be pursued while considering project economics and risk management, but the announcement gives no detailed economics or completion dates for those initiatives.
Balance sheet supports the expansion agenda
ANTAM ended the first half with total assets of Rp61.27 trillion, equity of Rp38.53 trillion and cash and cash equivalents of Rp9.23 trillion. The company said the position would support growth while preserving investment discipline and risk management.
In bauxite and alumina, ANTAM operates a Tayan mine and a Chemical Grade Alumina facility through PT Indonesia Chemical Alumina, with installed capacity of 300,000 tonnes a year. It also owns 40% of the Mempawah Smelter Grade Alumina facility, which has installed capacity of 1 million tonnes a year. The next test is whether the cash-backed strategy can convert these assets and proposed projects into higher-value output without weakening the financial discipline management has emphasised.
Bottom Line?
The profit and cash position provide a solid starting point, but the investment case now turns on the cost, timing and economics of ANTAM’s downstream projects.
Questions in the middle?
- How much of the Rp6.91 trillion first-half profit came from gold pricing, volumes or other operating factors?
- When will construction begin at the 30-tonne-per-year Gresik facility, and what will it cost?
- Can the nickel battery and alumina projects generate attractive returns while maintaining ANTAM’s stated financial discipline?