The Bakrie Family-Owned Company Earns IDR 98 Billion Profit From IDR 930 Billion Previously Loss In 2021

JAKARTA - The company belonging to the Bakrie conglomerate family, PT Bakrie & Brothers Tbk (BNBR) recorded a positive financial performance throughout 2021, after in 2020 it posted a fairly deep loss.

In BNBR's financial report, quoted on Monday, April 4, the company earned a net profit of IDR 98 billion. Throughout 2020, BNBR suffered a net loss of IDR 930 billion.

The achievement of the 2021 performance indicates that BNBR is able to overcome the negative effects of the COVID-19 pandemic that has hit the Indonesian economy and the world for the past two years. The President Director and CEO of BNBR, Anindya N. Bakrie stated, this achievement was achieved through efforts that were not easy.

"Thank God, the hard work and efficiency measures that we have taken have had a positive impact. We believe this will continue, along with the rolling out of a number of strategic projects that we are currently working on," he said in a written statement.

Currently, BNBR is focused on working on a number of projects, including in the field of transportation electrification, particularly the electric bus developed by PT VKTR Mobilitas Technology. Then the new and renewable energy (EBT) project worked on by PT Helio Synar, as well as other energy infrastructure projects.

In the 2021 full-year financial report, BNBR's financial indicators show better achievements compared to 2020. From the top line, BNBR's net income is still down 3 percent year-on-year (YoY) to IDR 2.38 trillion throughout 2021.

"Our net income did fall by 3 percent, but was recovered with a decrease in the cost of goods sold (HPP) by 11 percent, which resulted in an increase in gross profit of 70 percent to IDR 418 billion in 2021," explained BNBR Finance Director, Hendrajanto M. Sakti.

At the same time, BNBR's operating expenses fell by 25 percent so that it managed to record an operating profit of IDR 24.2 billion in 2021. This figure is much better than the previous year which experienced an operating loss of IDR 279.1 billion.

Since the last few years, BNBR has consistently made various efforts to improve its financial position, especially by restructuring debt as well as implementing cost reduction programs and implementing efficiency at the operational level of its subsidiaries.

Bakrie & Brothers will continue the debt restructuring program which has been started since 2016. Currently, efforts to find common ground with several creditors to reach an agreement on debt restructuring are still ongoing.