AMRT booked a revenue growth of 7.8% YoY to IDR63.81 trillion in 6M25. This growth was in line with the increase in sales of all AMRT segments in 6M25. The food segment increased by 7.9% YoY to IDR45.48 trillion, while the non-food segment increased by 7.38% YoY to IDR18.33 trillion in 6M25.

By location, sales outside Java grew by 15.7% YoY to IDR24.49 trillion in 6M25, while sales in Jabodetabek and Java (outside Jabodetabek) grew by 4.57% YoY and 4.1% YoY in 6M25, respectively. On a quarterly basis, only sales outside Java increased by 7.43% QoQ to IDR12.69 trillion in 2Q25. This is in line with AMRT’s focus on expansion outside Java, as reflected in the growing percentage of stores outside Java

AMRT’s operating expenses increased by 14.79% YoY to IDR10.66 trillion in 6M25. This increase was mainly due to selling and distribution expenses, which increased by 15.48% YoY to IDR10.21 trillion in 6M25. This caused AMRT’s operating profit to increase by a limited 2.1% YoY to IDR2.37 trillion in 6M25.

AMRT’s net profit grew 5.16% YoY to IDR1.96 trillion in 6M25. This growth was due to an increase in finance income from bank interest and deposits by 54.25% YoY to IDR82 billion.

We maintain our Buy rating on AMRT with the same projection and fair value as AMRT’s previous company update at IDR2,570 per share, with a potential upside of 12.23%. This is in line with AMRT’s performance realization, which is in line with our FY25F projection. Overall, AMRT’s performance is in line with management’s target of 7-8% revenue growth in FY25. In addition, the plan to add 1,000 new stores in 2025, which is focused on opening stores outside Java, has the potential to drive future revenue growth.

By PHINTRACO SEKURITAS | Research
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