Barito Pacific, Owned By Conglomerate Prajogo Pangestu, Earns IDR 45 Trillion In Revenue And IDR 1.56 Trillion In Profit In 2021

Lawyer Hotman Paris Hutapea together with conglomerate Prajogo Pangestu. (Photo: Instagram @hotmanparisofficial)

JAKARTA - PT Barito Pacific Tbk (BRPT) has experienced a surge in performance, a company owned by conglomerate Prajogo Pangestu. The company's net profit shot to USD 109.1 million or approximately IDR 1.56 trillion in 2021 driven by the steady profitability of the petrochemical and geothermal segments.

Quoting BRPT's financial report, Friday, April 1, the net profit rose 157.5 percent on an annual basis from the realization of USD 42.3 million in 2020. Agus Salim Pangestu, President Director of Barito Pacific, said that the solid business performance was supported by the increasing performance of its subsidiaries. PT Chandra Asri Petrochemical Tbk (TPIA) and a solid contribution from Star Energy's geothermal business.

Throughout 2021, BRPT's consolidated revenue rose 35 percent on an annual basis to USD 3.15 billion. In line with that, the EBITDA of the company owned by Prajogo Pangestu also grew 35 percent to USD 797 million.

Agus said the management's focus on debt management in anticipation of rising interest rates had an impact on the financial burden, which fell 14 percent. As a result, consolidated net profit after tax increased 101% to reach USD 296 million in 2021 compared to USD 147 million in 2020.

"Our geothermal business, Star Energy, continues to deliver solid performance and contributes USD 537 million and USD 441 million to revenue and EBITDA in 2021," Agus said in a written statement.

Star Energy's revenue rose 3 percent year-on-year (YoY) to US$537 million. Growth is driven by higher power and steam generation production in 2021.

The Barito Group has just completed the purchase of the remaining shares owned by Star Energy. The move will encourage the Barito Group's business diversification in the geothermal sector.