Soaring 213 Percent, Barito Pacific 2023's Consolidation Net Profit To 100 Million US Dollars

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Barito Pacific (BRPT) posted a consolidated net profit after a 2023 tax of 100 million US dollars, a significant increase of 213 percent from the achievement in 2022 of 32 million US dollars.

BRPT President Director, Agus Pangestu said, in 2023 marks a new milestone for Barito Pacific, where the company continues to create added value through business diversification and downstream expansion.

"Despite the imbalance in the supply and demand of the global petrochemical sector, we managed to mitigate losses and maintain operational excellence throughout 2023," Agus said in his statement, Saturday, March 30.

He explained, when global petrochemicals are full of challenges, the company's subsidiary PT Chandra Asri Pacific Tbk (TPIA) has taken transformational steps that will strengthen its resilience in the years to come, especially through the infrastructure portfolio and development of the Klor-Alkali downstream Factory.

In addition, after the IPO of PT Barito Renewable Tbk (BREN) which received funding of 200 million US dollars, it solidified the company's steps in expanding its renewable energy portfolio.

BREN has acquired a greenfield asset of wind power plant with a potential capacity of 318 MW and entered into a principle agreement to acquire Sidrap I with an operational capacity of 79MW.

Agus said this strategic step was in line with the company's long-term goal of achieving a total renewable energy capacity of 1,300 MW in 2028.

"Our success in obtaining new growth prospects has put us in a position to be able to generate more stable sources of income and provide added value. In the future, we will continue to be dedicated to driving expansion and producing sustainable growth," said Agus.