Barito Pacific, A Company Owned By Prajogo Pangestu Conglomerate, Profit Jumped 719 Percent In Q1 2021

Prajogo Pangestu conglomerate. (Photo: Doc. Between)

JAKARTA - PT Barito Pacific Tbk released its first quarter 2021 financial results. The brpt stock-coded company recorded net income of USD726 million (around Rp10.5 trillion), growing from a share of revenue of USD611 million in the first quarter of 2020.

The increased portion of revenue made the EBITDA portion and net profit of the company owned by the conglomerate Prajogo Pangestu which performed positively in the first quarter of 2021. Ebitda increased 160 percent to $249 million from $96 million.

BRPT also posted a net profit after tax of USD116 million (around Rp1.6 trillion), up 719 percent from the same period last year of USD14 million.

President Director of BRPT, Agus Salim Pangestu said that the company's financial performance in the first quarter of 2021 reflected a strong recovery and continued the positive trend in the second half of last year.

"The company's petrochemical business which achieved a positive performance in the first quarter of this year was driven by increasing regional and Indonesian demand for polymers and other downstream chemicals. Then our energy business also provides stability to our consolidated revenues," Agus said in his written statement on Tuesday, May 11.

Agus added that in the geothermal business, Star Energy's factories including Wayang Windu, Salak and Darajat maintained their operating rate at 95 percent in the quarter. And with bonds of USD1.1 billion last year in order to amortize bonds, Star Energy is expected to continue to provide a positive trend for the company's net profit.

He also said that the company remains optimistic despite its vigilance and continues to focus on business sustainability and operational excellence in maintaining the company's operational performance while continuing to increase vigilance in the face of COVID-19.

"We proactively promote COVID-19 prevention measures, such as washing hands, wearing masks and building the ability to work from home to the fullest," he concluded.