JAKARTA. PT Barito Renewables Energy Tbk (BREN), one of Prajogo Pangestu’s companies under Barito Group, has managed to boost its revenue in 2023 by 4.4% year-on-year (yoy) to USD 594.94 million.

Most of BREN’s revenue in 2023 came from contracts with users, including electricity and steam sales, management costs, and carbon credit sales. Total revenue from contracts with users reportedly clocked up to USD 401.68 million.

In addition, most of BREN’s revenue came from operational leasing activities, generating USD 152.76 million. The remainder came from finance leasing, reportedly contributing USD 40.5 million.

According to the data compiled by IDNFinancials, BREN’s financial expenses in 2023 significantly swelled by as high as 60.4% yoy or compared to 2022. Its financial expense in 2023 was recorded at USD 136.49 million, while in 2022, it was only USD 85 million.

The swollen expenses further dragged BREN’s profit before taxes down by 8% yoy to USD 291.42 million in 2023. However, its net profit still reported growth of 17.9% yoy to USD 107.42 million. (KR/ZH)