Net profit increased, BREN shares also lifted

Jakarta – Shares of renewable energy issuer PT Barito Renewables Energy Tbk (BREN), on Thursday, October 31, consistently moved in the green zone from opening to closing and ended at 6,800 or strengthened 1.87%. The strengthening also made BREN shares one of the supports for the greening of the Indonesia Composite Index (IDX Composite) contributing of 4.8 index points.

At the close of trading today, the IDX Composite was parked at 7,574.01, or slightly strengthened 0.06%.

The greening of Barito Renewables Energy shares today is in line with the release of the company’s financial statements as of the end of the third quarter of 2024, which showed an increase in the bottom line despite corrected revenue.

In January – September 2024, BREN booked a profit that can be attributed to the parent entity, amounting to USD 86.05 million, or equivalent to around IDR 1.35 trillion. This acquisition increased by 1.88% annually, compared to the same period in 2023, USD 84.47 million.

BREN’s net profit growth occurred when the company’s revenue decreased by 0.89% on an annual basis to USD 441.29 million, or equivalent to IDR 6.92 trillion, in the first nine months of 2024. In the same period last year, BREN’s revenue reached USD 445.27 million.

In detail, the revenue of the issuer of the PT Barito Pacific Tbk (BRPT) business group came from third-party revenues: USD 202.96 million from electricity sales contracts, USD 91.38 million from steam sales, and USD 117.18 million from operating lease income.

President Director of Barito Renewables Hendra Soetjipto Tan stated that he was very optimistic about the company’s rapid response to operational challenges and successful refinancing. These steps have significantly lowered the company’s financial costs, thus impacting its net profit growth.

“This achievement confirms our commitment to sustainable growth and long-term shareholder value. As we continue to optimize and expand our geothermal assets, we believe our performance will be even stronger in the coming quarters,” Hendra said in an official statement. (hs)

Like this article? share it

More Post

Receive the latest news

Subscribe To Our Weekly Newsletter

Get notified about new articles