PT Aneka Tambang, the Indonesian miner known as Antam, said revenue from its nickel business rose 52% to Rp16.98 trillion in the first nine months of 2026, as ferronickel sales volume climbed 71%. Nickel growth helped push the company's profit for the period up 46% to Rp9.66 trillion, from Rp6.61 trillion a year earlier, according to results disclosed to the Indonesia Stock Exchange on Oct. 27.

For investors tracking Indonesia's nickel push, the numbers show a listed miner whose metal side is growing much faster than its larger gold trading arm. Gold revenue rose 17% over the same period. Nickel ore and ferronickel together accounted for 19% of sales, up from about 15% a year earlier based on the reported figures, while gold made up 77%.

Net sales rose 23% to Rp88.48 trillion, Katadata reported. Gross profit increased 42% to Rp15.56 trillion and operating profit rose 53% to Rp12.05 trillion, so margins widened as revenue grew. EBITDA reached Rp13.48 trillion, up 45%. Basic earnings per share rose to Rp367.78 from Rp248.62.

Antam ferronickel sales outpace production

Antam sold 13,971 tons of nickel contained in ferronickel in the nine months, up from 8,182 tons a year earlier, according to the figures reported by Fortune Indonesia and Katadata. Production was 11,638 tons, which means the company sold about 2,300 tons more than it made in the period. All ferronickel went to export buyers, mainly in China, India and South Korea, Fortune Indonesia reported.

The ore business points the other way. Antam produced 12.16 million wet metric tons of nickel ore and sold 10.73 million tons, all of it to domestic buyers. That ore feeds domestic processing plants, and Antam's sales to them make the company a supplier to the same downstream industry that competes with its own ferronickel.

The supply side matters for prices. The government has signaled it wants to tighten nickel ore quotas for 2027, a move that would favor miners holding approved output while raising feedstock costs for smelters that lack their own mines.

Gold still drives the numbers

Gold revenue was Rp68.41 trillion, up from Rp58.67 trillion. Antam sold 25,217 kilograms, or about 810,745 troy ounces, while its own mines produced only 634 kilograms. The gap means nearly all the gold volume came from sources other than Antam's own mines. Domestic customers accounted for Rp83.86 trillion of sales, or about 95% of the total, IDXChannel reported.

The smaller bauxite and alumina unit also grew. Revenue rose 35% to Rp2.64 trillion, bauxite sales volume increased 49% to 1.64 million wet metric tons and chemical grade alumina output rose 14% to 153,399 tons.

President Director Untung Budiharto said the company was strengthening its fundamentals through operational optimization, commercial strategy and portfolio development, according to Katadata. Finance and Risk Management Director Arini Kasmira credited working capital management, cost discipline and measured risk control for the results, the outlet reported.

Balance sheet and battery projects

Total assets rose 24% to Rp59.74 trillion at the end of September and equity rose 17% to Rp41.22 trillion. Cash and equivalents reached Rp10.54 trillion. Net operating cash flow was Rp5.06 trillion, up 26%, though still far below reported profit, in part because cash received from customers of Rp87.92 trillion trailed net sales slightly.

Profit from associated companies more than doubled to Rp300.58 billion from Rp140.03 billion, Katadata reported. Antam paid Rp5.05 trillion in dividends for 2025 in July, equal to 70% of profit attributable to the parent, according to Fortune Indonesia.

The company's longer-term nickel bet sits in East Halmahera, North Maluku, where it is developing an electric vehicle battery ecosystem with a consortium that includes CATL Group and Zhejiang Huayou Cobalt, Fortune Indonesia reported. It is also building the first phase of the SGAR alumina refinery in Mempawah, West Kalimantan, with capacity of 1 million tons a year.

The battery venture would move Antam further from selling ore and ferronickel toward materials for EV supply chains. The nine-month figures show that, for now, the gain in nickel came from shipping more ferronickel abroad and more ore to local smelters. The next marker for the nickel unit is the full-year result, along with the 2027 ore quota approvals that will set how much Antam and its smelter customers can mine next year.