This Company Owned By Conglomerate Prajogo Pangestu Successfully Raised A Profit Of Rp2.3 Trillion After The Previous Loss Of Rp273 Billion

JAKARTA - PT Chandra Asri Petrochemical Tbk (TPIA) posted a good performance in the first nine months of this year. The petrochemical company owned by conglomerate Prajogo Pangetsu managed to make a profit in the third quarter, reversing from a loss position in the same period the previous year.

In Chandra Asri's financial report, quoted on Sunday, October 31, for the past nine months, TPIA recorded revenues of 1.88 billion US dollars. That figure grew 48 percent compared to the same period last year of 1.26 billion US dollars.

Director of TPIA, Suryandi explained the growth was due to the higher average selling price compared to the same period last year. During the nine months of 2021, the price of Polyethylene rose to 1,229 US dollars per tonne from the previous period of 860 US dollars per tonne and also Polypropylene rose to 1,447 US dollars per tonne compared to the previous 969 US dollars per tonne.

"Sales volume remained stable at 1,643 KT, reflecting healthy demand," said Suryandi.

Along with the increase in revenue, TPIA posted EBITDA until September 2021 of US$314 million. The realization grew 379 percent from US$66 million during the same period 2020. The EBITDA margin increased to 16.7 percent, compared to 5.2 percent in the third quarter of 2020.

"The increase in EBITDA is in line with increasing spreads, strong demand for Asian petrochemicals, supply disruptions in the US market, container shortages, and solid execution of the company's financial resilience strategy," he said.

As a result, until the third quarter of 2021, the company managed to improve its bottom-line performance by recording a net profit after tax of US$166 million or around Rp2.3 trillion. In fact, in the same period last year, Chandra Asri posted a net loss of US$19 million (Rp273 billion).