Bakrie & Brothers Claims Increase on Financial Conduct Since 2021

Jakarta – Bakrie & Brothers (BNBR) reported that year after year, the company has shown a trend of improving financial performance.

BNBR's Director & Chief Financial Officer (CFO), Roy Hendrajanto M. Sakti, stated that this is evident from the increase in the company's operating profit over three consecutive years, from 2021 to 2023.

"In each of these years, operating profit amounted to IDR 20.69 billion (2021), IDR 231.91 billion (2022), and IDR 348.31 billion (2023), with an average operating profit margin of 5.51 percent," said Sakti in a statement on Wednesday.

Sakti explained that the company also has good prospects, as evidenced by the positive net income reported in the audited annual consolidated financial statements for three consecutive years: IDR 86.78 billion in 2021, IDR 306.15 billion in 2022, and IDR 264.46 billion in 2023.

Additionally, he mentioned that there has been a 16.24 percent compounded annual growth rate (CAGR) in revenue during the period from 2021 to 2023.

This increase in the company’s revenue is largely due to the development of its business through VKTR Teknologi Mobilitas (VKTR), which is involved in the sale of electric vehicles.

Furthermore, Bakrie Metal Industries (BMI) and the company's subsidiaries, which are engaged in the fabrication of corrugated steel, steel pipe fabrication, and steel construction, have also contributed to this growth.

"Also, Bakrie Indo-Infrastructure (BIIN), which is engaged in infrastructure construction and services, including telecommunications infrastructure," Sakti remarked.

Sakti also highlighted that in December 2023, the company completed the restructuring of most of its obligations to creditors. With this restructuring, the company’s performance in the following year is expected to improve.

During the period from 2021 to 2023, the company recorded net income attributable to the owners of the parent entity.

These figures were IDR 63.67 billion in 2021, IDR 266.13 billion in 2022, and IDR 237.46 billion in 2023.

"The three-year average of net income attributable to the owners of the parent entity is IDR 189.09 billion," Sakti concluded.