Krakatau Steel yet to see the light
State-owned steel manufacturer Krakatau Steel (KRAS) recorded net profit of US$325.5 million last year against loss of US$155 million in 2024, but that was attributable to non-cash gain from debt restructuring. The company’s operations actually worsened.
Indocement & Cemindo ‘improved’, Semen Indonesia ‘worsened’
Cement industry, no doubt, remains under pressure due to lower government investments in infrastructure and weaker purchasing power for property products. Three major cement manufacturers listed on the Indonesia Stock Exchange (IDX) were forced to dismiss over 1,000 workers last year.
Pressures on manufacturers (2)
Similar to PT Asahimas Flat Glass Tbk (AMFG), glass manufacturer PT Mulia Industrindo Tbk (MLIA) booked net loss of Rp4.54 billion last year against profit of Rp311 billion in 2024 due to lower sales revenues and squeezed margins.
Reality check on Chandra Asri
Shares of Chandra Asri Pacific (TPIA), involved in oil refining and petrochemicals, declined 3.3% to Rp5,075 in the morning session Thursday (Mar 26) amidst uncertainties in the Middle East. The stock has lost 50% from its recent peak despite accounting gain from acquisition of oil refineries in Singapore last year.
More stainless steel capacity
Indonesia exported nearly US$28 billion worth of iron and steel (HS72) products last year, an increase of 8.4% from 2024, thanks to higher domestic production capacity. The country is set to generate more export revenues from the sector with new facilities entering commercial operation this year.
Pressures on manufacturers
Polychem Indonesia (ADMG), manufacturer of ethylene glycol, booked net loss of US$3.1 million last year, down 70% from 2024. Looks improved, but the company’s gross profit margin was 1.1% only.
EV Industry Update
Global electric vehicle (EV) sales reached 1.1 million units in February 2026, down 11% from both January 2026 and February 2025, according to data from Benchmark Mineral Intelligence. Year-to-date, sales totalled 2.2 million vehicles, an 8% decline compared to the same period in 2025.
Quiet (mass) layoffs (10)
Some Indonesian manufacturers opted to reduce significantly their workforce due to steady increase of minimum wage and allowances. Others avoided adding workers due to higher portion of direct labour costs in manufacturing activities.
Uni-Charm turns to huge losses
PT Uni-Charm Indonesia Tbk (UCID), one of big players in diapers market, booked net loss of Rp1.19 trillion last year against net profit of Rp350 billion in 2024. What happened to the company?
A hiccup in pickup truck hullabaloo?
Joao Angelo de Sousa Mota, CEO of Agrinas, who dropped his resignation last year after openly criticizing Danantara, openly defended the policy to import 105,000 pickup trucks from India even after ‘strong man’ Sufmi Dasco Ahmad, deputy chairman of President Prabowo’s Gerindra Party, asked for temporary suspension, pending examination by Prabowo himself upon returning home from weeks of overseas trip.