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Press Release
PT BARITO PACIFIC TBK (IDX: BRPT) ANNOUNCES ITS UNAUDITED CONSOLIDATED PERFORMANCE FOR
THE FIRST NINE MONTHS OF 2024
Key Highlights:
Consolidated 9M24 Revenues of US$1,677 million (-21% YoY)
Consolidated 9M24 EBITDA of US$426million (-0.9% YoY)
Consolidated 9M24 Net Profit After Tax of US$61 million (-37% YoY)
Jakarta, 31 Oct 2024 - PT Barito Pacific Tbk. (“Barito Pacific”, “BRPT” or the “Company”) today released
its unaudited consolidated financial statements for the first nine months of 2024:
Agus Pangestu, the Company’s President Director states that:
“Our 9M24 results capture a blend of cautious optimism and ongoing challenges in the global
petrochemical sector. Amid significant market volatility, we've shown resilience and achieved key
milestones in our expansion plans, particularly with the recent CSPA to acquire Shell Chemical and
Industrial Park (SECP). This should underpin Indonesia’s economic growth by enhancing energy security
and providing a reliable supply of essential products for the domestic chemical and infrastructure
sectors. By strategically targeting acquisitions and forging critical partnerships, we are evolving from a
domestic player into a formidable regional force.
In the first nine months of 2024, we reported a net profit after tax of US$61 million, reflecting a year-
over-year decline of 37%. This decline was primarily due to continued volatility in the global
petrochemical sector, unplanned outage in our geothermal asset and scheduled Turnaround
Maintenance (TAM) in our petrochemical complex. These factors partially affected our operational
performance, resulting in an 9M24 EBITDA of US$426 million.
It is important to highlight that we have successfully completed maintenance on both our petrochemical
and geothermal assets. This completion not only underscores our commitment to operational
excellence but also positions us to effectively support our business activities in the years ahead. By
ensuring that our facilities are operating at their optimal capacity, we are enhancing our ability to meet
future demands.
We have demonstrated resilience by maintaining a strong balance sheet. Our liquidity profile remains
robust, highlighting our ability to support ongoing expansions and remain agile in pursuing inorganic
opportunities. Our net debt to equity ratio is steady at 0.74x, reflecting our management's unwavering
commitment to sustaining a healthy financial profile as we pursue our expansion plans.
In the energy sector, we are diligently progressing toward our next milestone, fully committed to
supporting Indonesia's economic goals and facilitating the nation’s transition to renewable energy,
ensuring that our efforts align with broader environmental objectives while fostering growth and
innovation within the energy sector. In the near term, we plan to develop 104.6 MW of new renewable
energy capacity, a crucial step that aligns with our long-term goal of operating 1 GW by 2025.
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Financial Performance:
(US$ million, unless otherwise stated) 9M24 9M23 % Change
Net Revenues 1,677 2,112 (20.6%)
Petrochemical 1,232 1,663 (25.9%)
Energy 441 445 (0.9%)
Others 4 4 0.0%
Cost of Revenues 1,296 1,691 (23.4%)
Gross Profit 382 422 (9.5%)
Finance costs 256 224 14.3%
Net Profit after Tax 61 97 (37.1%)
Attributable to:
Owners of the Company 27 36 (25.0%)
Non-controlling Interests 34 61 (44.3%)
EBITDA 426 430 (0.9%)
Gross Profit Margin (%) 22.8 20.0 3pp
EBITDA Margin (%) 25.4 20.4 5pp
Debt to Capital (%) 53.9 51.2 3pp
Net Debt to Equity (x) 0.78x 0.61x
Balance Sheet (US$ million) 9M24 2023 % Change
Total Assets 10,190 10,150 (1.6%)
Total Liabilities 6,076 6,038 (3.0%)
Total Equity 4,114 4,112 0.4%
Total Debt 4,810 4,308 5.0%
Net Debt 3,224 2,508 23.7%
FINANCIAL PERFORMANCE ANALYSIS:
Consolidated net revenue decreased 21% YoY to US$1,677 million in 9M24 mainly attributable to:
Lower net revenue from our petrochemical business, owing mostly to temporary softer volume due to
scheduled Turnaround Maintenance (TAM) which have completed at the end of the quarter
Revenue in the energy segment was flat at US$441 million, primarily due to one-time maintenance at the
Darajat facility, which has fully returned to normal operation toward the end of third quarter.
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Consolidated Cost of revenues decreased by 23% YoY to US$1,296 million
Cost of revenues declined to US$1,296 million on the back of scheduled TAM, resulting in lower
production volume.
EBITDA stable at US$426 million
In line with softer production, we recorded slightly lower consolidated 9M24 EBITDA of US$426million.
This coupled with lower production cost due to TAM translates to 9M24 EBITDA margin of 23%
compared to 20% in previous year.
Consolidated Net Profit After Tax
In the face of persistently high volatility in the global petrochemical market and turnaround
maintenance, our net profit after tax for the first nine months of 2024 decreased by 37% YoY, falling to
US$61 million from US$97 million in the previous year.
Total Assets and Total Liabilities
As of end 9M24, our Total Assets stood at US$10,190 million compared to US$10,150 million for year-
end 2023. Despite the downcycle in the petrochemical segment, we have maintained a strong liquidity
profile, with net debt to equity remaining stable at 0.78x, providing room for further funding
requirement to support our expansions.
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About Barito Pacific
Barito Pacific (IDX: BRPT) is an integrated energy company based in Indonesia with multiple power and
industrial assets. Through Barito Renewables, BRPT operates geothermal assets with a combined capacity of
886MW. Along with Indonesia Power, a wholly-owned subsidiary of PLN, BRPT is developing Java 9 & 10, a 2 x
1,000MW ultra super-critical class power plant with enhanced efficiencies and environmental performances.
BRPT also owns a controlling share of PT Chandra Asri Petrochemical Tbk (IDX: TPIA), Indonesia’s largest and
only integrated petrochemical company. Visit us at: www.barito-pacific.com
For more information, please contact:
Corporate Secretary | Corporate Communications and Investor Relations
PT Barito Pacific Tbk.
Phone: (62-21) 530 6711
Fax: (62-21) 530 6680
Email: corpsec@barito.co.id, Investor.relations@barito.co.id
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