Bakrie & Brothers Operating Profit Surges 283% as Infrastructure and EV Units Drive Top-Line Rebound

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Byline: Lead Reporter: Editorial Staff | Edited by

JAKARTA, Investortrust.id — PT Bakrie & Brothers Tbk (BNBR), one of Indonesia’s oldest industrial conglomerates, posted a dramatic turnaround in operating profitability during the first half of 2026, lifted by the full consolidation of a major toll road asset and accelerating domestic adoption of commercial electric vehicles.

The Jakarta-listed group reported net revenue of Rp 2.59 trillion ($162.89 million) for the six months ending June 30, a 45.84% increase from Rp 1.77 trillion ($111.32 million) a year earlier. Operating profit surged 283.21% to Rp 301.53 billion ($18.96 million), up from Rp 78.68 billion ($4.95 million), while earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 230.93% to Rp 423.04 billion ($26.61 million).

The performance underscores a broader industrial pivot across Southeast Asia's largest economy, where legacy commodity and manufacturing houses are aggressively restructuring balance sheets to capture capital flows in green mobility, metropolitan transit infrastructure, and energy transition networks.

For the Bakrie Group, the operating rebound signals traction in a multiyear campaign to pivot toward sustainable infrastructure while repairing capital structure metrics that had long weighed on institutional investor sentiment.

Tollway Consolidation and EV Sales Fuel Revenue Acceleration

Top-line expansion was led by PT Bakrie Indo Infrastructure (BIIN), the conglomerate’s infrastructure holding arm, which saw its first-half net revenue jump 256.1% to Rp 626.78 billion ($39.42 million) from Rp 176.02 billion ($11.07 million) in the prior-year period.

"We are grateful the company achieved positive expansion amid ongoing global macroeconomic uncertainties," BNBR President Director and Chief Executive Officer Anindya Novyan Bakrie said in an official statement released Friday, Aug. 28, 2026. "This stands as tangible evidence that our corporate strategy, operational resilience, and adaptability are delivering results."

The infrastructure division's growth was driven primarily by the full financial consolidation of PT Cimanggis Cibitung Tollways (CCT), the operator of a 16.3-mile (26.3-kilometer) tollway connecting industrial hubs across Greater Jakarta's eastern corridor.

Commercial electrification also provided meaningful momentum. PT VKTR Teknologi Mobilitas Tbk (VKTR), the group's publicly traded electric vehicle and component manufacturing subsidiary, generated net revenue of Rp 646.61 billion ($40.67 million), marking a 56.2% increase from Rp 414.03 billion ($26.04 million) in the first half of 2025 on higher commercial EV fleet deliveries and auto-parts sales.

Meanwhile, heavy manufacturing subsidiary PT Bakrie Metal Industries (BMI) logged a 10.2% increase in revenue to Rp 1.3 trillion ($81.76 million), aided by double-digit top-line gains at steel pipe maker PT Southeast Asia Pipe Industries (SEAPI) and engineering arm PT Bakrie Construction.

Deleveraging via Rights Issue Amid Floating-Rate Headwinds

To anchor its operational scaling, BNBR executed a rights issue at the end of July 2026, raising Rp 4.76 trillion ($299.37 million) in gross equity proceeds.

"The capital injection plays a vital role in reinforcing our corporate liquidity profile while underwriting pipeline growth across our operating units," BNBR Vice President Director and Co-CEO Anindra Ardiansyah Bakrie stated.

Despite the operational surge, net profit expansion faced friction from external monetary dynamics, specifically higher floating-rate interest charges attached to project finance facilities at toll operator CCT.

"The net earnings line absorbed pressure from elevated debt service costs on CCT’s floating-rate obligations, a common factor during the initial years following tollway asset integration when financing expenses remain proportionally high," BNBR Director Roy Hendrajanto M. Sakti explained.

Management reaffirmed its pipeline focus on long-cycle assets, including oil and gas pipeline transit networks, mass transit fleet electrification, and industrial-scale green power installations, to generate sustained equity returns.