AMRT booked revenue growth of 7.1% YoY to IDR94.48 trillion in 9M25 (equivalent to 72% of our FY25F). This growth was driven by an increase in sales in the food segment of 7.2% YoY to IDR66.83 trillion and the non-food segment of 7% YoY to IDR27.65 trillion in 9M25. In terms of location, sales outside Java booked the highest sales growth of 15.2% YoY to IDR36.11 trillion in 9M25 (equivalent to 38.2% of total revenue).

We estimate that AMRT’s revenue can potentially grow by 10.7% YoY to IDR130.91 trillion in FY25F, aligned with the potential increase in demand towards the end of the year.

AMRT’s operating expenses increased by 10% YoY to IDR15.89 trillion in 9M25. This condition caused operating profit to decrease by 4.7% YoY to
IDR2.96 trillion in 9M25.

AMRT’s net profit decreased by 2.2% YoY to IDR2.42 trillion in 9M25. This decrease was aligned with the decrease in operating profit due to higher operating expenses. The decrease in AMRT’s net profit was relatively lower than the decrease in operating profit, aligned with an increase in financial income of 55% YoY to IDR117 billion in 9M25.

We maintain our Buy rating for AMRT with the same projections and fair value as in our previous company update at IDR2,570/share.

By PHINTRACO SEKURITAS | Research
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