Barito Pacific Ensures Achieved Supply Of Petrochemical Essential Products And Domestic Infrastructure

JAKARTA - PT Barito Pacific Tbk (BRPT), the parent of PT Chandra Asri Petrochemical Tbk (TPIA) revealed the impact of the planned acquisition of the Shell refinery in Singapore, namely Shell Chemical and Industrial Park (SECP). The acquisition of the SECP in Singapore is one of the important milestones in BRPT's strategy, not only to expand the market but also as a form of real contribution to the Indonesian economy.

President Director of BRPT, Agus Pangestu, said that this step is expected to support Indonesia's economic growth by increasing energy security and providing essential product supplies for the chemical sector and domestic infrastructure.

"By targeting strategic acquisitions and building a global partnership, we have transformed into a formidable regional force," Agus said in his statement, Friday, November 1.

Regarding financial performance, until the third quarter of 2024, the company pocketed revenue of USD 1.667 million, net profit of USD 27 million, and total assets of USD 10.190 million. This decline was mainly due to continued volatility in the petrochemical sector, maintenance of one of Barito Pacific's subsidiaries' geothermal operations, and scheduled maintenance (TAM) at the petrochemical complex.

Responding to the uncertain global dynamics, BRPT maintains a balance between growth and solid financial risk management. The company managed to maintain a strong liquidity profile, with a stable debt-to-equity ratio.

Our liquidity profile remains in a strong condition to support ongoing expansion and remains agile in pursuing inorganic opportunities. Our net debt to equity ratio is stable at 0.74x which reflects management's unwavering commitment to maintaining a healthy financial profile as we carry out our expansion plan," Agus said.

Meanwhile, the company is also committed to supporting Indonesia's economic goals in transitioning to new and renewable energy.

"We ensure that the efforts that have been made are in line with broader environmental goals while encouraging growth and innovation in the energy sector," he said.

He said that in the near future the company plans to develop a new renewable energy capacity of 104 MW.

"An important step in line with our goal of operating 1 GW of power generation capacity by 2025," he said.