HRTA 9M25 Profit Surges on Gold Volume and EMASKU Security

• HRTA posted strong 9M25 growth, driven by higher gold volumes, rising prices, and strengthened EMASKU product credibility and security features.

PT Hartadinata Abadi Tbk (HRTA) reported a significant financial upturn in the first nine months of 2025, with net revenue rising 89.56% year on year to Rp25.19 trillion, up from Rp13.29 trillion in 9M24. The company’s revenue performance reached 86.5% of its full year 2025 target of Rp29.1 trillion and was driven primarily by wholesale gold bullion sales, which accounted for 83% of total revenue, or approximately Rp20.9 trillion. Retail sales contributed around Rp4.2 trillion, while exports declined sharply to roughly Rp107.5 billion. HRTA’s performance reflects both volume expansion and price effects amid elevated global gold prices throughout 2025.

HRTA Earns KAN Accreditation, Reaffirms Commitment to World-Class Gold Standards. | source: PT Hartadinata Abadi

Sales metrics show a 29.61% YoY increase in pure gold volume to 14.79 tonnes in 9M25 from 11.41 tonnes a year earlier. The average selling price rose 46.34% YoY to Rp1,695,288 per gram from Rp1,158,491 in 9M24, in line with sustained strength in global gold prices. Beyond pricing dynamics, HRTA also strengthened product credibility through its EMASKU bullion line, which is supported by a laboratory accredited by the National Accreditation Committee (KAN), ensuring recognized purity standards. The bullion products are equipped with BullionProtect security technology, embedding anti counterfeiting protection directly on the gold bars to enhance authenticity verification. These factors combined to reinforce topline expansion for the integrated gold producer.

Illustration of  10 gram gold HRTA product. | source: PT Hartadinata Abadi

On the bottom line, HRTA posted net profit of Rp575.76 billion in 9M25, up 90.70% from Rp301.92 billion in 9M24, exceeding market expectations. Earnings growth was supported by operational scale and cost control despite margin compression from the higher share of lower margin bullion sales. As of September 2025, total assets stood at approximately Rp8.2 trillion, with cash and cash equivalents of around Rp1.1 trillion and total equity of roughly Rp2.8 trillion, indicating a solid balance sheet as the company approaches its full year target.