JAKARTA – PT Barito Pacific Tbk (BRPT) recorded a 116.28% year-on-year (yoy) increase in net profit to USD 56.48 million in 2024, despite a 13.53% decrease in revenue to USD 2.39 billion in 2024.

“This was due to scheduled maintenance (Turnaround Maintenance/TAM) at our petrochemical complex, as well as disruptions in global supply and demand conditions,” BRPT management said in an official statement today (17/3).

According to the 2024 Financial Report, revenue contributions from the petrochemical segment decreased to USD 1.35 billion in 2024, while the electricity and energy rental segments increased to USD 368.95 million and USD 156.76 million, respectively.

Alongside the revenue decline, the cost of revenue and direct costs decreased by 15.17% to USD 1.87 billion. However, gross profit dipped slightly to USD 518.80 million, while EBITDA also saw a minor decline to USD 570.03 million.

“Nevertheless, due to lower production costs resulting from TAM, our EBITDA margin increased to 23.9% from 21.4%,” BRPT management stated.

On the balance sheet, BRPT's equity rose by 1.85% to USD 4.19 billion. Meanwhile, total assets increased by 3.77% to USD 10.53 billion in 2024, with cash and equivalents amounting to USD 1.61 billion. (EF/ZH)