PT Barito Pacific Tbk (BRPT) Reports Sharp Increase in Net Profit Despite Revenue Decline

PT Barito Pacific Tbk (BRPT), an issuer under Prajogo Pangestu, recorded a significant increase in net profit last year. BRPT's profit surged to US$26.11 million or Rp 412.53 billion (at an exchange rate of Rp 15,800 per US$). This profit increase represents a remarkable growth of over 1,300% compared to the previous year's US$1.76 million. Consequently, net profit per share rose from US$0.00002 to US$0.00028. Meanwhile, BRPT's EBITDA grew by 28.8% to US$612 million.

Despite the profit growth, BRPT's revenue declined by 6.79% to US$2.76 billion or approximately Rp 43.8 trillion, compared to US$2.96 billion in 2022.

As a result of this decline, BRPT's cost of revenue also decreased to US$2.2 billion in 2023. This cost of revenue declined by 12.47% compared to US$2.51 billion in 2022. Despite the company's revenue decrease, BRPT still managed to achieve an increase in gross profit to US$558.1 million. This gross profit increased by 25.24% from US$445.6 million.

Furthermore, BRPT reported an increase in total assets to US$10.14 billion throughout 2023, a slight rise from US$9.24 billion in 2022. Additionally, BRPT's liabilities grew to US$6.03 billion in 2023, from US$5.52 billion in the previous year. 

This impressive performance highlights BRPT's ability to effectively manage its operations and navigate through challenging market conditions, ultimately delivering substantial growth in net profit despite a decline in revenue.

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