Jakarta. A wave of higher interim dividends across major subsidiaries of Indonesia’s Astra Group underscores growing corporate confidence in the country’s post-pandemic economic recovery. The payouts, led by Astra Agro Lestari, Astra Graphia, and Astra Otoparts, reflect robust first-half earnings and strong balance sheets across the diversified conglomerate’s portfolio.

The dividends were announced by United Tractors (UNTR), Astra Agro Lestari (AALI), Astra Graphia (ASGR), and Astra Otoparts (AUTO) -- all under Astra International (ASII), which itself will also distribute an interim dividend this month.

Except for mining arm United Tractors, most subsidiaries increased their interim dividends compared with last year’s distributions.

Palm oil producer Astra Agro Lestari raised its interim dividend to Rp 124 per share, up 47.6 percent from Rp 84 last year, payable on October 24. The company’s net profit surged 40 percent in the first half of 2025 to Rp 702 billion ($42 million) from Rp 501 billion a year earlier, lifting its earnings per share (EPS) from Rp 260 to Rp 364.

Astra Graphia, the document solutions and digital services company, also strengthened its dividend distribution, paying Rp 30 per share, up 57.8 percent year-on-year from Rp 19. The firm’s net revenue jumped 18.5 percent to Rp 1.5 trillion, while net profit attributable to shareholders rose from Rp 82.1 billion to Rp 106 billion, boosting EPS from Rp 60 to Rp 78.

Auto parts manufacturer Astra Otoparts declared a modest dividend increase to Rp 59 per share, up 3.5 percent from last year’s Rp 57.

By contrast, United Tractors reduced its interim payout by 14.9 percent to Rp 567 per share, down from Rp 667, following a 14.7 percent decline in first-half net profit and weaker coal sales. The miner’s EPS fell to Rp 2,239 from Rp 2,625 as coal revenue dropped 16.8 percent, from Rp 5.6 trillion to Rp 4.6 trillion.

Meanwhile, parent company Astra International will maintain its interim dividend at Rp 98 per share, or a total of Rp 3.96 trillion, payable on October 31. The decision, approved by the board on September 11, extends Astra’s consistency since 2023 in keeping interim payouts at that level.

In the first half of 2025, Astra International posted net revenue of Rp 162.8 trillion, up slightly from Rp 159.9 trillion a year earlier, while net profit edged down from Rp 15.8 trillion to Rp 15.5 trillion, trimming EPS to Rp 383 from Rp 392.

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According to Kiswoyo Adi Joe, Head of Investment at Nawasena Abhipraya Investama, Astra’s dividend momentum underscores the group’s strategic strength and its role as a barometer of Indonesia’s broader economy.

“If Astra’s revenue and net profit are rising, it usually reflects stronger economic growth for Indonesia as a whole,” he told Investor Daily.

Astra’s automotive division contributes more than half of its consolidated revenue. The group’s car sales have climbed for three consecutive months, maintaining a market share between 50 percent and 53 percent. In September, Astra sold 33,535 units, its highest monthly volume since June 2025.

Kiswoyo added that Astra’s solid cash reserves and professional management provide ample capacity for business expansion while maintaining shareholder returns.

“With such strong fundamentals, dividend distribution will remain a management priority,” he said, projecting Astra’s share price could climb to Rp 7,500-8,000 from the current Rp 6,600.

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