Chandra Asri Raises Revenue Of 2.15 Billion US Dollars In 2023

Photo: Doc. Antara

JAKARTA - Petrochemical industrial company PT Chandra Asri Pacific Tbk (TPIA) posted a net income of US$2.15 billion throughout 2023.

The company recorded Earning Before Interest, Taxes, Depreciation, and Amortization (EBITDA)/income value before deducting interest, taxes, depreciation, and amortization) worth US$130 million in 2023, or an increase of 2,352 percent year on year (yoy) compared to EBITDA's achievement of US$5.3 million in 2022.

"The company also maintains a strong Liquidity Pool in 2023 of US$2.67 billion, consisting of cash and cash equivalents worth US$1.44 billion, Securities worth US$1.02 billion, and Committed Revolving Credit Facilities worth US$201 million," said TPIA Director Suryandi, in an official statement, quoted from Antara, Saturday, March 30.

With this achievement, the company's asset position was valued at 5.61 billion US dollars in 2023, or an increase of 13.9 percent (yoy) compared to the assets position of 4.92 billion US dollars in 2022.

The position of these assets consists of a portion of liabilities and equity worth US$2.62 billion and US$2.99 billion in 2023, respectively.

On this occasion, Suryandi explained that the company had changed its name from PT Chandra Asri Petrochemical Tbk to PT Chandra Asri Pacific Tbk in 2023, as an effort to support the expansion of the petrochemical business into the infrastructure sector.

Meanwhile, this expansion began through a subsidiary, namely Chandra Daya Investasi (CDI) which acquired Krakatau Chandra Energi and Krakatau Tirta Industri, which are energy and water businesses, respectively.

"Krakatau Chandra Energi also invested up to 200 million US dollars to increase its ownership in Krakatau Posco Energy (KPE) from 10 percent to 45 percent, as well as plans to build a new power plant with a capacity of 200 megawatts after completing the investment decision," said Suryandi.

In addition, at the end of 2023, the company partnered with The Electricity Genrating Public Company Limited (EGCO) through EGCO's investment in CDI with a total investment of 194 million US dollars.

In addition, last year the company has made significant progress in its plans to build a world-scale Chlor-Alkali and Ethylene Dichloride Factory, by struck an agreement with INA.