PT Bukit Asam Tbk (ptba) recorded a net profit of IDR 1.4 trillion and EBITDA of IDR 3.6 trillion, with an EBITDA margin of 11%, as of the end of September 2025.Over the nine-month period of 2025, ptba booked revenue of IDR 31.3 trillion through the end of September 2025, up 2%. Although sales volume rose 8%, weaker coal prices—Newcastle Index down 22% and ICI-3 down 16%—pressed the average selling price, which fell 6%.As for the sales mix through the end of September 2025, domestic sales accounted for 56% while the remaining 44% were exports. The five largest export destinations in the period were Bangladesh, India, the Philippines, Vietnam, and South Korea.President Director of ptba, Arsal Ismail, said that amid declining global coal prices throughout 2025, ptba managed to maintain solid operational performance and preserve profitability through cost efficiency and optimization of the domestic market portfolio.“This is reflected in continued growth in production and sales volumes, as well as capex realization that supports operational sustainability and strategic logistics projects,” he said in a written statement on Thursday (October 30, 2025).This year, ptba distributed dividends totaling IDR 3.9 trillion.Capital expenditure through September 2025 reached IDR 3.0 trillion, with the majority allocated to developing the Tanjung Enim–Kramasan transport line.Cost of revenue came in at IDR 27.8 trillion, up 11%. The increase was in line with higher operating volumes, with coal production up 9% and haulage up 8%, although the stripping ratio was slightly lower at 5.98x versus 6.02x in the same period last year.In addition, the removal of the FAME component subsidy for biodiesel and the obligation to use B40 led to an increase in fuel prices per liter (+8% YoY), which automatically raised fuel costs for both mining activities and rail transport.General and administrative expenses rose by IDR 52.4 billion or 4%, while selling expenses fell 1% or by IDR 7.1 billion.The Company’s associates and joint ventures recorded finance income of IDR 157.6 billion, down 14%. Finance costs were IDR 247.9 billion, up 23% in line with higher bank borrowings. The share of net profit from associates and joint ventures was IDR 333.1 billion, up 14%.Total assets at the end of September 2025 stood at IDR 42.8 trillion, up 3% compared to the end of 2024 at IDR 41.8 trillion, with cash and cash equivalents of IDR 4.0 trillion, down 3% from IDR 4.1 trillion at year-end 2024.Total liabilities at the end of September 2025 rose from IDR 19.1 trillion at the end of December 2024 to IDR 22.1 trillion. Equity declined from IDR 22.6 trillion at the end of December 2024 to IDR 20.8 trillion at the end of September 2025. As a result, total liabilities and equity were IDR 42.8 trillion, up 3% from IDR 41.8 trillion at the end of December 2024.Net cash provided by operating activities fell from IDR 4.4 trillion to IDR 4.2 trillion, down 4%. This decline was mainly due to higher payments to suppliers and employees, influenced by rising fuel prices.Net cash used in investing activities increased from IDR 0.8 trillion to IDR 2.2 trillion through September 2025. The increase was primarily due to additions to fixed assets and bearer plants, which rose from IDR 1.4 trillion to IDR 2.4 trillion by the end of September 2025.Net cash used in financing activities decreased from IDR 3.1 trillion to IDR 2.2 trillion. This was mainly due to lower dividend payments this year and reduced bank loan repayments.Corporate Secretary Division Head, Eko Prayitno, stated that ptba consistently pursues internal cost leadership to achieve optimal performance. An improvement in prices is expected to have a positive impact alongside the company’s marketing and operational strategies.“Despite a challenging global market and a correction trend in coal prices, the Company continued to deliver positive results. Going forward, the Company will continue to drive cost efficiency, enhance performance, and expand a sustainable business portfolio,” Eko said.
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