Bakrie & Brothers Records IDR348 trillion Net Profit by Two Main Sectors

Jakarta – President Director & Chief Executive Officer of Bakrie & Brothers (BNBR), Anindya Novyan Bakrie conveyed that his company managed to reach a net profit IDR348.31 billion throughout 2023.

"This figure increased by IDR116.38 billion or 50.18 percent compared to the same period the previous year which amounted to IDR231.93 billion," Bakrie said in a statement in Jakarta, on Thursday.  

He explained the achievement was the result of good synergy between several strategic projects of business units, especially in two main sectors, namely manufacturing and information technology (IT).

Bakrie stated the increase in net profit came from an increase in revenue from the Bakrie Metal Industries (BMI) Group of IDR49.3 billion, and Multi Kontrol Nusantara (MKN) of IDR102.3 billion.

"The company also recorded EBITDA of IDR446.04 billion in 2023, up 37.44 percent or IDR121.51 billion from the previous year's IDR324.52 billion," Bakrie informed. 

On the same occasion, BNBR Finance Director Roy Hendrajanto M. Sakti said that currently the Company's balance sheet posture is much healthier. 

Especially with the settlement of derivative obligations to Glencore amounting to US $ 854.7 million (IDR13.1 trillion).

With this debt settlement, the Company's debt-to-equity ratio has become much better and healthier from IDR12.08 trillion in the previous year to IDR589.27 billion in 2023.

"Thus, the condition of the Company's balance sheet becomes healthier. So it’s hoped that BNBR can move faster than before in the future," Sakti concluded.