Big Profit, Chandra Asri Owned By Conglomerate Prajogo Pangestu Record Net Profit Of IDR2.17 Trillion In 2021

Officer Chandra Asri. (Photo: Doc. Antara)

JAKARTA - The financial performance of PT Chandra Asri Petrochemical Tbk in 2021 was in a very good position. This company owned by conglomerate Prajogo Pangestu earned a net profit of up to 152 million US dollars or equivalent to Rp. 2.17 trillion (Rp 14,306.55 per US dollar exchange rate).

This record tripled or shot up 195 percent of the company's net profit in 2020 of 51.5 million US dollars.

Director Chandra Asri Suryandi said that 2021 is an important year for Chandra Asri. "The company's performance is solid in a dynamic environment," Suryandi said in a statement, Tuesday, March 15.

The achievement of the company's net profit is in line with the increase in revenue which reached 43 percent to US$ 2.58 billion. Chandra Asri also recorded EBITDA of US$356.2 million, up 91 percent.

Suryandi added that improving financial performance is also part of increasing the company's debt maturity profile, optimizing the capital structure, and reducing weighted average interest costs. "The company ended the year with cash and cash equivalents of US$2.02 billion," said Suryandi.

On the other hand, Chandra Asri also achieved many important milestones for the development of the second petrochemical complex (CAP 2), including selecting strategic investors after a rigorous and comprehensive selection process.

In addition, the company also conducted a limited public offering worth USD 1.1 billion on the Indonesia Stock Exchange, one of the largest ever on the IDX, to provide a strong equity base for Chandra Asri's transformational expansion plan.

"We will continue to develop our CAP 2 complex to achieve transformational growth, to meet the needs of our customers and the Indonesian economy," Suryandi added.