PT Astra 2025 First Half Financial Statements
To: Business Editor 30 July 2025
For immediate release
PT Astra International Tbk
2025 First Half Financial Statements
The following announcement was issued today by the Company's 85%-owned subsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT Astra International Tbk.
For further information, please contact:
Jardine Matheson Limited
Jonathan Lloyd (852) 2843 8223
Brunswick Group Limited
Ben Fry (65) 9017 9886
30th July 2025
PT ASTRA INTERNATIONAL TBK (the "Company" or "Astra")
2025 FIRST HALF FINANCIAL STATEMENTS
Highlights
● Earnings per share down 4% to Rp395 (excluding fair value adjustments)
● Mining services affected by heavy rainfall and coal mining impacted by lower prices
● Automotive performance impacted by lower car sales, partly offset by improved performance in the motorcycle and components businesses
● Higher contribution from Financial Services, Infrastructure and Agribusiness
"The Group's earnings in the first half of 2025 were lower due to challenging conditions compared to the same period last year. The Group expects that the impact of lower coal prices and a weak national car market may result in a similar relative performance for the remainder of the year. However, we are encouraged by the resilience of our diversified portfolio, and we remain committed to maintaining financial discipline and operational excellence while prudently pursuing opportunities for long-term growth."
Djony Bunarto Tjondro
President Director
Astra group ("the Group") Results
|
|
For the period ended 30th June |
||
|
2025 |
2024 |
Change |
|
|
Net revenue |
162,857 |
159,967 |
2 |
|
Net income*+ |
15,999 |
16,673 |
(4) |
|
Net income* |
15,515 |
15,856 |
(2) |
|
|
Rp |
Rp |
|
|
Net earnings per share*+ |
395 |
412 |
(4) |
|
Net earnings per share* |
383 |
392 |
(2) |
|
|
As at 30th June 2025 |
As at 31st December 2024** |
Change |
|
Shareholders' funds |
218,004 |
213,651 |
2 |
|
|
Rp |
Rp |
|
|
Net asset value per share |
5,385 |
5,277 |
2 |
* Profit attributable to owners of the parent
+ Net income before fair value adjustments on investments in GoTo and Hermina
** Restated due to implementation of PSAK 117: Insurance Contracts
The financial results for the six months ended 30th June 2025 and 2024, as well as the financial position as at 30th June 2025, have been prepared in accordance with Indonesian Financial Accounting Standards and are unaudited.
PRESIDENT DIRECTOR'S STATEMENT
Performance
The Group's consolidated net revenue in the first half of 2025 was Rp162.9 trillion, 2% higher than the first half of 2024. The Group's net income, excluding fair value adjustments on investments in GoTo and Hermina, was Rp16.0 trillion, 4% lower than the same period last year. Including these fair value adjustments, the Group's net income declined by 2% to Rp15.5 trillion. This is mainly due to decreased contribution from the Group's mining services, coal mining and new car businesses, while stronger performance across other parts of the Group's diversified portfolio led to resilient overall results, with higher contribution particularly from Financial Services, Infrastructure and Agribusiness.
The net asset value per share at 30th June 2025 increased by 2% to Rp5,385.
Net cash, excluding the Group's Financial Services subsidiaries, was Rp12.7 trillion at 30th June 2025, compared to Rp8.0 trillion at 31st December 2024. Net debt of the Group's Financial Services subsidiaries was Rp64.0 trillion at 30th June 2025, up from Rp60.2 trillion at 31st December 2024.
Business Activities
The Group's net income by division in the first half of 2025, compared with the same period last year, is set out in the table below:
|
|
Net Income by Division |
||
|
For the period ended 30th June |
|||
|
2025 |
2024 |
Change |
|
|
Automotive & Mobility |
5,258 |
5,692 |
(8) |
|
Financial Services |
4,372 |
4,116 |
6 |
|
Heavy Equipment, Mining, Construction & Energy |
4,982 |
5,848 |
(15) |
|
Agribusiness |
559 |
399 |
40 |
|
Infrastructure |
636 |
461 |
38 |
|
Information Technology |
82 |
63 |
30 |
|
Property |
110 |
94 |
17 |
|
Net Income* (before fair value adjustments on investments in GoTo and Hermina) |
15,999 |
16,673 |
(4) |
|
Fair value adjustments on investments in GoTo and Hermina |
(484) |
(817) |
41 |
|
Net Income* |
15,515 |
15,856 |
(2) |
* Profit attributable to owners of the parent
Automotive & Mobility
Net income from the Group's Automotive & Mobility division decreased by 8% to Rp5.3 trillion, reflecting lower sales in a weak national automotive market.
