Barito Pacific's Net Profit Soared 149 Percent In The Third Quarter Of 2023

Rupiah illustration (Photo: dock. Antara)

JAKARTA - PT Barito Pacific Tbk recorded an increase in net profit of up to 149 percent in the third quarter of 2023.

Quoting Antara, Barito Pacific earned a net profit of 97 million US dollars in the third quarter of 2023. This increase was compared to the same period in the previous year at 39 million US dollars.

President Director of Barito Pacific Agus Pangestu said operational recovery in the stable petrochemical and geothermal segments allowed the company's EBITDA growth to rise 23 percent to US$424 million in the third quarter of 2023, from a position of US$344 million in the third quarter of 2022. MARgin EBITDA (earning prior interest tax, depreciation, and amortization/income before interest, tax, and amortization) generated higher by 20.1 percent compared to 14.5 percent in the third quarter of 2022. In addition to operational recovery, the company also maintains a strong liquidity profile in the third quarter of 2023, with a debt to issued capital ratio of 53.2 percent. The company's total assets reached US$9.47 billion as of the third quarter of 2023, a slight increase of 2.4 percent from the position of US$9.248 billion in the third quarter of 2022. The total assets consisted of liabilities positions of 5.685 billion US dollars and total equity reached 3.789 billion US dollars.

On the BRPT strategic expansion map, a subsidiary of PT Chandra Asri Petrochemical Tbk through PT Chandra Asri Alkali signed a statement with PT Indonesia Asahan Aluminum to support the development of the upstream aluminum industry, as well as realize the acceleration of a sustainable domestic electric vehicle ecosystem. In addition, efforts to create a company value have developed further with the success of the Barito Renewables Energy (BREN) initial public offering on the Indonesia Stock Exchange (IDX) with a total funding achievement of IDR 3.1 trillion and excess demand of more than 135 times, which shows high investor interest in the company. After the IPO, BREN has established Barito Wind Energy (BWE) as the first step in diversifying its renewable energy portfolio.