Jakarta. Conglomerate Prajogo Pangestu's Barito Renewables Energy (BREN) reported a profit attributable to the owners of the parent entity of $57.95 million (approximately Rp 951.64 billion) for the first half of 2024, a 0.53 percent increase from $57.64 million in the same period last year.

Barito Renewables recorded revenues of $290.07 million for January-June 2024, down from $296.98 million in H1 2023. Pre-tax profit was $143.06 million, compared to $152 million in the same period in 2023.

As of June 30, 2024, the company's cash and cash equivalents stood at $226.05 million, with total assets of $3.70 billion, total liabilities of $3 billion, and total equity of $700.21 million.

Barito Renewables is a subsidiary of Barito Pacific (BRPT). In H1 2024, Barito Pacific showed continued financial progress despite challenges in the petrochemical industry.

Barito Pacific posted a profit attributable to the owners of the parent entity of $34 million, a 13.3 percent increase from $30 million in H1 2023. This growth was driven by a 16.1 percent year-on-year (YoY) decrease in the cost of revenue, amounting to $914 million, aligning with BRPT's revenue decline of 15.6 percent (YoY) to $1.16 billion.

"Our H1 2024 results reflect cautious optimism amidst ongoing challenges in the global petrochemical sector. Despite significant turbulence, we have shown resilience and continued our expansion plans, evident from our progress in organic growth and acquisitions to support future growth," said BRPT President Director Agus Salim Pangestu on Thursday.

Agus noted the decline in BRPT's consolidated revenue in H1 2024 was due to volatility in the global petrochemical industry and scheduled turnaround maintenance (TAM) at Barito Pacific's petrochemical complex and one geothermal unit. The newly acquired Sidrap I helped mitigate some revenue decline, achieving record production.

Agus reported that conditions in the first six months of 2024 impacted operational performance, reflected in consolidated EBITDA of $271 million with an EBITDA margin of 23.4 percent. The net debt-to-equity ratio in H1 2024 remained stable at 0.73x, showing a commitment to a healthy financial profile amid expansion plans.