The gold mining company owned by billionaire Peter Sondakh, PT Archi Indonesia Tbk (ARCI), recorded a sharp increase in revenue throughout 2024, reaching US$287.6 million or approximately Rp4.68 trillion—an increase of 15.2% compared to the previous year. This strong performance also contributed to the significant surge in ARCI’s stock price this year.

Since the beginning of 2025, ARCI's stock has skyrocketed by 121.31%, reaching a level of Rp540. In just the past six months, the stock has risen 52.54%, bringing the company’s market capitalization to Rp13.41 trillion.

So, what are the fundamental factors behind ARCI’s stock rally? Here’s a summary based on the company’s disclosure on the Indonesia Stock Exchange (IDX) dated Tuesday, June 17, 2025.

The company reported a substantial decline in gold production due to a natural disaster at the Araren mine in April 2024. Gold output fell to 93.4 thousand ounces from the previous 123.3 thousand ounces, representing a 24.2% decrease.

Gold sales volume also dropped to 97.1 thousand ounces, down 19.5% from the prior year. Despite this, the company still managed to grow its total revenue.

The gold refining segment, handled by its subsidiary PT Emas, contributed US$78.2 million in revenue, an increase from US$72.4 million the previous year.

However, ARCI’s net profit declined by 29.7% to US$10.4 million or approximately Rp169.42 billion. The profit pressure came from the increase in the cost of goods sold, which reached US$227 million throughout 2024.

During 2024, ARCI allocated US$91.8 million in capital expenditure, primarily for mining infrastructure development. One of the major milestones achieved was the first underground mine blasting at the Kopra pit, conducted on December 5, 2024.

By the second week of June 2025, ARCI’s underground mining development had reached a length of approximately 425 meters. Going forward, the company is targeting to accelerate the construction of its underground mine and explore new potential pits.

“The company targets a 25–30% increase in gold production this year,” stated ARCI’s management in its public disclosure to the IDX on Tuesday, June 17, 2025.

Beyond its gold business, ARCI is also exploring opportunities in the renewable energy sector through its subsidiary, PT Toka Tindung Geothermal (TTG). TTG is currently in the process of securing environmental permits to develop a geothermal project.

For reference, PT TTG is a joint venture between ARCI and PT Ormat Geothermal Indonesia, established in 2024. As of June 2025, TTG has received a geothermal permit for a project located in Bitung City with a planned capacity of 40 Mega Watts (MW).

According to IDX data as of June 17, 2025, 85% of ARCI shares are owned by PT Rajawali Corpora, the controlling shareholder. PT Basis Utama holds 6.17%, and the remaining 8.8% is owned by public investors.

Rajawali Corpora is a conglomerate owned by Peter Sondakh with a diverse business portfolio spanning various industries.