Indonesian Cement Sector Shows Mixed Results in 9M 2025

Revenue Decline Across Major Players

The Indonesian cement industry experienced a challenging nine months in 2025, with major players reporting revenue declines. PT Semen Indonesia (Persero) Tbk (SMGR), the largest cement producer in Indonesia, saw its revenue decrease by 3.76% year-on-year (yoy) to Rp 25.30 trillion for the nine months ending September 2025. Similarly, PT Indocement Tunggal Prakarsa Tbk (INTP) reported a 3.07% yoy revenue decline to Rp 12.91 trillion during the same period.

Divergent Profit Performance

The profit performance of these cement majors diverged significantly. SMGR's net profit plummeted by 84.04% yoy to Rp 114.83 billion, compared to Rp 719.72 billion in the same period last year. In contrast, INTP managed to maintain a slight 0.95% yoy growth in net profit, reaching Rp 1.06 trillion, up from Rp 1.05 trillion per September 2024.

Sales Volume Analysis

SMGR's total cement and clinker sales volume reached 14,443 thousand tons in the nine months of 2025, representing a 2.0% decrease compared to the same period last year. This decline in sales volume contributed to the revenue contraction observed in both major cement companies.

Market Implications

The mixed financial performance of these cement majors reflects the challenging conditions in the Indonesian construction sector. The decline in revenue for both SMGR and INTP indicates weakening demand, potentially due to slower infrastructure projects and reduced construction activity. However, INTP's ability to maintain positive net profit growth, albeit marginal, suggests some resilience in their operations or effective cost management strategies.