Jakarta, 5 Nov 2021 — PT Barito Pacific Tbk. (“Barito Pacific”, “BRPT” or the “Company”) today releases its consolidated financial statements for the nine months period ended 30 Sept 2021.
Agus Pangestu, the Company’s President Director states that:
“Our 9M-2021 financial results reflect a resilient business performance by both our subsidiaries despite a challenging and dynamic environment arising from a rampant COVID-19 Delta variant which led to demand slowdown in China and further lockdowns in Indonesia.
Over the first nine months of 2021, Barito Pacific successfully recorded Consolidated Net Revenues of US$2,313 million, up by 39% vs US$1,666 million in the same period last year. Year to date September 2021 EBITDA was US$639 million up by 64% from US$391 million over the corresponding period of 2020. This translated to a Net Profit of US$271 million in 2021, a rise of 221% from US$84 million in 2020.
We remain disciplined and continue to maintain a robust balance sheet position with an improved Debt to Capital ratio of 41.1% from 47.5% last year and Net Debt to EBITDA multiple of 1.09x from 3.81xas of Sept 2020. Our Geothermal business (Star Energy) continued to provide stellar performance and stability while significantly improving our green footprint and sustainability credentials, and maintained optimum operating rates at all three of its assets for the 9M 2021 period.
Our petrochemical business (Chandra Asri) reported solid operational and financial results for 9M-21 over fluid market conditions and challenging times. In September 2021, Chandra Asri also successfully completed its Pre-Emptive Rights Issue, the Limited Public Offering III which was fully subscribed to onboard our new cornerstone investor, Thai Oil. After the rights issue, Chandra Asri’s Equity position is at nearly US$3 billion, with a total Liquidity Pool of US$2.2 billion. With the completion of this major milestone, we will now forge ahead towards taking Final Investment Decision (FID) on our second petrochemical complex within 2022.”
9M-2021 Highlights:
- 9M-21 Net Revenues increased by 39% from US$1,666 million in 9M-20 to US$2,313 million mainly due to higher average sales prices particularly for Polyethylene, Polypropylene and Ethylene.
- Cost of Revenues increased by 29% from US$1,299 million in 9M-20 to US$1,676 million in 9M-21 mainly attributed to higher Naphtha price which followed the rise in the price of Brent crude oil.
- EBITDA increased by 64% from US$391 million 9M-20 to US$639 million in 9M-21 primarily due improved spreads across the entire petrochemical value chain. EBITDA margin increased from 23% to 28% in 9M-21 reflecting these healthier product spreads.
- Net Profit After Tax came at US$271 million compared to US$84 million in 9M-20 a growth of 221% yoy mainly as a result of market improvements and a solid execution across the board.
Review:
- Consolidated Net Revenue of US$2,313 million in YTD September 2021 (+39% YoY).
- Consolidated EBITDA of US$639 million for nine months (+64% YoY).
- Consolidated Net Profit after tax of US$271 million for nine months (+221% YoY).
(***)
About PT Barito Pacific Tbk
Barito Pacific (IDX: BRPT) is an integrated energy company based in Indonesia with multiple power and industrial assets. Through Star Energy, BRPT operates geothermal assets with a combined capacity of 875 MW. BRPT also owns a controlling share and consolidates PT Chandra Asri Petrochemical Tbk (IDX: TPIA), the largest and only integrated petrochemical company in Indonesia. 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.
For more information, please contact:
Corporate Secretary | 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
www.barito-pacific.com
For the complete financial information and highlights, please download the PDF format.
