PT Bakrie & Brothers Tbk (“BNBR”) achieved a net income of IDR3.86 trillion throughout 2024. This achievement year-on-year increased by IDR110.42 billion or 2.94% compared to the same period in 2023 of IDR3.75 trillion. BNBR also recorded a net profit of IDR336.04 billion throughout 2024. This figure increased by IDR71.59 billion or 27.07% compared to the same period in the previous year of IDR264.45 billion.

“We are grateful that amidst the uncertain global economic conditions, the Company was able to record positive performance throughout 2024. This is the result of the team’s hard work in carrying out a number of strategic projects for business units, especially in the manufacturing sector and electrification of public transportation,” explained President Director & CEO of PT Bakrie & Brothers Tbk., Anindya Novyan Bakrie, after publishing the 2024 financial report, in Jakarta, Tuesday (15/4/2025).

The increase in net income came from an increase in revenue from PT Bakrie Metal Industries (“BMI”) Group by IDR247.37 billion or an increase of 10.8% and PT VKTR Teknologi Mobilitas Tbk (“VKTR”) by IDR46.38 billion or an increase of 44.1% from an increase in electric bus sales.

Balance Sheet Becomes Healthier and Stronger

BNBR Finance Director Roy Hendrajanto M. Sakti added that currently the Company’s balance sheet posture is much leaner and healthier. After several years of restructuring, followed by a quasi-reorganization corporate action that was effective on August 22, 2024, the Company has also completed the final stage of the corporate action in the form of a private placement.

With the completion of this corporate action, the Company’s debt to assets ratio fell to 43% from 63% at the end of 2023. Meanwhile, the Company’s debt to equity ratio also fell significantly to 75% from 167% at the end of 2023. The Company’s current ratio also increased sharply to 169% from 100% in 2023. As of December 31, 2024, the Company managed to record retained earnings of IDR 329 billion as an impact of the quasi-reorganization corporate action that has succeeded in eliminating a deficit of IDR 19.5 trillion.

Focus on Sustainable Industrialization

The Company’s subsidiary engaged in the electric vehicle industry, PT VKTR Teknologi Mobilitas Tbk. (“VKTR”) has completed the construction of the first Completely Knocked Down (CKD) commercial electric vehicle assembly facility in Indonesia located in Magelang, Central Java in early 2025. The 12-meter electric buses assembled through this assembly facility have been certified with a Domestic Content Level (TKDN) of more than 40%.

Previously, VKTR not only completed the sale of 21 electric buses to the TransJakarta operator, but also realized the first sale for the use of electric buses for airport mobility (airport bus). In the private business sector, VKTR again realized the sale of 7 electric buses as transportation and employee mobilization for companies in the pulp and paper industry sector.

In addition, VKTR expanded its contribution in the electric truck sector by making its first sale, namely a compactor, to a BUMN client designated for the National Capital City (IKN). Not only that, VKTR through its subsidiary also recorded the sale of 7 electric forklifts to internal group companies and private companies.

Moreover, BNBR is also accelerating the development of new renewable energy infrastructure, developed through a subsidiary of PT Bakrie Power, namely PT Helio Synar Energi (Helio). After successfully developing a Rooftop Solar Power Plant (PLTS) facility, at the PT Braja Mukti Cakra (BMC) factory, Helio has also completed the construction of a Rooftop PLTS at another operational facility within the Bakrie Group, namely at PT Bakrie Pipe Industries (“BPI”) with a larger capacity.

“Through Helio, the company specifically works on renewable energy power plant projects that are environmentally friendly and are becoming a future trend,” said Anin. BNBR is also pioneering a new business through PT Modula Sustainability Indonesia (“Modula”), which invests in the 3-dimensional printing construction technology (3DCP) subsector, in collaboration with COBOD International from Denmark which is owned by world-leading companies such as GE (USA), Cemex (Netherlands), Holcim (Switzerland) and Peri (Germany). Modula is opening up a new business in the building materials industry and providing an alternative in building construction with fast, advanced and environmentally friendly technology.