Chandra Asri Pacific (TPIA) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024 was US$1,231.6 million, down from US$1,662.6 million year-over-year, reflecting a challenging market environment.

• Net loss for the period was US$58.5 million, compared to a net loss of US$19.9 million in the same period last year.

• Comprehensive loss attributable to owners was US$68.8 million, with basic loss per share at US$0.00084.

• The Group completed the acquisition of a 70% stake in KCE, expanding into the electricity sector.

Financial highlights

• Gross profit declined to US$27.6 million from US$65.1 million year-over-year.

• Operating expenses remained high, with selling expenses at US$33.9 million and general/admin expenses at US$42.4 million.

• Finance costs increased to US$117.8 million from US$98.0 million year-over-year.

• Cash and cash equivalents at period end were US$1,202.6 million, down from US$1,439.8 million at year-end 2023.

• Total assets stood at US$5,348.5 million, with total liabilities at US$2,448.1 million and equity at US$2,900.4 million.

Outlook and guidance

• The Group remains optimistic about recovery in demand, especially with China reopening, but remains cautious due to ongoing global uncertainties and cyclical industry risks.

• Expansion plans in petrochemicals, chemicals, and infrastructure continue, with a focus on digital transformation and ESG initiatives.