BAKRIE & BROTHERS - JAKARTA. PT Bakrie & Brothers Tbk (BNBR) recorded a decrease in net profit, although revenue performance still grew throughout last year. This multi-sector holding from the Bakrie Group pocketed a net income of IDR 3.76 trillion until the end of 2023.
BNBR's net income increased by 3.86% compared to the achievement in 2022 which was IDR 3.62 trillion.
Referring to the financial report released on the Indonesia Stock Exchange, Wednesday (13/3) night, BNBR's net income in 2023 was obtained from three main business segments.
Revenue from infrastructure and manufacturing dominated with a value of IDR 3.46 trillion. The rest was obtained from the fabrication and construction services segment amounting to IDR 170.56 billion and trade, services and investment amounting to IDR 120.08 billion.
BNBR bore the cost of revenue amounting to IDR 2.87 trillion throughout 2023. A slight decrease of 1.37% compared to the same period the previous year (Year on Year/YoY).
Read Also: Check Out 6 Stock Recommendations for Today Trading
With these results, BNBR pocketed a gross profit of IDR 883.37 billion, an increase of 23.34% compared to the gross profit in 2022 of IDR 716.17 billion.
BNBR recorded an increase in total operating expenses by 10.49% YoY to IDR 535.06 billion. After being totaled, BNBR booked an operating profit of IDR 348.31 billion, a surge of 50.18% compared to the operating profit in 2022 of IDR 231.92 billion.
However, BNBR's net profit decreased by 13.62% YoY. From IDR 306.16 billion in 2022 to IDR 264.45 billion last year. The main cause is from the decrease in profit from the sale of fixed assets from IDR 203.03 billion in 2022 to IDR 1.74 billion.
From that net profit, BNBR achieved a net profit of IDR 237.46 billion. Down 10.77% compared to the net profit for the year attributable to the parent entity of BNBR in 2022 of IDR 266.13 billion.
The basic/diluted earnings per share attributed to the parent entity of BNBR also fell from IDR 12.56 in 2022 to IDR 7.15 in 2023. This result is also due to the increase in the average weighted number of shares for the calculation of loss per share from 21.18 billion to 33.21 billion.
Read Also: GLOBAL MARKETS - Stocks Slip, US Yields Edge Higher with Data Eyed
During the same period, BNBR experienced a decrease in total assets. As of December 31, 2023, BNBR had total assets of IDR 7.10 trillion, down 59.33% compared to the position in 2022 of IDR 17.46 trillion.
On the other hand, BNBR also cut total liabilities by 72.12% (YoY). From IDR 15.93 trillion in 2022 to IDR 4.44 trillion remaining. This is because BNBR no longer recorded derivative liabilities in 2023, while in 2022 there were IDR 11.50 trillion.
The position of cash and cash equivalents at the end of the year also skyrocketed with an increase of 340.16% to IDR 865.46 billion. Compared to the position in 2022 which was IDR 196.62 billion at that time.
From the stock movement side, BNBR is still struggling as a penny stock. Having moved slightly to the level of IDR 51, in trading on Wednesday (13/3) BNBR closed again at a price of IDR 50 per share.
