BREN Stock Price Soars Over 700% in 8 Months

PT Barito Renewables Energy Tbk (BREN) share prices have surged dramatically over the past eight months.

According to Yahoo Finance data, at its initial public offering (IPO) on October 9, 2023, BREN's share price closed at Rp975.

The price then fluctuated with an upward trend, reaching Rp8,225 at the close of trading on May 31, 2024.

In total, from the IPO to May 31, 2024, BREN's share price has jumped approximately eightfold, or grown by 744%.

This surge has propelled BREN into the top 10 companies with the highest market capitalization on the Indonesia Stock Exchange (BEI).

As of May 31, 2024, BREN had a market capitalization of approximately Rp1,100 trillion, placing it second only to BCA.

BREN will distribute a cash dividend on June 28, 2024, valued at US$16.75 million or Rp272.01 billion (assuming an exchange rate of Rp16,239 per US$).

The dividend is equivalent to 46.2% of BREN's total net profit for the 2023 fiscal year.

This dividend payment was approved at BREN's Annual General Meeting of Shareholders (RUPST) held in Jakarta on Wednesday, May 29, 2024. The RUPST also approved the allocation of US$1.1 million, or 1% of 2023 net profit, as reserves.

"The remaining net profit of US$56.68 million, or 52.8%, will be retained earnings to finance the company's business activities," said BREN's Corporate Communication, Angelin Sumendap, as reported by Katadata.co.id on Wednesday, May 29, 2024.