PT Barito Pacific (BRPT) recorded net income of US$619 million in the first quarter of 2024. This income was obtained from the petrochemical business amounting to US$472 million, the energy business US$145 million, and other businesses US$1 million.
The consolidated net profit after tax and EBITDA of Prajogo Pangestu’s issuer are US$14 million and US$135 million.
Barito Pacific President Director, Agus Pangestu, stated that the company’s financial performance in the first three months of 2024 illustrates the fluctuations that continue to occur in the global petrochemical sector.
This was then exacerbated by rising geopolitical tensions, weakening sentiment. Fortunately, stable operating income from the energy segment was able to offset this negative impact.
The company remains vigilant in facing this volatility, prioritizing prudence while maintaining financial resilience to seize new growth opportunities.
“This approach supports us to maintain our market leadership position in the long term and a strong group profile,” said Agus in a written statement.
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Despite starting 2024 with several challenges, the company still managed to maintain a strong balance sheet, with the net debt to equity ratio remaining stable at 0.73x.
This reflects management’s commitment to keeping the capital structure resilient and ready to support future expansion plans.
BRPT’s business performance also continues to show transformation results, in addition to the resilience of its capital structure in facing global volatility in the petrochemical sector.
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“The downstream and diversification strategic initiatives are in line with Barito Pacific’s overall decision to diversify its portfolio. We anticipate that this diversified resilience profile will further develop and strengthen in the coming years,” he explained.
In the energy sector, Barito Pacific has strengthened its position as a leading domestic player and the most diversified energy entity, with extensive capacity across various sources.
“Our diversified energy portfolio, consisting of USC’s geothermal, wind and coal-fired power assets, has a clear roadmap for capacity expansion. We believe that this strategic position leaves us well-positioned to drive long-term growth in line with the program “the government’s transition towards renewable energy,” he stressed. (Ant/Z-11)
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