1. Indonesia Stocks

  2. •

    Non-energy minerals

  3. •

    Forest products
PT Tirta Mahakam Resources Tbk

PT Tirta Mahakam Resources Tbk

IIDX:TIRT
590.00
IDR
-60.00
(-9.23%)
29.26EPS
596.95BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
732.22
805.09
842.86
833.71
786.35
1,030.68
638.34
166.91
15.49
0.91
0.02
- -
13.51
65.87
Basic EPS, GAAP
-136.31
20.65
-0.86
28.65
0.99
-36.05
-51.14
-409.58
-125.05
-85.34
-32.97
-40.85
-40.86
-3.47
Free Cash Flow per Basic Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
53.22
72.96
90.1
125.33
122.38
86.47
35.53
-385.78
-508.76
-594.89
-627.64
-662.01
-603.84
-592.56
Tangible Book Value per Share
53.22
72.96
90.1
125.33
122.38
86.47
35.53
-385.78
-508.76
-594.89
-627.64
-662.01
-603.84
-592.56
Basic Weighted Avg Shares
1,012
1,012
1,012
1,012
1,012
1,012
1,012
1,012
1,012
1,012
1,012
1,012
1,012
1,012
Sales/Revenue/Turnover
740,840
814,572
852,780
843,529
795,611
1,042,813
645,859
168,880
15,676
925
22
- -
13,665
66,648
Operating Margin (%)
-14.05
8.47
7.46
6.22
0.26
1.33
-6.63
-219.68
-673.15
-3,587.73
-157,991.6
- -
29.03
58.38
Depreciation Expense
1,353
1,293
1,316
662
839
813
735
641
423
384
358
- -
2
7
Net Income, GAAP
-137,919
20,893
-865
28,989
1,001
-36,477
-51,743
-414,398
-126,518
-86,345
-33,359
-41,327
-41,344
-3,507
Effective Tax Rate (%)
- -
16.27
204.36
21.93
57.11
- -
- -
- -
- -
- -
- -
- -
- -
6.4
Profit Margin (%)
-18.62
2.56
-0.1
3.44
0.13
-3.5
-8.01
-245.38
-807.07
-9,333.12
-149,188.86
- -
-302.55
-5.26
Working Capital
-8,052
46,512
40,822
62,050
76,198
49,033
10,060
-280,095
-145,098
-95,098
30,633
14,662
84,730
109,902
LT Debt
242,873
170,739
164,910
163,187
189,724
204,975
221,892
336,360
578,407
693,436
834,568
837,229
973,769
980,650
Total Equity
53,845
73,823
91,161
126,808
123,822
87,485
35,946
-390,323
-514,752
-601,895
-635,030
-669,804
-610,946
-599,540
Return on Invested Capital (%)
- -
9.16
-10.65
6.18
-0.08
- -
- -
- -
- -
- -
- -
- -
- -
13.84
Return on Capital (%)
- -
6
-3.73
7.2
1.55
- -
- -
- -
- -
- -
- -
- -
- -
1.11
Return on Common Equity (%)
-173.33
32.73
-1.05
26.6
0.8
-34.53
-83.84
- -
- -
- -
- -
- -
- -
- -

Capital Structure

IDR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
973,769
977,173
980,650
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,012
1,012
1,012
Market Capitalization
128,495
703,183
596,947

Working Capital

IDR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
88,371
103,859
117,053
Cash, Cash Equivalents & STI
28,738
33,957
45,588
Accounts Receivable, Net
278
9,267
8,276
Inventories
331
455
2,291
Total Current Liabilities
3,641
4,171
7,151
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

IDR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-118.63%
10.2%
-8.79%
Free Cash Flow
- -
- -
- -
Net Income, GAAP
-668.47%
-27.73%
0.04%
Sales/Revenue/Turnover
- -
- -
- -
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

IDR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
65
8
- -
2025
- -
33
- -
13,632
13,665
2026
26,619
26,397
- -
- -
- -

Quarterly Earnings Per Share

IDR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-6.83
-7.04
-7.85
-18.17
-40.85
2025
-6.15
-19.98
-6.6
-8.14
-40.86
2026
7.37
3.9
- -
- -
- -

Quarterly Dividends Per Share

IDR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Tham Arvin Setyanto
Full Time Employees
23
Sector
Non-energy minerals
Industry
Forest products
Address
The Bellezza Jakarta JK Indonesia 12210
IPO Date
Dec 13, 1999
Website
tirtamahakam.com
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Business
PT Tirta Mahakam Resources Tbk manufactures and sells plywood and related wood products, including floorbase, general plywood, laminated/multi plywood, concrete panel, blockboard, moulding, bare core, general panel, polyester plywood and polyester blockboard; the company, founded in 1981 and headquartered in Jakarta Selatan, Indonesia, with factories in Desa Bukuan, Samarinda, East Kalimantan, operates primarily in the forestry and paper industry segment, exporting to markets such as Japan, Korea, Taiwan, India, Europe and the United States, and serves as a subsidiary of PT Harita Jayaraya with ultimate parent PT Harita Guna Dharma Bhakti. In a major strategic shift approved at the Extraordinary General Meeting of Shareholders on September 25, 2025, the company changes its primary business activities from the plywood industry to domestic sea transportation and mining support activities, amending Article 3 of its Articles of Association accordingly as ratified by the Minister of Law on September 30, 2025; this transformation follows the suspension of plywood operations since the second quarter of 2020 amid unrecovered global market conditions, leading to a temporary trading halt by the Indonesia Stock Exchange on January 21, 2025 over going concern doubts. To support the pivot, shareholders approved the acquisition of 20 units of tugboats and barges from related parties for IDR 162 billion using a shareholder loan from PT Harita Jayaraya; the company obtained its Sea Transportation Business License (SIUPAL) and signed a vessel charter agreement on October 17, 2025, marking the official start of sea transportation operations, while its stock trades under ticker TIRT.JK with commercial plywood production having commenced in November 1983 and initial public offering in December 1999.