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# Indika profit rises as Awak Mas takes 84% of capital spending
- URL: https://www.southeastasiaconnect.com/indika-profit-awak-mas-gold-capital-spending-20261030/
- Published: 2026-10-31T20:30:03.000Z
- Updated: 2026-10-31T20:30:03.000Z
- Description: The Indonesian group reported US$20.2 million in nine-month profit, with higher coal revenue and margins alongside investment in its gold project.
- Author: Southeast Asia Editorial Team
- Tags: News, #sea-section-news, Indonesia, #google-news, #sea-home-lead

Indonesia’s [Indika Energy](https://indikaenergy.co.id/?ref=southeastasiaconnect.com) reported US$20.2 million in nine-month profit and allocated US$127.6 million—84% of its capital spending—to the Awak Mas gold project, according to its [30 October results release](https://indikaenergy.co.id/press/indika-energy-records-us-20-2-million-profit-through-the-third-quarter-of-2026/?ref=southeastasiaconnect.com).

The unaudited results cover the nine months ended 30 September 2026\. Profit attributable to the company’s owners rose from US$0.5 million a year earlier, while group revenue increased 27.7% to US$1.84 billion.

The figures show two different sides of the Indonesian group’s business: coal production remains its largest reported revenue contributor, while the bulk of capital expenditure is going into gold-project construction.

## Coal prices and volumes support revenue

Coal producer [Kideco Jaya Agung](https://indikaenergy.co.id/business/energy/?ref=southeastasiaconnect.com) recorded US$1.35 billion in revenue, up 16.8%. Its average selling price increased 14% to US$56.3 a tonne, and sales volume rose 2.2% to 22.6 million tonnes.

Kideco’s gross profit margin widened to 18.9% from 13.2%. Higher fuel costs also pushed its cash cost excluding royalties up 12% to US$38.2 a tonne.

Indika also reported higher revenue from its engineering and contracting, logistics and coal-trading businesses. At group level, operating profit rose 92.6% to US$155.9 million, while gross profit margin increased to 15.2% from 13.4%.

Finance costs were US$51.6 million. The group also recorded US$9.8 million in foreign-exchange losses, including US$7.1 million in unrealised, non-cash losses, mainly linked to rupiah depreciation.

## Awak Mas accounts for most capital spending

Indika spent US$151.7 million on capital expenditure during the nine-month period. Non-coal businesses received US$148.5 million, or 97.9% of that total, with Awak Mas accounting for US$127.6 million—84.1% of the group’s capital spending.

At 30 September, construction progress for Phase C2 of Awak Mas stood at 72.84%, according to the company. It reported cumulative project costs of US$397.5 million.

The release also recaps a US$155 million financing facility signed on 5 August specifically to fund Awak Mas capital expenditure. That earlier facility has a two-year term and an option to extend for another year.