JAKARTA – The performance of PT Barito Renewables Energy Tbk (BREN) declined in Q1 2024 from the performance in Q1 2023. However, its stock price continued to soar, to the point that it got suspended by the capital market authority this morning (3/5).

As quoted from its Q1 2024 Financial Report, the company’s revenue slowed down 1.3% year-on-year (yoy) to USD 145.41 million from USD 147.08 million in Q1 2023. The revenue from the electricity sales to third parties clocked up to USD 66.47 million in Q1 2024, a slight slip from USD 66.84 million last year. Steam sales also shrank to USD 30.36 million from USD 32.06 million, while management cost doubled to USD 18 thousand from USD 9 thousand. Lastly, operational lease contributed USD 38.64 million, up from USD 38.04 million, while financing lease income slipped from USD 10.25 million to USD 9.90 million.

Profit before taxes also slipped down 4.74% yoy to USD 72.70 million from USD 76.32 million, which resulted from loss on currency exchange. The current year’s profit was recorded at USD 37.14 million, down from USD 39.66 million, while the net profit attributable to the parent entity slipped 1.39% yoy to USD 28.83 million from USD 29.24 million.

Although the company’s performance in the first three months this year slowed down, BREN’s stock strengthened significantly. Yesterday (2/5), it was closed at IDR 9,875 per share, up IDR 650 from last Tuesday (30/4) at IDR 9,225 per share.

The market capitalisation of BREN has now reached IDR 1.32 quadrillion, arriving at the top of Top 50 Market Cap of IDX, and replacing PT Bank Central Asia Tbk (BBCA) with market cap of IDR 1.16 quadrillion, now down to the runner-up spot. (LK/ZH)