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ISSUER NEWS - JAKARTA. The Barito Group entity, PT Barito Renewables Energy Tbk (BREN), recorded a positive performance throughout 2023 due to increased production. This is reflected in the net profit that grew double digit.
The profit attributable to the parent entity BREN managed to grow 17.88% annually or Year on Year (YoY) to US$ 107.41 million throughout 2023 from US$ 91.12 million in the previous year.
This companye owned Prajogo Pangestu also recorded a surge in revenue of US$ 594.93 million or 4.42% YoY in 2023. Meanwhile, throughout 2022, BREN only pocketed revenue of US$ 569.78 million.
The President Director of Barito Renewables Energy, Hendra Soetjipto Tan, said that the operational growth was due to an increase in geothermal electricity production by 3.4%.
"Our efforts in maintaining operations are reflected in the realization of the capacity factor, which remained above 90% throughout 2023," he said in an official statement, Tuesday (19/3).
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However, a number of BREN's expenses were observed to have surged. The financial expense post that was observed to have increased the most significantly by 60.43% annually from US$ 85.07 million to US$ 136.48 million in 2023.
Hendra explained that in December 2022, BREN had taken out new loans to finance the acquisition of additional shares in operational assets, namely Wayang Windu, Salah, and Darajat.
Going forward, BREN will still continue to run our expansion plan to operate a capacity of 1,300 MW by 2028, which will be achieved through the development of new BREN geothermal operation area units.
"With the development of new units in the existing geothermal operation areas and the development of greenfield areas in the field of geothermal energy and wind power," said Hendra.
