Economy in the first quarter: Mining (nickel)
Indonesian nickel miners reported strong year-on-year financial performance in the first quarter amidst downfall of prices, but mainly attributable to last year’s delay in approval of work and budget plan (RKAB). Those didn’t experience such delay came out with deeper corrections in margins.
Economy in the first quarter: Food & Beverages
Companies involved in food and beverages supposedly reported strong first quarter due to the Ramadan fasting month and preparation for Lebaran holidays. Eroded purchasing power in the middle-low income group, however, led to weaker spending in the period instead, despite distribution of Lebaran bonuses.
Economy in the first quarter: Mining (coal)
Pretty much as predicted, Indonesian coal miners mostly suffered from substantial decline in profitability in the first quarter of 2025 due to falling price of thermal coal and squeezed margins. Some even reported more than 90% drop in net profit.
Economy in the first quarter: Construction (cement)
Budget freeze and weaker purchasing power of middle-to-low income group affected construction sector in the first quarter, which contributed to downfall of construction material industry, particularly cement. The industry moved from bad to worse.
Mass layoffs at Gudang Garam
Gudang Garam (GGRM), the second largest cigarette producer controlled by Wonowidjojo Family, booked net profit of Rp104.4 billion in the first quarter of 2025, collapsed 82.5% from the corresponding period of 2024 due to downfall of sales and squeeze margins.
Key takeaways from first quarter financial reports (4)
“Tech” companies GOTO Gojek Tokopedia (GOTO), bukalapak.com, and blibli.com reported improved bottom line in the first quarter of 2025, among others due to efficiency measures taken in the past two years following the tech winter.
Key takeaways from first quarter financial reports (3)
Shares of Bank Rakyat Indonesia (BBRI) opened lower by 1.04% to Rp3,810 this morning as investors responded negatively the company’s financial performance in the first quarter, where net profit dropped 14% to Rp13.67 trillion.
Key takeaways from first quarter financial reports (2)
Most believe that the household consumption in the first quarter was under pressure. Massive cut of State budget for travel and meetings in the quarter, however, was partly compensated by Lebaran bonuses and seasonally higher spending during Ramadan fasting months.
Key takeaways from first quarter financial reports (1)
Companies listed on the Indonesia Stock Exchange (IDX) have gradually released financial reports for the first quarter ended March 31, 2025. They provided us good reading about the economy, which was hit by uncertainties in the State budget management and global trade wars.
The Grab-Gojek Merger and the “Puppets” of Fake Competition
The long-standing rumor of a merger between Grab and Gojek, Indonesia’s two biggest ride-hailing giants, is heating up again. After failing to reach an agreement in 2020 and 2024, the merger speculation has resurfaced this year. Will the merger eventually happen? And who is being prepared to make the merger appear legal in the eyes of the public and regulators?