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Bakrie & Brothers logs 50 percent profit increase in first half
PT Bakrie & Brothers (BNBR) booked a 52 percent annual profit increase in the first half of 2023, mainly thanks its metal and EV subsidiaries.
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PT VKTR Mobility Technology president director Gilarsi W. Setijono, PT Barata Indonesia marketing director Sulistyo Handoko, Deputy SOE Minister Kartika Wirjoatmodjo and PT PPA president director Yadi Jaya Ruchandi visit the PT Barata Indonesia factory after signing a heads of agreement (HoA) for the development and manufacture of electric vehicle-based automotive components in Gresik, East Java, on Sept. 15, 2022. (Courtesy of PT VKTR Teknologi Mobilitas/-)
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ublicly listed PT Bakrie & Brothers (BNBR) booked a 52 percent annual profit increase in the first half of 2023, mainly thanks to strong sales of its metal goods and electronic vehicle (EV) subsidiaries.
“Going forward, we are optimistic that this achievement will continue as we develop the acceleration of important projects,” BNBR CEO Anindya Bakrie stated in a press release published on Saturday.
In total, BNBR logged net income of Rp 1.96 trillion (US$129.83 million) in the first half, the biggest contributors being PT Bakrie Metal Industries Group with Rp 1.12 trillion and publicly listed PT VKTR Teknologi Mobilitas with Rp 642.19 billion.
For the former, its steel pipe manufacturing arm PT Bakrie Pipe Industries (BPI) remains responsible for the lion’s share with Rp 1.09 trillion, followed by PT South East Asia Pipe Industries and PT Bakrie Construction with Rp 35.07 billion and Rp 782 million, respectively.
BPI logged a 100 percent profit growth year-on-year (yoy) as it earned Rp 547 billion in the same period of 2022. The oil and gas sector gave the company a revenue of Rp 515 billion, followed by electricity and general market with Rp 578.8 billion.
“The manufacturing sector remains the main contributor, followed by the automotive sector, which includes income from VKTR’s electric bus sales,” said Anindya.
The statement noted that VKTR’s consolidated income increased by 14.5 percent yoy, thanks to 22 electric buses sold for Rp 99 billion, executed by BNBR subsidiary PT Bakrie Autoparts.
