Energy company PT Indika Energy (INDY) has established a new subsidiary, PT Tripatra Bioenergi Angkasa (TBA), to expand into the chemical industry.
According to a disclosure submitted to the Indonesia Stock Exchange (IDX), TBA will focus on the production of basic organic chemicals derived from agricultural products.
TBA was formed through INDY’s two subsidiaries, PT Tripatra Engineering (TPE) and PT Tripatra Multi Energi (TIME), in which INDY holds a 99 percent ownership stake both directly and indirectly.
“With the establishment of this subsidiary, the company will have a new consolidated entity in its financial statements,” INDY’s Corporate Secretary Adi Pramono said as quoted in the IDX disclosure on Monday, September 8, 2025.
Adi emphasized that the new entity would not affect INDY’s operations, legal standing, financial condition, or business continuity. Instead, the move aligns with INDY’s long-term diversification strategy.
“It also ensures that the company remains focused on sustainable business activities,” he added.
In terms of ownership, TPE holds 99.9 percent of TBA’s shares (2,999 shares), while TIME owns 0.01 percent (1 share).
Following the announcement, INDY’s share price rose 6.05 percent, or 95 points, to Rp1,665. Since the beginning of the year, INDY’s stock has gained 11.04 percent.
Financial performance
Despite the positive market response, INDY’s financial performance weakened in the first half of 2025. The company posted a net profit of US$2.24 million (Rp36.43 billion) marking an 89.3 percent decline from US$21.01 million in the same period last year.
Revenue also fell to US$956.81 million, down from US$1.19 billion year-on-year. Contract costs decreased accordingly to US$824.09 million, compared to US$997.21 million a year earlier.
By segment, coal remained INDY’s largest contributor, generating US$788.51 million, followed by green energy (US$24.79 million) and logistics and infrastructure (US$18.3 million).
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