Chandra Asri Books Revenue Of 2.385 Billion US Dollars In 2022

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Chandra Asri Petrochemical Tbk (TPIA) posted a net income of US$2.385 billion in 2022, compared to US$2.580 billion in 2021.

Director of Human Resources & Corporate Affairs Chandra Asri Suryandi said 2022 was a year full of challenges for the petrochemical industry.

Suryandi explained that global macroeconomic conditions and trade flows were influenced by unprecedented supply and demand disruptions, given China's prolonged lockdown, rapid interest rate inflation, and ongoing Russia-Ukraine war.

"In addition, high oil prices, and low product demand, have eroded the petrochemical industry margin," said Suryandi, in his statement, quoted on Saturday, April 1.

Furthermore, Suryandi said, despite the very challenging market conditions, the Company managed to break even with Earnings Before Interest, Tax, positive Depreciation and Amortization (EBITDA) of USD5.3 million, which is a much stronger performance than peers in the same industry.

To overcome the ongoing volatility, the Company continues to maintain financial policies with prudence principles, and maintain a strong balance sheet position, with a liquidity pool of US$2.673 billion.

The liquidity pool consists of USD 1.404 billion in cash and cash equivalents, USD 876.4 million in securities, and USD 393.5 million in committed revolving credit facilities that are still available for use.

Chandra Asri also remains focused on developing business, one of which is by completing the process of acquiring shares of PT Krakatau Daya Listrik (PT KDL) by 70 percent and PT Krakatau Tirta Industri (PT KTI) by 49 percent, namely two subsidiaries of PT Krakatau Sarana Infrastruktur (PT KSI) owned by PT Krakatau Steel Tbk (KRAS) with a total value of IDR 3.24 trillion.

This expansion step, continued Suryandi, is to further improve the fundamentals of Chandra Asri's business model and open up many interesting synergies that allow the Company's revenue base diversification and expansion into infrastructure utility assets, and strengthen Chandra Asri's strategic capabilities in the company's core market.

This corporate action is also carried out to utilize utilities to support operational, technical and financial processes as well as to develop the second Chandra Asri complex on a global scale (CAP2) in the future.

"As a growth partner, this action is fully in line with the expansion plan that we have prepared for CAP2 to continue to grow in order to serve our customers in the attractive domestic market," he explained.

The company is also transitioning to the green industry as part of the Company's efforts to implement the greenhouse gas road (GHG) map and support the government's commitment to environmental sustainability.

"The company has developed a master plan for the ESG with a GRK roadmap and a circular economy implemented in each Company's operations. This commitment was strengthened when Chandra Asri was ranked Top 1 (one) top percent among industry peer from Sustainalytics, a global ESG rating and research institution," said Suryandi.