Bullion Bank Fuels Hartadinata’s Record Profit Surge in Q1 2025
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JAKARTA, investortrust.id — Indonesia’s leading gold processor and distributor PT Hartadinata Abadi Tbk (HRTA) reported record earnings for the first quarter of 2025, driven largely by its strategic role in the country’s new bullion banking ecosystem.
The company’s net profit surged 45.82% year-on-year to Rp 149.75 billion ($9.32 million), up from Rp 102.70 billion in the same period last year, while revenue jumped 68.97% to Rp 6.79 trillion ($422.5 million).
“This is our all-time high performance,” said HRTA Director of Investor Relations Thendra Crisnanda during a media visit to Investortrust’s newsroom in Jakarta on Thursday, May 22. “One of the main growth engines was our contribution to the bullion bank.”
The bullion bank initiative, jointly launched by PT Bank Syariah Indonesia Tbk (BSI) and state-owned PT Pegadaian (Persero), was officially inaugurated by President Prabowo Subianto on February 26, 2025. The new service aims to boost Indonesia’s gross domestic product (GDP) by as much as Rp 245 trillion ($15.25 billion).
Exclusive Private Sector Partner
Hartadinata is currently the only private-sector partner supplying refined gold regularly to the bullion bank, strengthening its dominance in the national gold industry.
“We are grateful to be the first private partner invited into this bullion bank ecosystem,” Thendra said. “Our moderate monthly sales target through the bank is 500 kilograms of gold.”
In the first quarter alone, HRTA sold two metric tons of gold through the bullion bank, with contributions from BSI and Pegadaian accounting for 43% of the company’s consolidated revenue.
“We are not only focused on top-line growth but also cost efficiency, particularly through effective leverage management, which has helped reduce our cost of funds,” Thendra added.
Pursuing Global Certification to Challenge Market Dominance
To further solidify its position, Hartadinata is also pursuing certification from the London Bullion Market Association (LBMA), which Thendra described as a “game changer.”
The domestic gold bar market has long been dominated by a single local player, referring to PT Aneka Tambang Tbk (Antam), but Hartadinata now offers nearly 100% pure gold bars at 3–4% lower prices compared to competing products with similar specifications.
“This certification would significantly enhance global trust in our products, while preserving our domestic price advantage,” Thendra said.