Chandra Asri's Revenue Drops 14.65 Percent In The Third Quarter Of 2023

JAKARTA - PT Chandra Asri Petrochemical Tbk (TPIA) posted revenue of 1.66 billion US dollars in the third quarter of 2023. This amount decreased by 14.65 percent compared to the same period the previous year of 1.94 billion US dollars.

Meanwhile, the profit position before interest, tax, depreciation, and amortization or EBITDA of this petrochemical industry company increased by 881 percent year on year (yoy) to USD 108.9 million in the third quarter of 2023 compared to USD 11.1 million in the third quarter of 2022.

"Although facing a decline cycle in the third quarter of 2023, on September 30, 2023 we were able to maintain a strong balance sheet," said Director of Human Resources & Corporate Affairs TPIA Suryandi quoting Antara.

Suryandi said the company maintained its liquidity position at the level of 2.34 billion US dollars in the third quarter of 2023, consisting of cash and cash equivalents worth 823 million US dollars, bonds worth 1.09 billion US dollars, and assets available. committed to providing revolving credit facilities worth 415 million US dollars.

"The company's total assets are worth 4.99 billion US dollars in the third quarter of 2023, up 1.4 percent (yoy) compared to the value of 4.92 billion US dollars in the fourth quarter of 2022," said Suryandi.

During the third quarter of 2023, the company has then collaborated with PT Bank Rakyat Indonesia Tbk (BRI) to provide financing facilities for the company's customers in the country.

"Financing facilities are provided to boost the volume of wholesale transactions, as well as increase the downstream industry by optimizing the processing of sustainable domestic raw materials," said Suryandi.

"Later on, the company will also sign a Letter of Intent (LoI) with PT Indonesia Asahan Aluminum (Inalum), as an effort to support the downstreaming of aluminum and accelerating the electric vehicle (EV) ecosystem in the country.

"For the production of aluminum components and battery packs for EVs by its subsidiary PT Chandra Asri Alkali (CAA), to Inalum with a volume of 120,000 metric tons (MT) per year," said Suryandi again.

Suryandi explained that Inalum is currently exploring this potential, with an equity participation in CAA of up to 10 percent, whose party and Inalum are trying to facilitate the growth of the midstream and downstream aluminum industries, especially electric vehicles in the country.