Barito Pacific Raup Revenue Of US$2.337 Billion In The THIRD Quarter Of 2022

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Barito Pacific Tbk (BRPT) achieved revenue of US$2.337 billion in the first nine months of 2022. This figure is up 3 percent from the position of US$2.313 billion in the same period in 2021. The slight increase in revenue made the company's net profit position only US$39 million, from the net profit portion of US$272 million in the third quarter of 2022. Barito Pacific President Director Agus Pangestu said the continued geopolitical instability and China's strict COVID-19 policy were the main factors affecting the company's performance in the first nine months of 2022. Pressure on petrochemical margins occurs due to rising raw material prices that are not followed by an increase comparable to the price of petrochemical products. "This does not mean it has never happened before, where we have defended well through high volatility in the petrochemical sector, and currently has much stronger pillar consolidation resilience in line with stable performance in the energy segment," he said in his statement, Friday, November 4. The company's EBITDA position was US$360 million in the first nine months of 2022, from a portion of US$639 million in the same period in 2021. The company's geothermal business (Star Energy), he said, continues to provide positive performance to Barito Pacific, with revenue in the first nine months of 2022 growing 6.8 percent to 424 million US dollars and EBITDA rising 7.2 percent year on year (YoY) to 354 million US dollars. "The average operating rate in the three assets is maintained above 90 percent, with low intermittency factors confirming the high profile of geothermal energy reliability," he said. The company, he continued, also managed to maintain the balance sheet, with a debt to capital of 44 percent and a net debt to equity of 0.42x in the first nine months of 2022. The company's petrochemical business, namely Chandra Asri, maintains a prudent financial policy with strong liquidity and continues to receive support from the capital market for the successful completion of bonds issuance of IDR 2 trillion. "Then a successful stock split of 1:4 to increase stock liquidity," he explained.