Jakarta. Chandra Asri Group, a leading chemical and infrastructure solutions company in Indonesia, has booked a net revenue of $472 million in the first quarter of 2024.

The company, known by its ticket symbol TPIA, attributed the revenue to its chemical and infrastructure businesses, which earned approximately $447 million and $24.7 million, respectively.

TPIA’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also hit $ 1.1 million in the first quarter of 2024.

"Chandra Asri Group recorded a strong liquidity pool as of March 31, 2024, with a total liquidity pool of $2.38 billion consisting of cash and cash equivalents of $ 1,030 million, securities worth $1,121 million, and $226 million in committed revolving credit," Chandra Asri Group’s Director Suryandi was quoted as saying in a recent press statement. 

According to Suryandi, Chandra Asri Group has inked a three-year salt offtake contract with an extension option for a further three years with BCI Minerals Ltd. This marks huge progress for its world-scale Chlor-Alkali and Ethylene Dichloride development plans. The offtake agreement encompasses an annual supply contract of 300,000 tonnes which will increase to 600,000 tonnes of salt per year.

BCI was seeking an investment grade off-taker, and after conducting detailed due diligence regarding credit quality and ESG credentials, Chandra Asri Group was deemed eligible for the BCI Mineral project financing.

"Along with other previous initiatives, namely the potential strategic partnership with INA, partnerships with world-class licensors, and potential collaboration with INALUM, these initiatives highlight our commitment to strengthening the dynamic electric vehicle industry and expanding our presence in the market, " Suryandi said.

In the first quarter of 2024, Chandra Asri Group also successfully issued phase IV Sustainable Bonds with a total amount of Rp trillion. The bonds got oversubscribed due to high interest in participation from retail investors, banks, and institutions. This shows how domestic investors trust the company's performance and financial strength.

"We are pleased that this bond program offers a credible option for investors looking to increase their returns, balanced with a holistic focus on maintaining high environmental, social, and governance standards," Suryandi said.

On environmental, social, and governance (ESG) compliance, Chandra Asri Group earned important recognition for its climate change disclosure efforts, by achieving a B Score from the Carbon Disclosure Project (CDP).

CDP is a global non-profit organization that facilitates the disclosure of corporate environmental impact information. Known for maintaining the world's most comprehensive environmental database, CDP sets the industry standard for environmental reporting.

CDP ratings are highly regarded and influential, guiding investment decisions and procurement practices toward an economy that embraces carbon neutrality, sustainability, and resilience.

"The recognition given to Chandra Asri Group by CDP reaffirms its dedication to transparent and impactful environmental practices, in line with global sustainability goals and principles. This achievement underscores the company's commitment to sustainability, safety and exemplary standards," Suryandi said.

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