KONTAN.CO.ID - JAKARTA. PT Barito Pacific Tbk (BRPT), a leading Indonesian company, reported a net income of US$ 619 million in the first quarter of 2024. This income was derived from its petrochemical business, which contributed US$ 472 million, its energy business, which added US$ 145 million, and other businesses, which brought in US$ 1 million.

The company's consolidated net profit after tax and EBITDA, owned by Prajogo Pangestu, stood at US$ 14 million and US$ 135 million respectively in the first three months of 2024.

Agus Pangestu, the Chief Executive Officer of Barito Pacific, stated that the company's financial performance in the first quarter of 2024 reflects the ongoing fluctuations in the global petrochemical sector. These fluctuations have been exacerbated by increasing geopolitical tensions, which have dampened sentiment. 

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However, the company's stable operational revenue from the energy segment has been able to offset these negative impacts. The company remains vigilant in the face of this volatility, prioritizing caution while maintaining financial resilience to seize new growth opportunities.

"This approach supports us in maintaining our market leadership position in the long term and a robust group profile," he said in his official statement on Tuesday (30/4).

Agus noted that despite starting 2024 with several challenges, the company has successfully maintained a strong financial balance sheet, with a stable net debt-to-equity ratio of 0.73x. 

This reflects the management's commitment to maintaining a robust capital structure and readiness to support future expansion plans.

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He stated that BRPT's business performance continues to demonstrate the results of the company's business portfolio transformation, in addition to the resilience of the capital structure in the face of global volatility in the petrochemical sector. 

Chandra Asri, he said, has again made significant progress in its plans for a world-scale chloralkali and ethylene dichloride (CA-EDC) plant by signing a three-year salt purchase contract with an extension option for the next three years with BCI Minerals Ltd. 

"The strategic initiatives from downstream and diversification align with Barito Pacific's comprehensive decision to diversify its portfolio. We anticipate that this diversified resilience profile will continue to grow 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, which consists of geothermal, wind, and USC coal-fired power plant assets, has a clear roadmap for capacity expansion. We are confident that this strategic position prepares us to drive long-term growth in line with the government's transition program towards renewable energy," concluded Agus Pangestu.

Editor: Syamsul Azhar