Indonesia’s Chandra Asri recorded 9.4% declined in net revenues in FY2023

In an audited consolidated financial statement from PT Chandra Asri Pacific Tbk on 28 March 2024, a 9.4% decrease in net revenues to $2,159.9 million in FY2023 from $2,384.6 million in FY2022 was caused by disruptions in external supply and demand, which lowered the FY2023 total sales price.

Meanwhile, the cost of revenues dropped from $2,395.5 million in FY2022 to $2,078.1 million in FY2023, mostly because of lower average feedstock prices for naphtha and Brent crude oil.

In the olefins and polyolefins sector, the company saw a 13.2% decrease in revenue to $357.9 million on the former and a 14.5% decline in revenue to $1,267.9 million on the latter, both in comparison to FY2022.

In the meeting, the company’s director, Suryandi commented, “Chandra Asri ended the year 2023 with a strong performance by having total EBITDA of $130 million, compared to an EBITDA of $5.3 million for FY2022, marking a 2352% increment.” It was reported that the gross profit improved as global demand recovered in China and global uncertainty decreased.

Given the above-mentioned conditions, the petrochemical and infrastructure solutions company posted a Net Loss after Tax of $31.5 million, compared to a Net Loss after Tax of $149.4 million the previous year.