Tirta Mahakam Resources

What Tirta Mahakam Resources does

Tirta Mahakam Resources is a publicly listed Indonesian wood products manufacturing company headquartered in Jakarta and traded on the Indonesia Stock Exchange under the ticker symbol IDX:TIRT. The firm operates with a small workforce of 11-50 employees and is led by founder Lim Sarwono. Its business is positioned in the wood products segment of the Indonesian natural resources value chain, though the company has not disclosed detailed product lines, customer segments, or distribution channels in available sources. The company's website (tirtamahakam.com) was not accessible beyond a loading/verification screen at the time of data collection, limiting first-party disclosure on operations, capacity, or product mix.

The company's financial profile is highly volatile and persistently unprofitable. Reported revenue (in IDR) moved from approximately 1.1 trillion in 2021 to roughly 60 billion in 2022, then to approximately 1.45 billion in 2023, before recovering to approximately 817 billion in 2025. Gross profit, EBITDA, and operating income have been negative in every disclosed year, and net losses have ranged from roughly -2.2 trillion IDR (2023) to -8.9 trillion IDR (2021), with a -2.5 trillion IDR net loss in 2025. The enterprise value, however, has trended upward from approximately 53.9 trillion IDR in 2024 to 78.4 trillion IDR in 2025, creating a stark disconnect between valuation and operating performance.

The business model is not explicitly disclosed in the available data, but based on industry context for Indonesian wood products manufacturers, revenue is most likely generated through the production and sale of processed timber, plywood, veneer, or related wood derivatives, with pricing tied to commodity wood-product markets and sales likely distributed through domestic and export channels. No marketing, distribution, or pricing details are available, and the absence of segment data, customer logos, or named product lines means revenue mechanics cannot be triangulated with confidence.

Name

Tirta Mahakam Resources

Website

https://tirtamahakam.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Tirta Mahakam Resources is a publicly listed Indonesian wood products manufacturer headquartered in Jakarta (IDX:TIRT), operating with 11-50 employees under founder Lim Sarwono and serving domestic and likely export wood-product markets despite persistent unprofitability.

Ownership category

akta.pro rank

Product category

Wood Products Manufacturing

NAICS

Sawmills and Wood Preservation (3211), Veneer, Plywood, and Engineered Wood Product Manufacturing (3212)

SIC

Sawmills & Planting Mills, General (2421), Lumber & Wood Products (No Furniture) (2400)

akta.pro industry

PRIMARYIMAMABAA

Softwood Lumber Sawmills

Industrials, Manufacturing & Construction/Paper & Forest Products/Sawmills & Wood Processing

SECONDARYIMAMACAA

Softwood Plywood Manufacturing

Industrials, Manufacturing & Construction/Paper & Forest Products/Engineered Wood Products (Plywood, OSB, LVL, CLT)

Keywords

• Wood products manufacturing
• Plywood production
• Timber processing
• Forest products
• Wood panel manufacturing

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure

Core offering

Tirta Mahakam Resources is a wood products manufacturing company that produces plywood and related timber-based panel products from processed forest raw materials. The company is headquartered in Jakarta, Indonesia, and operates with a workforce of 11–50 employees serving industrial and commercial buyers of wood panel products.

Differentiator

Problem solved

Functional benefit

Products and services

• Wood products (plywood and timber panels) Manufacture and sale of plywood and timber-based panel products derived from processed forest raw materials, supplied to industrial and commercial buyers for downstream uses such as construction, furniture, and packaging.

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves3 records

Direct peers

• PT Sumalindo Lestari Jaya: Indonesian publicly listed wood products and plywood manufacturer with similar tropical timber sourcing and export-oriented operations, making it the closest direct comp to Tirta Mahakam Resources.
• PT Albasia Bhumiphala Persada: Indonesian plywood and engineered wood manufacturer focused on tropical hardwood panels, directly comparable in product mix, geography, and customer base to a Jakarta-based wood products manufacturer.
• PT Surya Plywood Industry: Indonesian manufacturer of plywood, blockboard, and related wood panels, serving construction, furniture, and packaging end markets with a product portfolio that overlaps with a generic wood products manufacturer.

Broad incumbents

• Asia Pulp & Paper (APP) / Sinar Mas: One of the largest pulp and paper producers globally with integrated forestry operations in Indonesia, representing a broad incumbent in the regional wood and fiber products value chain.
• PT Indah Kiat Pulp & Paper: IDX-listed subsidiary of Sinar Mas engaged in pulp, paper, and tissue manufacturing, providing a broad-incumbent benchmark for Indonesian wood-fiber-based manufacturers and a reference for IDX valuation multiples.
• Boise Cascade Company: North American manufacturer of engineered wood products, plywood, and lumber, comparable in core product categories and construction end-market exposure to a wood products manufacturer.
• West Fraser Timber Co. Large North American lumber and engineered wood products producer serving construction markets, useful as a broad-incumbent comp for product mix, end-market exposure, and operating leverage dynamics.
• PT Barito Pacific: Major Indonesian conglomerate with significant timber, plywood, and pulp and paper operations under its subsidiaries, providing a broad incumbent benchmark for an Indonesian-listed wood products company.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat2 records

Key risks5 records

Key highlights4 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tirta Mahakam Resources