PT Bakrie & Brothers Tbk (“Company” or “BNBR”) once again succeeded in posting encouraging financial performance throughout 2022. BNBR President Director and CEO, Anindya N. Bakrie stated that this achievement was achieved through difficult efforts. “We are grateful that all the hard work, efficiency measures and business development carried out have had a positive impact. “We are sure that this will continue, along with the rollout of a number of strategic projects that are currently being worked on,” he explained at the BNBR Annual General Meeting of Shareholders (AGMS), Friday (16/6/2023), in Jakarta.

The strategic efforts in question include transportation electrification projects specifically developed by the subsidiary PT VKTR Teknologi Mobilitas (“VKTR”), as well as projects in other new and renewable energy sectors. “Of course, as in previous years, the manufacturing sector is still one of the main contributors, apart from the automotive sector which includes income from sales of electric buses by VKTR,” explained Anindya Bakrie.

Positive Performance

BNBR was recorded as achieving net income of IDR 3.62 trillion throughout 2022. Year-on-year, this figure grew by 51.52 percent compared to the previous year which was recorded at IDR 2.39 trillion. The company also posted an operating profit of IDR 231.9 billion, or an increase of IDR 211.2 billion (1,020.7%) compared to 2021, namely IDR 20.7 billion.

The increase in net income of IDR 1.23 trillion is as a result of improving business performance throughout 2022. In the automotive sector, consolidated revenues of PT VKTR Teknologi Mobilitas (VKTR) reached more than IDR 1 trillion, consisting of an electrification industrial unit of IDR 148 billion, and supported by PT Bakrie Autoparts unit IDR 488.7 billion, PT Braja Mukti Cakra IDR 512.8 billion and PT Bina Usaha Mandiri Mizusawa IDR 146.1 billion. “The steel pipe manufacturing sector is still the main contributor to increasing our revenue this year, namely from PT Bakrie Pipe Industries IDR 2.06 trillion, and PT South East Asia Pipe Industries IDR 130 billion. “However, it is starting to appear that strategic projects such as VKTR can make a positive contribution to the Company’s performance,” explained the Director of Finance, Roy Hendrajanto M. Sakti.