Bakrie & Brothers Posts 27% Profit Growth on EV and Renewable Push
Main Takeaways
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JAKARTA, investortrust.id – Indonesian industrial conglomerate PT Bakrie & Brothers Tbk has reported a 27.07% rise in net profit to Rp 336.04 billion in 2024, supported by growing electric vehicle demand and renewable energy projects, underscoring its strategic pivot to sustainable industries amid a volatile global economy.
The company, known by its ticker BNBR, said the profit surge aligned with a 2.94% increase in net revenue, reaching Rp 3.86 trillion for the year. Bakrie & Brothers Chief Executive Officer Anindya Novyan Bakrie credited the improvement to the execution of strategic projects across its business units, especially in manufacturing and electrified public transport.
“In a year marked by global economic uncertainty, this positive performance is a testament to our team’s hard work across strategic initiatives,” Anindya said during the release of the company’s 2024 financial report on Tuesday, April 15, 2025.
A key driver of revenue growth was PT Bakrie Metal Industries Group, which saw its top line grow by 10.8% year-on-year to Rp 247.37 billion. Meanwhile, PT VKTR Teknologi Mobilitas Tbk, or VKTR, a listed subsidiary specializing in electric vehicles, posted a 44.1% revenue jump with an additional Rp 46.38 billion in sales.
Leaner Balance Sheet and Reorganization Gains
The company’s financial restructuring, culminating in a quasi-reorganization that took effect on August 22, 2024, significantly improved its balance sheet. BNBR Finance Director Roy Hendrajanto M. Sakti said the company had also completed a private placement as part of its capital restructuring strategy.
As a result, BNBR’s debt-to-asset ratio fell to 43% at end-2024 from 63% a year earlier, while its debt-to-equity ratio dropped sharply from 167% to 75%. The current ratio also strengthened to 169% from 100%, reflecting healthier liquidity.
The quasi-reorganization helped BNBR eliminate a longstanding deficit of Rp 19.5 trillion, allowing it to post retained earnings of Rp 329 billion as of December 31, 2024.
EV Manufacturing and Sustainable Expansion
BNBR reaffirmed its commitment to sustainable industrial development, led by VKTR. The company completed the construction of Indonesia’s first commercial electric vehicle assembly plant using the completely knocked down (CKD) system in Magelang, Central Java, in early 2025.
The plant produces 12-meter electric buses with a domestic content level exceeding 40%, and VKTR has supplied 21 buses to TransJakarta as well as electric airport buses. VKTR also delivered seven buses for employee transport at a pulp and paper company.
Additionally, VKTR marked its debut in electric truck sales, providing compactors to a state-owned client for deployment in the new capital city, Nusantara. It also sold seven electric forklifts to both internal group companies and private sector clients.
Renewable Energy and 3D Construction
BNBR’s clean energy initiatives are spearheaded by PT Helio Synar Energi, a subsidiary of PT Bakrie Power. After installing rooftop solar panels at PT Braja Mukti Cakra, Helio expanded installations to PT Bakrie Pipe Industries, increasing solar capacity within the group.
"Through Helio, the company is actively pursuing eco-friendly power generation projects, in line with global energy trends,” said Anindya.
The group also launched PT Modula Sustainability Indonesia, a joint venture with Denmark-based COBOD International, to enter the 3D concrete printing space. The venture, backed by global industry giants such as GE, Cemex, Holcim, and Peri, aims to revolutionize the building materials sector with faster, advanced, and sustainable construction technology.