Barito Pacific, A Company Owned By The Prajogo Pangestu Conglomerate, Earns Rp.33.55 Trillion In Revenue And Rp.522 Billion In Profit

Prajogo Pangestu Conglomerate. (Photo: Instagram @forbesindonesia)

JAKARTA - PT Barito Pacific Tbk managed to record positive performance in 2020. The company with the stock code BRPT had slumped in the first half of 2020 due to the severe challenges of the COVID-19 pandemic, but managed to respond to it by the end of the year.

Quoting the financial statements of the company belonging to conglomerate Prajogo Pangestu on the Indonesia Stock Exchange (IDX) disclosure page, Monday, March 29, Barito Pacific recorded a profit for the year attributable to the parent entity of 36.27 million US dollars throughout 2020, or around Rp522 billion ( drains Rp.14,400 per US dollar).

The company owned by the 3rd richest person in Indonesia managed to close the year positively, after in the first semester of 2020 it posted a net loss of up to US $ 8.8 million.

Even so, the profit during 2020 was down 17.8 percent compared to 2019's acquisition of US $ 44.13 million. In addition, Barito Pacific's revenue also fell 2.8 percent to US $ 2.33 billion (Rp.33.55 trillion) in 2020, compared to the achievement of US $ 2.4 billion in the previous year.

Barito Pacific President Director Agus Pangestu said, despite the dislocation of the market due to the COVID-19 pandemic, the results of the company's financial performance in 2020 remain solid, supported by improvements in the petrochemical industry which experienced a recovery in demand during the second half of 2020.

This is reflected in the BRPT petrochemical business entity, PT Chandra Asri Petrochemical Tbk (TPIA), which recorded an EBITDA of 121 million US dollars in the fourth quarter of 2020, almost double the EBITDA for 9 months 2020 of 65 million US dollars.

"This recovery is driven by increased industrial activity, especially in China and the NEA, which strengthens demand for polymers," said Agus.

On the other hand, BRPT has successfully completed a number of projects amidst the pressure of the COVID-19 pandemic. Barito Pacific completed its MTBE and Butene-1 plants in September 2020 according to the target which has increased TPIA's production capacity to 4.2 million tons per year.

In addition, Chandra Asri completed the US $ 14 million Enclosed Ground Flare project which will help minimize the potential social and environmental impacts of petrochemical operations and continue its partnership with Total Solar DG to build solar panels and photovoltaic (PV) installations.

In the geothermal business, Star Energy Geothermal (Star) has managed to maintain a capacity level of more than 90 percent for its three assets, namely Wayang Windu, Salak and Darajat. Star Energy also successfully issued bonds worth US $ 1.11 billion, the first green bond from Indonesia to receive an investment grade rating in 2020 and was 3.5 times oversubscribed.

The total assets of BRPT at the end of 2020 were in the position of 7.68 billion US dollars, a slight increase of 7 percent compared to the position at the end of 2019 of 71.8 billion US dollars.