Earning IDR 140 Billion Net Profit, BNBR Owned by Bakrie Conglomerate Continues Energy Transition Plan Through Electric Vehicle Business

BNBR President Director and CEO Anindya Novyan Bakrie. (Photo: Doc. Antara/BNBR)

JAKARTA - PT Bakrie & Brothers Tbk (BNBR) is continuing its transition towards a sustainable business, particularly in the electrification of the transportation industry and the New and Renewable Energy (EBT) or green energy industry.

President Director and CEO of BNBR, Anindya Novyan Bakrie, said this strengthened the company's commitment to supporting Indonesia's Net Zero Emission (NZE) target in 2060.

"In addition to continuing to strive to improve the performance of our business units which have been running well so far, in recent years we have consistently pioneered the development of a technology-based industry, oriented towards a sustainable business concept. This is proof that we are trying to adopt the principles of Environment, Social, Governance (ESG) in full", Anindya said in a public expose quoted by Antara, Tuesday, December 13.

The transition to a sustainable business can be seen from the continued development of one of BNBR's subsidiaries, namely PT VKTR Teknologi Mobilitas (VKTR), which is engaged in the electrification of transportation.

In addition, there is PT Bakrie Power (BP), a subsidiary engaged in electricity energy which is transitioning into PT Helio Synar (Helio) which among other things handles the development of the EBT power generation industry.

Most recently the company established PT Modula Sustainability Indonesia (Modula) which invests in the latest and environmentally friendly 3-D printing technology, in the field of building construction.

Meanwhile, Director of Finance, Roy Hendrajanto M Sakti, explained positive performance in the third quarter of 2022, which recorded a net profit of IDR 140 billion after recording a loss of IDR 45 billion in the previous year in the same period. Last year the company earned IDR 1.56 trillion in revenue, but now it has jumped almost 49 percent (YoY) to IDR 2.3 trillion.

"The COVID-19 pandemic left a significant impact on the company's revenue in 2020 and 2021. 2022 is the time for us to run a recovery program. Alhamdulillah, the cost management measures we implemented have played a role in generating a net profit for the company from January-September 2018. this", said Roy.

He believes he will be able to consistently make various breakthroughs to improve his financial position, especially by completing the debt restructuring process and implementing efficiency programs at the operational level of subsidiaries.

"Our efforts to revitalize the balance sheet are showing encouraging signs. The priority now is to complete the debt restructuring program that was started some time ago. Hopefully, we can finish it soon", said Roy.