INDF booked revenue growth of 4.6% YoY to IDR90.98 trillion in 9M25. This growth was driven by increased sales across all business segments, with the highest increase in the agribusiness segment of 33.3% YoY to IDR11.29 trillion, followed by the distribution segment, which increased by 5.2% YoY to IDR5.58 trillion in 9M25.

INDF’s operating expenses decreased by 10.7% YoY to IDR11.86 trillion in 9M25. This decrease was aligned with a decrease in general and administrative expenses to IDR3.71 trillion, relatively stable selling and distribution expenses at IDR9.22 trillion, and other operating income increased to IDR1.58 trillion in 9M25. This operational efficiency caused INDF’s operating profit to increase by 12.5% YoY to IDR18.1 trillion in 9M25.

INDF’s net profit decreased by 7.5% YoY to IDR11.37 trillion in 9M25. This decrease was due to a foreign exchange loss from financing activities of IDR1.6 trillion in 9M25 (vs. a foreign exchange gain from financing activities of IDR1.24 trillion in 9M24).

Therefore, we maintain our Buy rating for INDF with the same projections and fair value as in the previous company update at IDR9,650.

By PHINTRACO SEKURITAS | Research
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