PT Barito Pacific Tbk (BRPT) recorded a significant performance surge in the first quarter of 2026, driven by strong contributions from its oil refinery operations in Singapore as well as the integration of downstream business through the acquisition of ExxonMobil's fuel retail assets in the country.
The company posted consolidated net revenue of US$2.57 billion in the first quarter of 2026, jumping 232 percent year-on-year (YoY). This increase was mainly supported by the improved performance of Chandra Asri Group subsidiaries, which were boosted by high refinery margins and the integration of ExxonMobil's fuel retail assets in Singapore.
In terms of profitability, the Company recorded EBITDA of US$567 million, a sharp 288% YoY increase and a record high quarter in history. This increase reflects the combination of solid refinery margins, integration of the fuel retail business, and continued efficiency in the renewable energy segment.
The Company's President Director, Agus Pangestu, said that this performance improvement was inseparable from the optimization of operations in Singapore.
"This performance was mainly driven by very strong refinery margins in Singapore operations, supported by high regional crack spreads, product mix optimization, and discipline in raw material procurement. This achievement is more than able to offset the ongoing volatility in the petrochemical segment," said Agus in an official statement, Tuesday, May 5.
In addition, the contribution from the energy segment also strengthened the company's bottom line performance. Overall, consolidated net profit after tax was recorded at US$271 million in the first quarter of 2026, or grew 803 percent YoY, in line with strong operational performance across all business lines.
Another important strategic step is the completion of the acquisition of the Esso network of gas stations, part of ExxonMobil's retail assets in Singapore, which has been completed and has been fully consolidated since the beginning of 2026. This acquisition is considered a key to strengthening the Company's vertical integration, especially in the downstream segment.
"In line with our strategic objectives, we have completed the acquisition of the Esso gas station network in Singapore, which has been fully consolidated in the financial statements since the beginning of 2026. This acquisition strengthens our downstream ecosystem through the expansion of the retail network and the deepening of integration along the value chain," said Agus.
The Company estimates that the transaction will immediately contribute positively to earnings, supported by strong cash flows as well as operational and commercial synergies. On the balance sheet, Barito Pacific also showed solid resilience with total assets reaching US$17.62 billion as of 3M26.
Entering the remainder of 2026, Barito Pacific remains cautious but optimistic. With the support of a still relatively strong oil refinery margin, the full contribution from the integration of downstream assets in Singapore, as well as operational discipline across all business lines, the Company believes that the current performance foundation provides room to maintain sustainable growth amid global energy and petrochemical market dynamics.
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