Jakarta. Barito Renewables Energy, a company owned by conglomerate Prajogo Pangestu, reported a revenue of $594.9 million (Rp 9,35 trillion) by the end of December 2023, marking a 4.4 percent increase from the same period the previous year.

The revenue surge was primarily attributed to a 3.4 percent rise in geothermal power production and the growth in tariffs for the Salak, Darajat, and Wayang Windu Geothermal Power Plants.

"Our commitment to maintaining operational excellence is fully reflected in the realization of the capacity factor, which remained above 90 percent throughout 2023, strengthening the position of geothermal energy as a reliable baseload renewable energy source," said BREN's CEO, Hendra Soetjipto Tan, in a statement released on Tuesday.

Furthermore, he added that strong cost discipline had paved the way for a 6.1 percent year-on-year growth in EBITDA in 2023, reaching a record high of $501.9 million, resulting in an increased EBITDA margin to 84 percent compared to 83 percent in the previous year.

"Despite achieving solid operational results, our financial burden has increased. In December 2022, we obtained new loans to finance the acquisition of additional shares in our operational assets, namely Wayang Windu, Salak, and Darajat, as part of our efforts to maximize value for shareholders," Hendra explained.

Despite facing higher financial obligations, which caused the net profit after tax to drop to $145.3 million, the lower value of non-controlling interests increased the net profit after tax and minority interests by 17.9% compared to the previous year, reaching US$107.4 million (profit attributed to the owners of the parent company).

"Looking ahead, we remain committed to our expansion plans to operate a capacity of 1,300 MW by 2028, which will be achieved through the development of new units in our existing geothermal operating areas and the development of greenfield areas in geothermal and wind energy fields," he disclosed.

In 2023, Barito Renewables' total assets reached US$3.5 billion compared to US$3.39 billion in 2022. BREN also maintained a stronger balance sheet profile with the net debt-to-equity ratio decreasing to 2.3x in 2023 compared to 4.01x in 2022.

"This reflects our financial capability to support our expansion plans in the years to come," concluded Hendra.