Down The Tipis, BREN Books Revenue Of 145 Million US Dollars Throughout The First Quarter Of 2024

JAKARTA - Throughout the first quarter of 2024, Barito Renewables Energy (BREN) posted revenue of 145 million US dollars or a slight decrease of 1.4 percent from the same period the previous year.

Barito Renewables Energy President Director Hendra Soetjipto Tan said the decline in revenue was due to a decline in sales of steam and electricity from the Barito Renewables Energy managed PLTP.

"The first quarter of 2024 fell slightly due to the decline in sales of steam and electricity," he said at the Public Expose Incidentile quoted on Tuesday, May 14.

However, he continued, the average income pocketed by the management company of the Wayang Windu Geothermal Power Plant (PLTP), PLTP Darajat, and PLTP Salak has continued to show an increase every year since 2020.

For information, throughout 2023, BREN posted revenues of 595 million US dollars, in 2022 amounting to 570 million US dollars, in 2021 537 million US dollars and in 2020 521 million US dollars.

Hendra said, as long as 4 tahub consecutively, BREN recorded an average revenue growth of 4.5 percent year on year (yoy).

Then in terms of EBITDA, it was recorded that it experienced an average growth of 5.3 percent every year. He detailed that in 2020 it was recorded at 426 million US dollars to 497 million US dollars in 2023.

Meanwhile, in the first quarter of 2024, BREN's EBITDA was recorded at 124 million US dollars from the previous year of 125 million US dollars.

"We do EBITDA growth through cost efficiency and innovation from the cost efficiency process and side," he continued.

Meanwhile, the company's net profit was recorded to have decreased to 28.8 million US dollars in the first quarter from the same period the previous year which was recorded at 29.2 million US dollars.

"The net interest attributable to the parent entity in the first quarter of 2024 has decreased slightly due to the one-time cost of US$2 million which we recorded in Q1 2024," he added.

Hendra said, the quality of the company's balance sheet in the first quarter of 2024 also showed a positive trend. A net debt to equity ratio was recorded at 2.07 or lower than the same period the previous year of 3.49.

Meanwhile, throughout 2023, the ratio of net debt to equity reached level 2.3. This figure is also lower than the achievement throughout 2022 at 4.01.

"Improving the ratio of net debt to equity in Q1 2024 decreased to 2.07 due to debt payments that we accelerated," concluded Hendra.