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Slimmer, BNBR Goes Fast

Slimmer, BNBR Goes Fast

PT Bakrie & Brothers Tbk. (“BNBR”) recorded net income of IDR 3.75 trillion throughout 2023. This achievement year on year increased by IDR 132.79 billion or 3.66% compared to the same period in 2022 of IDR 3.63 trillion. BNBR also recorded an operating profit of IDR 348.31 billion throughout 2023. This figure increased by IDR 116.38 billion or 50.18% compared to the same period in the previous year which amounted to IDR 231.93 billion.

“This achievement is the result of good synergy between a number of strategic projects of business units, especially in the manufacturing and information technology sectors,” explained the President Director & CEO of PT Bakrie & Brothers Tbk., Anindya Novyan Bakrie, in Jakarta, Thursday (14/3/2024).

The increase in net income came from an increase in the income of PT Bakrie Metal Industries (BMI) Group by IDR 49.3 billion and PT Multi Control Nusantara (MKN) by IDR 102.3 billion. Apart from that, the company also recorded EBITDA of IDR 446.04 billion in 2023. This is an increase of IDR 121.51 billion or 37.44% from the previous year’s figure of IDR 324.52 billion.


BNBR Finance Director Roy Hendrajanto M. Sakti added that currently the Company’s balance sheet is much slimmer and healthier. Especially with the settlement of derivative obligations to Glencore amounting to USD 854.7 million or equivalent to IDR 13.1 trillion.

With this debt settlement, the Company’s debt to equity ratio will be much better and healthier from IDR 12.08 trillion or 10.44x in the previous year, to IDR 589.27 billion or 1.67x in 2023. “Thus, the balance sheet condition “The company has become leaner and healthier, so it is hoped that in the future BNBR can grow faster than before,” said Roy.

New Business

The Company’s subsidiary operating in the electric vehicle industry is PT VKTR Teknologi Mobilitas Tbk. (“VKTR”) in early 2024 has succeeded in establishing strategic cooperation by forming a joint venture with the Salim Group entity, PT IMG Sejahtera Langgeng, a subsidiary of the Indomobil Group to boost the adoption of electric vehicles (EV) in Indonesia.

Apart from that, VKTR, through a joint venture company called PT VKTR Sakti Industries (“VKTS”), in Magelang, Central Java, in early 2024 has also started groundbreaking the construction of the first Completely Knock Down (CKD) based commercial electric vehicle facility in Indonesia.

VKTR has also completed the production of 8 units of BYD brand electric buses type D9 high floor which are used by one of the paper companies in Indonesia as a mode of employee pick-up and drop-off transportation.

Moreover, BNBR is also accelerating the development of new renewable energy infrastructure, which is being developed through its subsidiary PT Bakrie Power, namely PT Helio Synar Energi (Helio). After successfully developing Rooftop Solar Power Generation (PLTS) facilities at the PT Braja Mukti Cakra (BMC) factory, Helio will also soon build Rooftop PLTS in factories and other operational facilities within the Bakrie Group with a larger capacity.

“Through Helio, the company is specifically working on renewable energy generation projects that are environmentally friendly and become 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 (3DCP) construction technology subsector, in a joint venture with COBOD International from Denmark which is owned by world leading companies such as GE (USA), Cemex (Netherland ), Holcim (Switzerland) and Peri (Germany). Modula is a new business opener for BBI’s subsidiary which has been involved in the building materials industry and provides alternatives in building construction with fast, advanced and environmentally friendly technology.

By developing these new businesses, the Company proves its commitment to always improving performance, both in the industries it has been involved in, as well as in the fields of sustainable industry and green energy which are currently being developed.

Business Unit Achievement

Throughout 2023, the BNBR business unit has succeeded in achieving proud achievements. BNBR’s subsidiary in the steel pipe industry, PT Bakrie Pipe Industries (“BPI”), was able to record revenue of IDR 2.16 trillion, or an increase of 4.9% compared to revenue in the same period last year which was IDR 2.06 trillion. The majority of BPI’s increase in revenue came from orders from the Oil and Gas sector amounting to IDR 422.7 billion, and General Market orders amounting to IDR 17.9 billion.

BIIN recorded sales of IDR 410 billion, or an increase of 33.3% compared to the same period in the previous year of IDR 307 billion. This increase came from PT Multi Control Nusantara (“MKN”) income from a number of projects carried out by the Company.

Meanwhile, the revenue of BNBR’s subsidiary in the automotive components industry, PT Bakrie Autoparts (“BA”) Group, rose 12%, from IDR 934.8 billion in the previous year to IDR 1.05 trillion in 2023. This occurred due to an increase in demand from The main customers of the automotive market, both OEM and OES (Hino, Mitsubishi, Isuzu) in 2023, especially regarding new projects after Covid-19 and the transition of vehicle technology from EURO 2 to EURO 4.


Bakrie & Brothers history bg

The Company’s journey began with the story of a growing small trading business, and in more than 75 years has engaged in investment/divestment business, has reached various achievements and delivered the Company to become one of the leading corporations in Indonesia.