Barito Pacific Earns $32 Million Profit In 2022

JAKARTA - PT Barito Pacific Tbk (BRPT) recorded consolidated revenues of US$2.962 billion throughout 2022.

Although consolidated revenue has decreased by 6.1 percent compared to revenue in 2021 due to supply disruptions and demand in the petrochemical segment, the company has still managed to score a profit of 32 million US dollars throughout 2022.

Barito Pacific President Director Agus Pangestu said 2022 is proof of the company's right decision to diversify to the energy pillar segment to make a more stable contribution and produce better financial performance in groups.

The petrochemical industry, he said, is experiencing a high level of instability on a global scale, but the company's stable energy segment continues to be a support for the group's consolidated performance.

Furthermore, the company will commit to advancing its expansion strategy by consolidating geothermal assets to strengthen the company's position on renewable energy.

"This strategic decision is expected to strengthen our position as the most diverse and integrated energy company, as well as one of the best positions to assist the energy transition program," he said in his statement, quoted on Saturday, April 1.

In line with the slowing revenue, the company's consolidated EBITDA fell from $797 million to $475 million.

In part, due to the absence of margin recovery in the petrochemical segment with funds originating from the geothermal segment.

"Which caused the EBITDA margin to be eroded to 16.05 percent from 25.26 percent in the previous year," he said.

The company also maintains a large liquidity profile as a buffer for uncertain times.

He mentioned that the debt position to the company's capital in 2022 reached 51.6 percent and a net debt to equity of 0.63x, which showed a healthy financial profile to support expansion in the next few years.

Formation Of BREN In 2022

In 2022, he continued, the company will realize concrete plans to strengthen the company's position and take advantage of opportunities through the formation of Barito Renewables Energy (BREN).

BREN will allow management to expand the scope of its renewable energy portfolio and expand the company's funding resources.

In addition to the formation of BREN, the company has also completed the consolidation of geothermal assets by increasing the majority of effective ownership in the assets of Wayang Windu, Salak, and Darajat.

The completion of the group's restructuring and asset consolidation marks a milestone in supporting BRPT's long-term growth in the renewable energy sector.

Finally, as the company's appreciation to Barito Pacific shareholders for its ongoing support, management has completed the bonus share with a ratio of 475 shares each for 2 bonus shares.