● The wholesale car market decreased by 9% to 375,000 units in the first half of 2025. Astra's market share declined from 57% to 54%.
● The wholesale motorcycle market decreased by 2% to 3.1 million units in the first half of 2025. Astra Honda Motor's market share remained relatively stable at 77%.
● The net income contribution from 80%-owned Astra Otoparts, the Group's components business, increased by 11% to Rp751 billion in the first half of 2025, with higher contribution from all segments.
● Serasi Autoraya, the Group's transportation and logistics solutions business, recorded 4% lower vehicles under contract at 25,800 units.
● OLXmobbi, the Group's used car business, booked a 26% increase in used car sales to 15,100 units.
Financial Services
Net income from the Group's Financial Services division increased by 6% to Rp4.4 trillion, mainly due to higher contribution from consumer financing on larger loan portfolios.
● The Group's consumer finance businesses saw a 6% increase in new amounts financed to Rp56.2 trillion (excluding dealer financing), mainly reflecting strong growth in multipurpose financing. The net income contribution from the Group's car-focused finance companies increased by 2% to Rp1.2 trillion. The net income contribution from Federal International Finance, the Group's motorcycle-focused finance business, increased by 4% to Rp2.3 trillion.
● The Group's heavy equipment-focused finance companies saw new amounts financed increase by 29% to Rp8.0 trillion. The net income contribution from these businesses increased by 21% to Rp117 billion.
● The Group's general insurance company, Asuransi Astra Buana, reported a 5% increase in net income contribution to Rp764 billion, largely due to higher underwriting income and investment income. The Group's life insurance company, Asuransi Jiwa Astra, recorded a 10% decrease in gross written premiums to Rp2.7 trillion.
Heavy Equipment, Mining, Construction and Energy
Net income from the Group's Heavy Equipment, Mining, Construction and Energy division, represented by 59.5%-owned United Tractors, decreased by 15% to Rp5.0 trillion. Lower results in its mining services and coal mining businesses were partly offset by its gold mining and heavy equipment businesses.
● Komatsu heavy equipment sales increased by 27% to 2,700 units, driven by stronger demand from all sectors. Revenues from its parts and service businesses also increased.
● Mining services provider Pamapersada Nusantara recorded 9% lower overburden removal at 533 million bank cubic metres, primarily due to heavy rainfall.
● United Tractors' coal mining subsidiaries recorded own coal sales of 7.8 million tonnes, including 2.1 million tonnes of metallurgical coal, compared with 7.5 million tonnes in the first half of 2024, which included 1.6 million tonnes of metallurgical coal. Revenue from this business was impacted by lower coal prices.
● United Tractors' gold mining business reported 14% higher gold sales at 125,000 oz, while gold prices were 37% higher.
● United Tractors' nickel mining business comprises majority-owned Stargate Pasific Resources and 20.1%-owned Nickel Industries Limited ("NIC"). United Tractors recognised equity income from NIC for the 6-month period in arrears based on NIC's results from the final quarter of 2024 and the first quarter of 2025. The performance of this business was affected by an impairment relating to two of NIC's older RKEF processing plants.
Agribusiness
Net income from the Group's Agribusiness division, represented by 79.7%-owned Astra Agro Lestari, increased by 40% to Rp559 billion.
● Crude palm oil ("CPO") prices were 17% higher at Rp14,285/kg.
● CPO and derivative product sales increased by 13% to 883,000 tonnes.
Infrastructure
The Group's Infrastructure division reported a 38% increase in net income to Rp636 billion, due to higher traffic volume and increased tariffs. The Group's toll road concessions generated 8% higher daily toll revenue during the period from its 396km of operational toll roads along the Trans-Java network and the Jakarta Outer Ring Road.
