JAKARTA – PT Barito Renewables Energy Tbk (BREN) posted a net profit attributable to the parent entity of USD 122.10 million in 2024, an increase of 13.67% from 2023.

Hendra Soetjipto Tan, President Director of BREN, announced that the company recorded consolidated revenue of USD 597 million, a slight rise from USD 594.93 million.

"Throughout 2024, we faced operational challenges while maintaining our commitment to efficiency and sustainability. Our extensive renewable energy portfolio contributed to stable revenues and increased profitability," he said in a press release on Friday (21/3).

BREN’s revenue from electricity sales was USD 278.36 million, down from USD 275.12 million, followed by steam sales at USD 122.02 million, which dropped from USD 126.52 million; management fees at USD 35,000, a slight increase from USD 28,000; carbon credit sales at USD 1,000, falling from USD 4,000; operating lease income at USD 156.76 million, up from USD 152.75 million; and finance lease income at USD 39.63 million, slightly down from USD 40.50 million.

According to Hendra, although geothermal segment revenue declined due to unplanned maintenance in the third quarter, the wind energy segment operated optimally, keeping company revenues stable.

EBITDA increased to USD 515 million, driven by the implementation of efficiency initiatives, which expanded the EBITDA margin to 86.3%. With higher EBITDA, consolidated net profit reached USD 155 million, up 6.8% from USD 145.26 million.

The company recorded total assets of USD 3.78 billion in 2024, an 8% growth from USD 3.50 billion in 2023. "The net debt-to-equity ratio improved to 2.21x in 2024, providing ample room for our expansion," Hendra added. (LK/ZH)