Executive Summary

Key insights and market outlook

PT Merdeka Copper Gold Tbk (MDKA) reported revenue decline of 22.18% YoY to US$1.28 billion in Q3 2025, while its subsidiary MBMA saw net profit rise 34.79% YoY to US$25.31 million. MDKA recorded net loss of US$34.76 million, a 48.13% improvement from previous year. The mixed results come as the company continues its business expansion.

Full Analysis

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Deep Dive Analysis

Merdeka Copper Gold's Q3 2025 Financial Performance

Mixed Results Amid Continued Expansion

PT Merdeka Copper Gold Tbk (MDKA), part of the Merdeka Group, reported mixed financial results for the third quarter of 2025 ¹

². The company recorded a 22.18% year-on-year decline in revenue to US$1.28 billion for Q3 2025. Despite the revenue drop, MDKA managed to reduce its net loss attributable to the parent entity by 48.13% YoY to US$34.76 million ¹.

Segment Performance

MDKA's subsidiary, PT Merdeka Battery Materials Tbk (MBMA), showed more positive signs with a 34.79% YoY increase in net profit to US$25.31 million, despite a 32.24% decline in revenue to US$934.99 million. Another subsidiary, PT Merdeka Gold Resources Tbk (EMAS), faced significant challenges with its revenue plummeting 93.52% YoY to US$113,437 and net loss expanding 158.77% YoY to US$22.28 million ¹

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Operational Highlights

The company's financial performance reflects the ongoing challenges in the mining sector while it continues its business expansion. Despite revenue challenges, MDKA managed to improve its gross profit to US$166.05 million from US$118.16 million in the same period last year. The operating profit also showed improvement, rising to US$121.83 million from US$78.78 million ²

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Outlook

The mixed results across different subsidiaries suggest that while the group faces near-term challenges, there is potential for improvement in 2026 as expansion plans continue. Analysts recommend closely monitoring the company's progress in managing its various business segments.

Original Sources

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