Bisnis.com, JAKARTA – PT Intikeramik Alamsari Industri Tbk. (IKAI) reported improved financial performance in the second quarter of 2026 as the company’s recovery process continued. The company posted revenue of Rp63 billion in the second quarter of 2026. At the same time, cost of revenue fell 40% compared to the same period last year, driving the gross profit margin up 43%.
IKAI Director Emirza Eibowo stated that this improvement reflects the company’s enhanced operational performance as a result of consistently implemented recovery strategies.
“This performance demonstrates the company’s ability to generate sustainable profitability. Operationally, IKAI’s production cost efficiency and pricing strategies remain well-maintained,” said Emirza in an official statement.
According to him, the company was able to maintain its competitiveness during the recovery period through optimal management of selling prices and improved production cost efficiency. IKAI President Director Desra Ghazfa added that this efficiency was also reflected in a reduction in operating expenses, ranging from selling expenses, administrative expenses, and general expenses to other costs. These conditions drove operating profit back into positive territory.
“The efficiency measures implemented have successfully contributed to an increase in the company’s profitability,” said Desra.
In the second quarter of 2026, IKAI posted an operating margin of 15.75% with EBITDA reaching Rp31 billion. The company also reported net income of Rp14.6 billion, a 166% year-over-year (YoY) increase. Meanwhile, the net profit margin reached 23%, up 169% compared to the same period the previous year.
Management views these achievements as a sign of a recovery in operational profitability after several previous periods of pressure.
On the balance sheet, IKAI’s total assets stood at Rp1.165 trillion with a cash balance of Rp28 billion. Total liabilities reached Rp496 billion, including short-term liabilities of Rp160 billion. Total equity stood at Rp669 billion.
The company also reported an interest coverage ratio of 4.38 times, indicating that operating profit is sufficient to meet interest payment obligations on loans.
Furthermore, the company’s liquidity continues to improve. IKAI posted positive financing cash flow of Rp90 billion and positive free cash flow of approximately Rp24 billion, which strengthens its financial flexibility during the ongoing recovery process.
In the capital market, IKAI’s market capitalization currently stands at around Rp293 billion, with a price-to-book value (PBV) ratio of 0.44 times. According to management, this valuation reflects a stock price that remains below its book value, while also opening up opportunities for valuation growth should the trend of improving performance continue.
IKAI Chairman of the Board of Commissioners Wiliam Daniel stated that improvements in EBITDA and net income, a healthy capital structure, and positive free cash flow form the foundation for the company to strengthen profitability while managing financial risk.
“The company has demonstrated a recovery trend through revenue growth, improved net income, a relatively healthy capital structure with a low debt ratio, and supportive cash flow from financing activities. Moving forward, management will continue to focus its strategy on increasing sales volume, improving operational cost efficiency, optimizing working capital, and strengthening operating cash flow to enhance financial performance sustainably,” said Wiliam.
