Receh.in - PT Chandra Asri Petrochemical Tbk. (TPIA), a petrochemical company owned by Prajogo Pangestu, has suffered a loss of IDR 2.33 trillion throughout 2022. The challenges of demand and supply amidst global geopolitical turbulence have resulted in a decrease in TPIA's revenue, while expenses have shown an increase.
TPIA recorded a current year loss attributable to the parent entity of USD 149.53 million in 2022, equivalent to around IDR 2.33 trillion (based on the JISDOR Bank Indonesia exchange rate of IDR 15,592 as of December 30, 2022). This bottom line position is in stark contrast to its performance in 2021 when Chandra Asri posted a net profit of USD 151.98 million or around IDR 2.17 trillion (based on the JISDOR Bank Indonesia exchange rate of IDR 14,278 per US dollar as of December 31, 2021).
"2022 was a very challenging year for the petrochemical industry. The global macroeconomic environment and trade flows were affected by unforeseen disruptions in supply and demand, given the prolonged lockdown in China, an inflationary environment with rapidly increasing interest rates, and the ongoing Russia-Ukraine conflict. High oil prices and low product demand eroded petrochemical margins," said Chandra Asri Petrochemical Director, Suryandi, in a press release quoted on Saturday (4/1/2023).
TPIA recorded a net revenue of USD 2.38 billion in 2022, down 7.6 percent compared to USD 2.58 billion in 2021. Management explained that the decrease in revenue was due to disruptions in external supply and demand, which caused overall sales volume to decrease in 2022.
On the other hand, cost of revenue increased by 7.6 percent year-on-year (YoY) to USD 2.39 billion in 2022 compared to USD 2.23 billion in 2021. This increase was due to higher average raw material prices in 2022.
Naphtha reached USD 814 per ton compared to an average of USD 659 per ton in 2021. This was caused by a 40 percent increase in Brent crude oil prices during 2022 to an average of USD 99 per barrel compared to an average of USD 71 per barrel in 2021.
"To deal with the ongoing volatility, we continue to maintain a cautious financial policy and maintain a strong balance sheet position, with a liquidity pool of USD 2.67 billion consisting of cash and cash equivalents of USD 1.40 billion, securities worth USD 876.4 million, and committed revolving credit facilities that are still available for use amounting to USD 393.5 million," added Suryandi.
TPIA recorded total assets of USD 4.92 billion as of December 31, 2022, down 1.3 percent from USD 4.99 billion as of December 31, 2021. Meanwhile, total liabilities increased to USD 2.12 billion at the end of 2022 compared to USD 2.06 billion on December 31, 2021.
The net cash flow from investment activities reached USD 291 million, down from USD 695.8 million in 2021. TPIA had higher capital expenditure during 2022, namely at the level of USD 114.2 million, mostly sourced from the CAP2 Front End Engineering Design process and maintenance of the Butadiene, Polypropylene, and Styrene Monomer plants.
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 Posts Rp2.33tn Loss Due to Global Geopolitical Challenges and Supply-Demand Imbalances in 2022){kind=link}
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