MIND ID Group's Performance Exceeds Market Expectations Amid Economic Shocks

The Indonesian state-owned mining conglomerate MIND ID navigated a volatile 2025, marked by fluctuating commodity prices and global geopolitical tensions, to deliver a performance that surpassed market expectations. Instead of faltering, the group's subsidiaries consistently posted positive results throughout the year.

Toto Pranoto, a state-owned enterprise observer from the University of Indonesia, noted that MIND ID's achievements extended beyond the benefits of rising commodity prices. "This performance demonstrates MIND ID's increasingly strong upstream-to-downstream business integration," Toto said, acknowledging the windfall profits from geopolitical instability.

Detailed performance figures highlight the group's strength. PT Aneka Tambang Tbk (ANTM), focused on gold, reported a net profit of Rp 7.92 trillion in 2025, a 106 percent increase from Rp 3.85 trillion in 2024. This growth was fueled by a 22 percent rise in revenue to Rp 84.64 trillion, with gold contributing approximately 79 percent of total sales. PT Bukit Asam Tbk (PTBA), a coal producer, maintained stable revenue of Rp 42.65 trillion and a net profit of Rp 2.93 trillion in 2025, despite a 22 percent year-on-year drop in the Newcastle Index for coal prices. PTBA achieved this through a 6 percent increase in sales volume, with a balanced domestic and export market.

PT Freeport Indonesia (PTFI) recorded a net profit of US$2.52 billion (around Rp 42.07 trillion) on revenues of US$8.62 billion (around Rp 143.9 trillion) in 2025. This success stems from its copper and gold operations in Papua and the strengthening of its downstream business through the copper smelter facility in Gresik. PT Indonesia Asahan Aluminium (Inalum) saw its net profit rise by 15 percent in 2025, with revenue increasing by 10 percent to US$785.7 million, demonstrating operational stability at Southeast Asia's largest aluminum smelter amid global price fluctuations.

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This performance demonstrates MIND ID's increasingly strong upstream-to-downstream business integration.