Barito Renewables Energy's Net Profit Until The Third Quarter Of 2024 Of 86.1 Million US Dollars

PT Barito Renewables Energy Tbk (BREN) posted a net profit until the third quarter of 2024 of 86.1 million US dollars, up 1.9 percent from the same period the previous year 84.5 million US dollars.

The increase in net profit was boosted from the acquisition of the Sidrap 1 Bayu Power Plant (PLTB) and increased ownership in Salak-Darajat.

Meanwhile, the company's consolidated revenue in nine months this year reached US$441.3 million and the consolidated EBITDA of US$377.0 million.

BREN President Director, Hendra Soetjipto Tan said, the company is optimistic that with a quick response to operational challenges and refinancing, it can significantly reduce financial costs.

"Along with our efforts to optimize and expand geothermal assets, we believe that our performance will be stronger in the coming quarters," said Hendra in his statement, Thursday, October 31.

It was noted that the company had refinancing the Bangkok Bank Public Company Limited facility, which resulted in a reduction in interest rates from 4.4 percent to 2.5 percent above the SOFR.

He said that in the future the company will remain focused on increasing geothermal capacity through backscattering, capacity building, and adding new units to existing geothermal assets.

This step is believed to increase the company's capacity by 104.6 MW in the next few years.

"In the short term, Salak Binary is expected to reach COD by the end of this year, which will further increase the company's capacity and output," he said.

It is known that the company's total assets as of September 2024 grew 7.9 percent compared to the end of 2023 of 3,785.6 million US dollars.