Bakrie & Brothers Revenue Increases Significantly During Semester I-2023, Reaches IDR 1.96 Trillion

President Director and CEO of PT Bakrie & Brothers Tbk Anindya Novyan Bakrie. (Photo: Instagram @anindyabakrie)

JAKARTA - PT Bakrie & Brothers Tbk (BNBR) noted that net income was IDR 1.96 trillion throughout Semester I-2023. This figure grew on an annual basis (yoy) by 52.01 percent compared to the previous year.

The company also posted a operating profit of IDR 133.41 billion, an increase of IDR 105.76 billion. This achievement increased to 383.03 percent compared to the previous year in the same period, which amounted to IDR 27.6 billion.

"This achievement is the result of the hard work of all parties. Closing the first semester of 2023, we are grateful that hard work, efficiency steps, and the right new business development options have resulted in positive performance for the Company," said President Director and CEO of PT Bakrie & Brothers Tbk Anindya Novyan Bakrie in his official statement, quoted on Saturday, July 29.

The increase in net income was supported by a positive record of the company's revenue of a number of business units, including PT Bakrie Metal Industries (BMI) Group amounting to Rp1.12 trillion, and PT VKTR Mobility Technology Tbk. (VKTR) Group amounting to Rp642.19 billion.

Then, there is PT Bakrie Indo Infrastructure (BIIN) Group which contributed revenue of Rp202.86 billion, and PT Bangun Piluna Indonesia (BBI) of Rp1.35 billion.

"In the future, we are optimistic that this achievement will continue, because it is in line with the acceleration of important projects that continue to be developed," said Anindya.

On the same occasion, BNBR Finance Director Roy Hendrajanto M. Sakti revealed that the Company's net income of Rp1.96 trillion was the result of the hard work of business units during the first semester of 2023.

In the automotive sector, PT VKTR Mobility Technology (VKTR) revenue on a consolidated basis increased by 14.5 percent, originating from an increase in revenue at PT Bakrie Autoparts (BA) Group by 28.7 percent, and sales of electric buses amounting to Rp99 billion for 22 units.

According to Roy, the main contributors still come from the steel pipe manufacturing sector, namely from PT Bakrie Pipe Industries (BPI) amounting to Rp1.09 trillion and PT South East Asia Pipe Industries (SEAPI) of Rp35.07 billion, and PT Bakrie Construction (BCons) of Rp782 million.

"Nevertheless, we are grateful that strategic projects, such as VKTR, continue to make a positive contribution to the Company's performance," he said.

After officially listing its shares on the Indonesia Stock Exchange (IDX) recently, PT VKTR Mobility Technology Tbk, which is a subsidiary of BNBR in the transportation electrification sector, will expand its business expansion.

Together with Tri Sakti, VKTR will start expanding the bus and electric truck unit assembly plant facilities through a joint venture company called PT VKTR Sakti Industries, in Magelang, Central Java.

At this stage of development, PT VKTR Sakti Industries will also collaborate with a well-known construction company from China, Automotive Engineering Corporation (AE Corp).

At this production facility, VKTR has now started producing a number of electric bus units in a complete Knock-Down (CKD) manner. The electric bus for the D9 high floor BYD brand, which is currently being produced, will be used by 9 units by PT Riau Andalan Pulp & Paper (RAPP) as a mode of transportation between employees.

In addition, BNBR also has long experience in the energy infrastructure development business, which is developed through its subsidiary PT Bakrie Power.

BNBR is also known to have started a new business through PT Modulu Sustainability Indonesia ("Modules"), which invests in 3-dimensional printing construction technology (3DCP) sub-sectors, jointly with COBOD International from Denmark owned by world-leading companies, such as GE (USA), Cemex (Netherlands), Holcim (Switzerland) and Peri (Germany).

Modula is the opening of a new business for PT BBI's subsidiaries who have been in the building materials industry and provide alternatives in building construction with fast, sophisticated, and environmentally friendly technology.