Jakarta, Indonesia – Trimegah Bangun Persada (NCKL), a prominent player in Indonesia’s industrial landscape, has delivered an exceptionally strong financial performance for the second quarter of 2025. The company recorded a net profit of IDR 2.4 trillion, marking a significant 47.6% quarter-on-quarter (QoQ) and 35.5% year-on-year (YoY) surge. This impressive showing brings NCKL’s first-half 2025 net profit to IDR 4.1 trillion, a robust 46.2% increase YoY, and critically, it eclipsed consensus expectations, achieving 59.6% of the 2025 full-year forecast.

Strategic Cost Management Fuels Margin Expansion

The stellar net profit growth stands out, especially considering a modest 2.2% QoQ dip in quarterly revenue. NCKL’s management demonstrated masterful operational efficiency, navigating the revenue landscape with strategic cost controls that ultimately bolstered the bottom line. The key drivers behind this profitability surge were a substantial reduction in both operating expenses and the cost of goods sold (COGS).

• Cost of Goods Sold (COGS) saw a remarkable 13.9% QoQ decline. This significant reduction was primarily attributed to favorable inventory valuation movements, leading to lower average selling costs during 2Q25.
• Operating Expenses also witnessed a notable decrease of 16.4% QoQ.

These disciplined cost measures translated directly into healthier margins, showcasing NCKL’s enhanced profitability per unit of sale:

• Gross Profit Margin expanded to 37.9%, a significant leap from 29.5% in 1Q25.
• Operating Profit Margin climbed to 33.9%, up from 24.8% in the preceding quarter.

Associate Contributions Provide Significant Lift

Beyond its core operations, NCKL also benefited from the robust performance of its associated entities. Profit contributions from these investments saw an impressive 93.7% QoQ increase. This substantial boost was primarily driven by:

• Increased share of profit from Halmahera Persada Legend, soaring by 122% QoQ.
• An extraordinary surge in profit share from PT Karunia Permai Sentosa, which skyrocketed by an astounding 788% QoQ.

This diversified stream of income underscores NCKL’s strategic investments and the synergistic value they bring to the company’s overall financial health.

Investor Outlook: NCKL’s Resilient Performance

NCKL’s Q2 2025 results paint a clear picture of a company with strong fundamentals and agile management. Despite a slight quarterly revenue contraction, the ability to significantly reduce operational costs and capitalize on associate contributions allowed the company to deliver a formidable profit beat. This performance signals a resilient business model, capable of translating operational efficiency into superior shareholder value, solidifying NCKL’s position as a compelling investment in the Indonesian market.