Barito Pacific (BRPT) Posts 116.28% Profit Surge in 2024 Despite Revenue Decline

Petrochemical company PT Barito Pacific Tbk (BRPT) recorded a significant 116.28% surge in profit attributable to the parent entity by the end of 2024.

According to the latest financial report disclosed by the Indonesia Stock Exchange (IDX), BRPT’s net profit as of December 2024 stood at US$56.48 million (approximately Rp923.1 billion), a significant increase compared to US$26.12 million in 2023.

Revenue Declines Due to Scheduled Maintenance and Global Market Conditions

Despite the profit increase, BRPT’s revenue dropped by 13.5%. In 2024, the company posted a revenue of US$2.39 billion (approximately Rp39.1 trillion), lower than US$2.76 billion in the previous year.

BRPT President Director Agus Pangestu explained that the decline in revenue was due to scheduled Turnaround Maintenance (TAM) at its petrochemical complex, coupled with disruptions in global supply and demand conditions.

“The decline in net revenue from our petrochemical business was primarily due to lower production volume following the scheduled Turnaround Maintenance (TAM), which was completed at the end of Q3. However, revenue in our power plant segment remained relatively stable at US$596 million, supported by smooth operational performance,” Agus stated in a press release on Monday (March 17, 2025).

Profit Growth Boosted by Foreign Exchange Gains and Lower Costs

While revenue declined, BRPT’s profit was bolstered by foreign exchange gains, turning a previous deficit of Rp8.95 million into a profit of Rp13.85 million. Additionally, higher financial income and other gains contributed to the overall profit increase.

In terms of expenses, BRPT’s cost of revenue stood at US$1.87 billion, down from US$2.2 billion the previous year.

Assets and Financial Structure

As of December 2024, BRPT’s total assets rose to US$10.53 billion, an increase from US$10.15 billion at the end of 2023.

In terms of financial structure, the company’s liabilities were recorded at US$6.34 billion, while its equity reached US$4.19 billion.