JAKARTA – PT Pegadaian, one among Indonesia state owned company, recorded a total operating revenue of Rp38.61 trillion ($2.48 billion) in 2024, marking a significant 58.04% year-on-year (YoY) growth from Rp24.44 trillion in the previous year. This surge was primarily driven by a sharp increase in gold sales revenue, which soared 127.90% YoY, from Rp7.98 trillion in December 2023 to Rp18.19 trillion in December 2024.
The company also reported a net profit of Rp5.81 trillion, representing a 33.70% YoY increase from Rp4.37 trillion in 2023. Pegadaian’s revenue growth underscores the company’s expanding role in Indonesia’s financial ecosystem, particularly in the gold trading and pawnshop segments.
Gold Sales Drive Growth
The most substantial contribution to Pegadaian’s revenue came from the gold sales segment, which saw explosive growth over the past year. The surge in gold demand, coupled with Pegadaian’s newly acquired status as Indonesia’s first official bullion bank, has positioned the company as a key player in the gold market.
“PT Pegadaian has received official approval to operate as a bullion bank, and we are targeting a 28% growth in gold-related products in 2025,” said Elvi Rofiqotul Hidayah, Director of Marketing and Product Development at Pegadaian. The approval was granted through the Financial Services Authority’s (OJK) letter No. S-325/PL.02/2024, which allows Pegadaian to engage in bullion trading and related activities.
Despite the gold segment’s dominance, Pegadaian’s primary source of revenue remained its capital lease and administration fees, which accounted for Rp19.86 trillion in 2024. This segment grew by 24.27% YoY, maintaining its position as the company’s largest income contributor.
Rising Operational Costs and Profitability
Alongside strong revenue growth, Pegadaian reported a rise in operational expenses, which reached Rp30.95 trillion, up 65.13% YoY. The surge in costs, attributed to the company’s expanding business operations and investments in digital services, resulted in an operating profit of Rp7.65 trillion, marking a 34.68% increase compared to 2023.
Despite the rise in operational expenses, Pegadaian’s profit margins remained healthy, with its net profit growth outpacing many of its industry peers. The company’s ability to maintain profitability while expanding its product offerings highlights its strong financial management and strategic growth initiatives.
Financial Position and Asset Expansion
As of December 2024, Pegadaian’s total assets stood at Rp102.61 trillion, reflecting a 24.26% YoY increase from Rp82.58 trillion in 2023. This asset growth was supported by an increase in total liabilities, which rose 33.42% YoY to Rp66.64 trillion. Meanwhile, the company’s equity grew by 10.23% to Rp35.97 trillion, reinforcing its strong financial foundation.
The company’s asset expansion aligns with its broader strategy to strengthen its market presence in Indonesia’s growing financial sector. By leveraging its newly granted bullion bank status, Pegadaian aims to further expand its influence in the gold trading industry while maintaining its stronghold in pawnshop services.
Outlook for 2025: Bullion Bank and Gold Expansion
Following its transformation into Indonesia’s first bullion bank, Pegadaian is set to enhance its gold-related services, with a particular focus on gold savings and trading. The company has outlined an ambitious target to grow its gold product performance by 28% in 2025, leveraging its extensive network and expertise in the sector.
“We see enormous potential in Indonesia’s gold market, and with our newly granted bullion banking license, we plan to expand our offerings and improve accessibility for consumers looking to invest in gold,” said Elvi.
Industry analysts believe that Pegadaian’s new role as a bullion bank will significantly impact Indonesia’s gold market, potentially driving increased consumer participation and investment in gold-related financial products. Pegadaian’s record-breaking revenue of Rp38.61 trillion and its transformation into Indonesia’s first bullion bank mark a new era for the company.
