Indika profit rises as Awak Mas takes 84% of capital spending
The Indonesian group reported US$20.2 million in nine-month profit, with higher coal revenue and margins alongside investment in its gold project.
Indonesia’s Indika Energy 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.
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 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.