Information Technology
The Group's Information Technology division, represented by 76.9%-owned Astra Graphia, reported a 30% increase in net income to Rp82 billion, primarily due to higher revenue from its information technology solutions business and improved operating margin.
Property
The Group's Property division reported a 17% increase in net income to Rp110 billion, mainly from its newly acquired industrial warehouse assets and to a lesser extent increased occupancy in Menara Astra.
Corporate Actions
Following resilient performance over the past few years, Astra's management is currently undertaking a strategic review across its business portfolio to identify and assess initiatives that can be taken to enable the continued delivery of future growth and value in changing market conditions. The outputs from this review are expected in the first half of 2026.
In 2025, the Group carried out the following corporate actions:
● In April, Toyota Motor Asia (Singapore) Pte. Ltd. ("TMA") invested USD120 million (approximately Rp2.0 trillion) for a 40% stake in Astra Digital Mobil ("ADMO"), which owns OLXmobbi, an online-to-offline used car business. Following the transaction, the Group retains a 60% controlling interest in ADMO. This collaboration strengthens the longstanding partnership between Astra and TMA, and aims to modernise the used car market and enhance customer access to high-quality vehicles, financing, insurance and aftersales services across Indonesia.
● In June, the Group, through United Tractors, acquired a 30.6% stake in Supreme Energy Sriwijaya ("SES") for USD30.8 million (Rp501 billion). SES is a 25.2% shareholder of Supreme Energy Rantau Dedap ("SERD"), which owns a geothermal plant in South Sumatera with an installed capacity of 91.2 MW. As a result of this transaction, United Tractors' effective shareholding in SERD increased from 32.7% to 40.4%.
● In July, the Group, through Saka Industrial Arjaya ("SIA"), a company under its Property division, signed a Conditional Shares Sale and Purchase Agreement to acquire an 83.7% stake in Mega Manunggal Property ("MMP"), an industrial and logistics property developer listed on the Indonesia Stock Exchange. Upon completion, SIA will become the new controlling shareholder of MMP and, in line with the capital market regulations, will carry out a Mandatory Tender Offer. This acquisition is part of the Group's strategy to benefit from Indonesia's rapidly growing demand for industrial & logistics infrastructure.
Prospects
The Group's earnings in the first half of 2025 were lower due to challenging conditions compared to the same period last year. The Group expects that the impact of lower coal prices and a weak national car market may result in a similar relative performance for the remainder of the year. However, we are encouraged by the resilience of our diversified portfolio, and we remain committed to maintaining financial discipline and operational excellence while prudently pursuing opportunities for long-term growth.
Djony Bunarto Tjondro
President Director
30th July 2025
For further information, please contact:
PT Astra International Tbk
Boy Kelana Soebroto, Chief of Corporate Affairs
Tel: +62 - 21 - 5084 3888
-end-
About Astra
Astra is one of Indonesia's largest public companies, comprising 301 subsidiaries, joint ventures, and associate companies, supported by more than 190,000 employees. The company's diversified business model creates synergies and opportunities across industry sectors including automotive & mobility, financial services, heavy equipment, mining construction & energy, agribusiness, infrastructure, information technology, and property. The company has a new sustainability framework which includes Astra's 2030 Sustainability Aspirations. It will guide Astra in the transition journey to be a more sustainable business by 2030 and beyond. Astra wishes to contribute to the strength and resilience of the Indonesian economy while supporting an inclusive and prosperous society.
Astra has a strong record of public and social contributions through four pillars, which consist of health, education, environment, and entrepreneurship as well as nine foundations to contribute to the growth of the Indonesian economy while encouraging a more inclusive and prosperous society. Established in 2010, Astra's Semangat Astra Terpadu Untuk (SATU) Indonesia Awards programme, has recognised the contribution of 726 young Indonesians at the national and provincial level across the nation. The SATU Indonesia Awards programme is integrated with Astra's wide range of community activities through 1,500 Desa Sejahtera Astra and Kampung Berseri Astra in 35 provinces throughout Indonesia.
For more about Astra, visit.astra.co.id, and follow us on Instagram @satu_indonesia, TikTok @satu_indonesia, YouTube SATU Indonesia, X (Twitter) @satu_indonesia, LinkedIn PT Astra International Tbk, and Facebook Semangat Astra Terpadu.
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