Improve performance, this is the focus of the State Gas Company (PGAS) in the second semester

ILLUSTRATION. PGN net profit (PGAS) decreased 87.56% to US $ 6.72 million in the I-2020 semester

Reporter: Akhmad Suryahadi | Editor: Wahyu T. Rahmawati

KONTAN.CO.ID – JAKARTA. The performance of PT Perusahaan Gas Negara Tbk (PGAS) during semester I-2020 was depressed. The issuer, which is also known as PGN, posted a net profit attributable to parent company owners amounting to US $ 6.72 million in the first half of 2020, down 87.56% (yoy) compared to the realization in the first semester of 2019 of US $ 54. , 04 million.

Director of Finance of Perusahaan Gas Negara, Arie Nobelta Kaban, said that PGAS ‘financial performance in the first semester was greatly influenced by economic conditions tripledown effect, namely the impact of the Covid-19 impact, the decline in world oil and gas prices, and the weakening of the rupiah exchange rate against the US dollar.

Even though net profit is depressed, Arie emphasized that PGAS’s consolidated financial position is currently in quite good condition. PGAS cash and cash equivalents as of 30 June 2020 reached US $ 1.24 billion, better than the position as of 31 December 2019 which was US $ 1.04 billion.

Likewise, PGAS’s ability to fulfill its obligations, which is considered still qualified with current ratio as of 30 June 2020 of 230%, higher than current ratio as of December 31, 2019, it was 197%.

Also Read: Net profit shrank by 87%, said PGN (PGAS)

For the second semester, PGAS tried its best to increase revenue while maintaining efficiency in terms of costs. So, in the second semester it is expected that financial performance will be better.

“In response to the impact of Covid-19 and maintaining performance, PGAS continues to develop infrastructure development by adopting efficiency optimization policies that are not directly related to revenue and pipeline reliability. In addition, cash flow optimization is carried out through prioritization of the investment budget. With that, it is hoped that PGAS will continue to be able to provide positive performance amidst the national and global economic slowdown, “explained Arie, Saturday (5/9).

State Gas Company Secretary Rachmat Hutama added that his party will also continue to build and expand sustainable natural gas infrastructure. This is in line with the government’s efforts to improve the national economy in various business sectors and national economic recovery (PEN).

Also Read: PGN has implemented a gas price of US $ 6 per MMBTU for 173 customers

One of the innovations to maintain supply security is by integrating the South Sumatra West Java (SSWJ) transmission pipeline network with PT Pertagas’ West Java Area (WJA) transmission pipeline network. This integration will increase the gas supply capacity from Sumatra to West Java by 100 million standard cubic feet per day (MMSCFD) -150 MMSCFD.

PGAS as subholding gas, is also committed to implementing the ESDM Ministerial Decree 89/2020 and the ESDM Ministerial Decree 91K / 2020, namely distributing gas at a special price of US $ 6 per million British thermal units (MMBTU) to certain industries and power plants.