Bakrie And Brothers Revenue Increases 3.66 Percent In 2023, BNBR Boss: Results From Refreshment

Rupiah (Photo: Antara)

JAKARTA - PT Bakrie & Brothers Tbk (BNBR) achieved a net income of IDR 3.75 trillion throughout 2023. an increase year on year of IDR 132.79 billion or 3.66 percent compared to the same period in 2022 of IDR 3.63 trillion.

The company also obtained a positive EBITDA of IDR 446 billion throughout 2023, an increase of IDR 84 billion or 23.2 percent compared to the same period in the previous year of IDR 362 billion.

"This victory is one of the results of the Company's efforts to continuously refresh business units by focusing on strengthening the foundation towards sustainable business and always increasing competitiveness," said President Director & CEO of PT Bakrie & Brothers Tbk., Anindya Novyan Bakrie quoting Antara.

After the Annual & Extraordinary General Meeting of Shareholders (GMS), Anindya said the increased net income came from the increase in PT Bakrie Metal Industries (BMI) Group's revenue of Rp49.3 billion and PT Multi Control Nusantara (MKN) of Rp102.3 billion.

BNBR Finance Director Roy Hendrajanto M. Sakti added that currently the Company's balance sheet posture is much leaner and healthier. Especially with the completion of derivative obligations to one of the creditors amounting to US $ 854.7 million or equivalent to Rp. 13.1 trillion.

With this debt settlement, the Company's debt to equity ratio became much better and healthier than Rp12.08 trillion or 10.44x in the previous year, to Rp589.27 billion or 1.67x in 2023.

"Thus, the Company's balance sheet conditions will become leaner and healthier so that it is hoped that in the future BNBR can accelerate faster than before," said Roy.

He said, from year to year the Company also consistently shows an improving trend of financial performance. This can be seen from the increase in revenue by 25.33 percent of CAGR during the period from 2021 to 2023.

The increase in the Company's revenue was mostly due to the development of the Company's business through its subsidiaries PT VKTR Mobility Technology Tbk. (VKTR) which is engaged in the sale of electric vehicles, PT Bakrie Metal Industries (BMI) and the Company's subsidiaries engaged in the fabrication of corrugated steel, steel pipeline fabrication and steel construction and PT Bakrie Indo-Infrastructure (BIIN) engaged in infrastructure development and services including telecommunication infrastructure.

More than that, Roy continued, this positive performance trend can also be seen from the increase in the Company's operating profit for three consecutive years, each amounting to Rp20.69 billion, Rp231.91 billion and Rp348.31 billion, with an average operating profit margin of 5.51 percent.

In the period 2021 to 2023, the Company has profit for the year attributable to owners of its respective parent entity of IDR 63.67 billion in 2021, IDR 266.13 billion in 2022 and IDR 237.46 billion in 2023. The average of three years for profit for the year attributable to owners of the parent entity is IDR 189.09 billion," Roy explained.

Furthermore, the Company has good prospects, as evidenced by the positive current year's profit in the annual consolidated financial statements audited for 3 (three) consecutive years, each amounting to Rp86.78 billion in 2021, Rp306.15 billion in 2022, and Rp264.46 billion in 2023.

Shareholders at the BNBR Extraordinary General Meeting of Shareholders (EGMS) approved the reorganization plan to be carried out by the Company.

Roy stated that this reorganization quasi was carried out to improve the condition of the report on the Company's consolidated financial position in order to show a better financial position and the Company's performance without being burdened with past deficits.