PAM Mineral Earns IDR 1.35 Trillion in Sales from Surging Nickel Exports
Tue 04 Nov 2025, 04:36 AM
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PT PAM Mineral Tbk (NICL) recorded sales of IDR 1.35 trillion in the third quarter of 2025, soaring 64.82% compared to sales of IDR 821 billion in the same period last year.
President Director of PT PAM Mineral Tbk (NICL) Ruddy Tjanaka explained that the increase in sales value was supported by a rise in nickel sales volume from 1,273,855.62 metric tons to 2,404,590.63 metric tons, or up 88.76%.
As a result of the sales increase accompanied by cost efficiencies, the company’s gross profit also surged sharply from IDR 293.80 billion in the third quarter of 2024 to IDR 600.92 billion, up 104.53% year on year (YoY). In line with higher gross profit, the gross margin also improved from 35.77% to 44.39%.
In step with the higher gross profit, operating profit also jumped from IDR 225.68 billion in the third quarter of 2024 to IDR 504.88 billion in the third quarter of 2025, an increase of 123.71%.
Higher sales volume and operating cost efficiency drove net profit for the period to soar to IDR 401.66 billion in the third quarter of 2025, compared to IDR 173.66 billion in the prior period. Net profit for the third quarter of 2025 rose 131.28% year on year.
Ruddy said that since the end of 2024, the domestic nickel reference price has fallen 5.20% in line with global trends and the fluctuating momentum in the electric-vehicle battery industry.
“We believe this price decline is a short-term fluctuation, and the company remains committed to staying adaptive to current conditions in order to prepare and anticipate,” he said in an official statement quoted Monday (November 3).
The company’s total assets in the third quarter of 2025 stood at IDR 971.88 trillion, down around 7.45% compared to 2024’s IDR 1.05 trillion. The company also recorded a decrease in liabilities, to IDR 138.60 billion as of September 2025 from IDR 171.92 billion as of December 2024, due to debt repayments during the period. The company has no long-term bank debt.
On the other hand, total equity edged down from IDR 878.18 billion to IDR 833.27 billion in the third quarter of 2025. Operational performance in the third quarter of 2025 had a positive impact on the company’s finances, leaving the balance sheet in a healthy and solid position.
As of the third quarter of 2025, production capacity utilization had reached 92.48% of the approved 2025 Work Plan and Budget (RKAB). To meet market needs through year-end 2025, the company has submitted an RKAB renewal to the Ministry of Energy and Mineral Resources to increase its RKAB quota.
“Although the company managed to deliver satisfactory operational and financial performance in the third quarter of 2025, it still fell short of our expectations,” Ruddy said.
The company estimates that in the fourth quarter of 2025, nickel prices will remain volatile due to the impact of U.S. trade tariff policies, which continue to affect global economic stimulus, compounded by a surplus in supply that could further pressure nickel prices.
However, the domestic nickel industry holds strategic opportunities, as tensions between China and Western countries are prompting many nations to seek alternative sources of critical metals. Indonesia can leverage this situation as a key non-China player. In addition, the oversupply situation appears to be easing, reflected in the recovery of domestic nickel benchmark prices.
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