PT Barito Pacific (BRPT) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024 was US$1,159.2 million, down 15.7% year-over-year, with net profit attributable to owners at US$34.5 million, a 13.6% increase from the prior year.

• Gross profit margin declined to 21.1% from 20.7% year-over-year, while net profit margin improved to 3.0% from 2.2%.

• The Group completed several acquisitions in the renewable energy sector, including wind and geothermal assets, and expanded its project development pipeline.

Financial highlights

• Total assets as of June 30, 2024 were US$9,983.7 million, with total equity of US$4,127.3 million and net debt of US$3,092.0 million.

• Cash and cash equivalents stood at US$1,448.7 million, down from US$1,800.2 million at year-end 2023.

• Net cash used in operating activities was US$333.3 million, with investing activities using US$140.3 million and financing activities providing US$122.1 million.

• Earnings per share for the period were US$0.00037, up from US$0.00032 year-over-year.

Outlook and guidance

• The Group remains optimistic about recovery in the petrochemical sector, supported by China's reopening and ongoing expansion in renewables.

• Management continues to prioritize operational resilience, digital transformation, and ESG initiatives.

• The Group is committed to advancing expansion plans and strengthening its capital structure through proactive liability management and diversified funding.