• BRPT posted USD 56.48M net profit in 2024
Barito Pacific (BRPT) recorded a 116.28% increase in net profit to USD 56.48M in 2024, despite
a 13.55% yoy decline in revenue to USD 2.38B due to scheduled maintenance at its
petrochemical complex and global supply-demand disruptions. Revenue was mainly driven
by petrochemicals (USD 1.78B), energy (USD 596M), and other segments (USD 5M), with
petrochemical sales falling 17.4% yoy. However, a 15.2% yoy reduction in cost of revenue to
USD 1.86B helped sustain profitability. Despite lower revenue, EBITDA remained stable at
USD 570M, with an improved EBITDA margin of 23.9% (up from 21.4%) due to reduced
production costs. BRPT maintained strong financial health, with a net debt-to-equity ratio of
0.72x and a healthy debt-to-capital ratio of 52.5%. CEO Agus Pangestu emphasized the
company’s agility in leveraging liquidity and strategic diversification, including inorganic
acquisitions, to expand into more stable segments.
• ELSA allocates IDR 594B capex in FY25
Elnusa (ELSA) has allocated IDR 594B in capital expenditure for business growth in 2025, with
56.4% directed toward upstream & support services, 30.3% for energy distribution & logistics,
and 13.3% for non-project and new business development. The company is advancing
domestic technology for pipeline cleaning and inspection, known as pigging, while also
developing supporting products like Foam PIG. Additionally, ELSA is expanding its
geothermal and well optimization solutions, including the Binary Heat Exchanger, Inflow
Control Device, and Ecolift Hydraulic Pumping Unit, in collaboration with Pertamina
Geothermal Energy. In pipeline integrity management, Elnusa is enhancing reliability with
In-Line Inspection Services, while in well production improvement, it is introducing
innovations like Pertasolvent and Hydraulic Dilation Water Pumping. The company has
completed 18 seismic survey projects, 73 well maintenance projects, and 21 EPC & O&M
projects. In energy distribution and logistics, ELSA and its subsidiary Elnusa Petrofin manage
31 projects, including fuel transportation and depot management. A major breakthrough in
oil production at PPS-X19 well, using velocity string technology and Sliding Sleeve Door (SSD),
has increased output from 442 BOPD to 1,418 BOPD, demonstrating ELSA’s commitment to
innovation and efficiency in the oil and gas sector.
• SIDO to buy back shares worth IDR 300B
Industri Jamu dan Farmasi Sido Muncul (SIDO) announced a plan to buy back shares and has
prepared a maximum of IDR 300B from internal cash for the corporate action, excluding
brokerage fees and other costs related to the share buyback. The estimated number of
shares to be bought back is around 1.5% or equivalent to 450M SIDO shares, with a maximum
buyback price of IDR 760 per share. SIDO management plans to submit the plan at the
Annual General Meeting of Shareholders (AGM) scheduled for 2 May 25. The buyback will be
carried out within 12 months from the approval of the AGM. This buyback will be carried out
because the company considered that SIDO’s share price in the current market did not
reflect a fair price from fundamental conditions. (Bisnis Indonesia)
