Barito Pacific's Net Profit Soared 173.3 Percent In Semester I-2023

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - PT Barito Pacific Tbk's (BRPT) net profit rose to 82 million US dollars in the first semester of 2023. That is, the growth of 173.3 percent year on year (yoy) from the previous profit of 30 million US dollars.

Although profit grew, the company's net income decreased 15.1 percent, from 1.61 million US dollars in the first semester of 2022 to 1.37 million US dollars in the first semester of 2023.

"The results of the company's financial performance for the first 6 months of 2023 partially reflect the moderation of China's economic recovery momentum, after the surge and recovery of demand after the economic opening earlier this year. This has an impact on the global petrochemical industry," said Barito Pacific President Director Agus Pangestu quoting Antara.

Nevertheless, he continued, the company's strategy remains consistent in maintaining high vigilance throughout 2023 with the balance position of PT Chandra Asri Petrochemical Tbk (Bauti Pacific subsidiary) which is strong in favor of a transformation plan in diversification and building a stronger resistance profile.

"Overall, the results of our business transformation through expansion in the geothermal segment continue to contribute positively to the company's financial consolidation performance," said Agus.

He mentioned that the decline in company revenue due to lower sales was in line with the ongoing dynamics of demand and supply in the petrochemical segment.

Although revenue decreased, he said, the stronger recovery in petrochemical operations and geothermal segments boosted EBITDA growth (Earnings before interest, taxes, depreciation, and amortization) by 35 percent to US$349 million in the first semester of 2023 from the position of 258 million US dollars. This reflects a higher EBITDA margin of 25.43 percent compared to 15.94 percent in the first six months of 2022.

"Barito Renewables (BREN) continues to record stable performance with revenues of 297 million US dollars and an increase in EBITDA of 8 percent to 249 million US dollars. The average capacity factor of the three assets remains above 90 percent, affirming a strong performance in providing operational excellence," said Agus.