JAKARTA. The net profit of PT Barito Pacific Tbk (BRPT) vastly shrank in the first half of 2022, from USD 244.36 million to only its one-eighth, USD 30.06 million. This massive drop was the effect of the declining global economy due to incessant geopolitical conflicts.
BRPT, owned by the tycoon Prayogo Pangestu, actually brought in USD 1.61 billion of revenue in the first half of 2022, 4% higher than its revenue in H1 2021. The average selling price of petrochemical products were indeed quite high, and the energy segment showed stable performance. Furthermore, Star Energy, its subsidiary, managed to contribute USD 278 million to the total revenue.
Agus Pangestu, President Director of Barito Pacific, explained that the weakening performance of BRPT in the first half of 2022 was influenced by the challenging global macro-economic condition, following the unending geopolitical tension between Ukraine and Russia, as well as China’s depleting economic activities. “Although this period was proven to be challenging for the petrochemical industry, our consolidated number reflected our effort in transforming our business pillars. Our geothermal business line apparently continued to show resilience by generating solid performance and result,” he explained in the official disclosure yesterday (31/10). Pangestu also highlighted how the operation level of petrochemical plants and production was quite healthy, despite high raw material price that countered the product price, and thus supressing the revenue of the petrochemical segment.
Within the first six months of 2022, BRPT posted EBITDA of USD 263 million, thanks to Star Energy Geothermal’s stable performance. “The energy business line, led by Star Energy Geothermal, had become a firm pillar amidst the petrochemical business volatility by bringing in USD 278 million of revenue and USD 231 million of EBITDA in H1 2022,” Pangestu added. (AM/ZH)