Barito Pacific Raup Net Profit 123 Million US Dollars In 2024, Increases 23 Percent

Photo: Doc. Barito Pacific

JAKARTA - PT Barito Pacific Tbk (BRPT) earned a net profit of 123 million US dollars throughout 2024. The profit increased 23 percent from a position of 100 million US dollars in 2023. Meanwhile, the profit attributable to the parent entity was 56 million US dollars, an increase of 115.4 percent year on year.

Meanwhile, the company's net income position reached USD 2.387 billion in 2024, from the position of USD 2.760 billion in 2023. The revenue portion consists of a petrochemical business of USD 1.785 billion, an energy business of USD 596 million, and other businesses of USD 5 million.

Barito Pacific President Director, Agus Pangestu said, despite facing global challenges on a sustainable basis, the company remains agile in utilizing strong liquidity and a strategic approach through diversification.

"Through directed inorganic acquisitions, we continue to expand to a more stable segment, strengthening our long-term growth strategy. By relying on financial strength, strategic partnerships, and market expertise, we are not only expanding our business footprint, but also forming a future that prioritizes resilience, sustainability and growth," Agus Pangestu said in his official statement, Monday, March 17.

Agus said that the lower income position in 2024 compared to 2023, was due to scheduled maintenance or Turnaround Maintenance (TAM) in the company's petrochemical complex, as well as disruption of supply conditions and global demand.

The company's EBITDA position figure reached 570 million US dollars in 2024, slightly lower than the achievement of 591 million US dollars in 2023. This is in line with the stable operation in the company's energy segment. The EBITDA achievement resulted in an EBITDA margin of 23.9 percent in 2024, or an increase from 21.4 percent in 2023.

"Our financial reports reflect a wise approach in capital management, with a net debt to stable equity ratio at 0.72x and a healthy debt-to-capital ratio at 52.5% by the end of 2024. This strong financial position provides a solid foundation to support our expansion plan," said Agus Pangestu.

In the future, Agus Pangestu said, the company's expansion strategy was driven by a good vision for sustainable growth, and turned challenges into opportunities. The company is also grateful that the Chlor Alkali Ethylene Dichloride (CA-EDC) Chandra Asri Group in Cilegon has been designated as part of the National Strategic Project (PSN), thereby strengthening the company's commitment to sustainable economic growth.

In addition, CSPA for the acquisition of Shell Chemical and Industrial Park (SECP) is a transformative move that will strengthen the company's position as a major player in the regional chemical industry.

Agus added, in the energy sector, the company is pleased to announce the completion of an additional capacity of a 16.6 MW binary generator, an important achievement in the company's ongoing efforts to expand its renewable energy footprint.

"This step further strengthens our commitment to supporting Indonesia's energy transition, while increasing energy security and sustainability for the future," concluded Agus Pangestu.