Chandra Asri, A Company Owned By The Prajogo Pangestu Conglomerate, Earns IDR 8.7 Trillion In Revenue In The First Quarter Of 2021

Illustration. (Photo: Doc. Chandra Asri Petrochemical)

JAKARTA - When the performance of other issuers was affected by the significant impact of the COVID-19 pandemic, PT Chandra Asri Petrochemical Tbk (TPIA) actually managed to achieve performance growth. Chandra Asri managed to achieve net income of 598 million US dollars or around Rp8.7 trillion (exchange rate of Rp14,500) in the first quarter of 2021.

The achievement of the company owned by conglomerate Prajogo Pangestu increased by 25 percent from the position of 477 million US dollars in the first quarter of 2020. The net income achieved by this subsidiary of Barito Pacific automatically made the company's net profit position soar to reach 85 million US dollars in the first quarter of 2021, compared to losses. USD 17 million in Q1 2020.

Until the first quarter of 2021, Chandra Asri's EBITDA has increased significantly to 147 million, from a portion of minus 14 million in the first quarter of 2020. This year's performance in the first quarter is much better than the same period last year before the spread of the COVID-19 pandemic.

"The results of the first quarter of 2021 are very encouraging for us. This condition reflects a healthy product distribution, solid strategy implementation, and sustainable financial resilience," said Director Chandra Asri Suryandi in his official statement, Thursday, April 29.

The company's positive financial performance in the first quarter of 2021, said Suryandi, was also reflected in the total liquidity that reached US $ 1.1 billion and the cash and cash equivalents position reached US $ 767 million.

"We also have lower leverage with Net Debt-to-EBITDA at 0.2X. Then we can also reduce total debt to US $ 825 million in Q1-2021, from US $ 885 million in Q1 2020. "explained Suryandi.

He admitted that this extraordinary performance achievement was in line with the increasing demand for petrochemical products in Indonesia and the Asian region, especially since the second semester of 2020.

Coupled with the ongoing vaccination program is one of the keys so that Indonesia can accelerate economic recovery.

Then, said Suryandi, the company will also focus on sustainable business and good operations, thereby maintaining good operational performance by implementing strict health protocols so that employee health and safety are guaranteed.

Previously, Chandra Asri obtained a Green Loan facility of US $ 13 million from PT Bank KEB Hana Indonesia (Bank Hana). This facility will be used to finance the company's capex and other costs related to the completion of ongoing environmentally friendly projects.

Chandra Asri is fully committed to upholding Environmental, Social and Governance (ESG) standards firmly and consistently in day-to-day operations and making it part of the company's long-term strategy.