Like Earth and Heaven, Comparing Pertamina’s Profits vs. Malaysia’s Petronas

KOMPAS.com – PT Pertamina (Persero) recorded two net profit or net profit reached 2.05 billion US dollars or equivalent to Rp. 29.69 trillion in the 2021 fiscal year.

The state-owned company’s net profit has increased by 95 percent from its 2020 achievement in the position of 1.05 billion US dollars or equivalent to Rp. 15.2 trillion.

The bookkeeping of net income has been agreed by shareholders through the 2021 General Meeting of Shareholders (GMS) which took place in June 2022. Pertamina’s financial performance is much better than before.

For the record, in 2021 Pertamina managed to record revenues of 57.51 billion US dollars or equivalent to Rp. 832.97 trillion in rupiah.

Also read: Comparing Pertamina Vs Petronas Gasoline Prices in Malaysia

Pertamina vs . comparison Petronas

Many people often compare Pertamina’s performance with Petronas, the state-owned oil company of neighboring countries Malaysia.

Although it must be admitted, the scale and reach of Petronas’ business far exceeds that of Pertamina, which is actually older.

For information only, Petronas was founded in 1974. Meanwhile, Pertamina, which was originally named PT Perusahaan Minyak Nasional, was established in 1957 by inheriting oil wells from the Netherlands.

Moment booming When the oil happened, Petronas actually slowly continued to grow into a multinational oil company which then straddled Pertamina behind it.

Also read: Why does Indonesia import fuel from Singapore, even though the oil is from Indonesia?

Whereas during the New Order, Indonesia was blessed with many productive oil wells. Where in the 1980s, Indonesia’s oil production had reached 1.6 million barrels per day, at the same time national oil consumption was still low.

Compare this with Indonesia’s current oil production, which is in the range of up and down 500-700 thousand barrels per day. Because it is not enough to meet the national oil demand, which is always above 1 million barrels per day, Indonesia is now a net importer petroleum.

Two Petronas

Quoted from the company’s financial statements published on its official website, Petronas in 2021 managed to score a net profit after tax of RM 48.6 billion.

Assuming 1 Malaysian ringgit is currently IDR 3,320, then Petronas’ net profit in 2021 is IDR 161.78 trillion. The total net profit of Petronas is equivalent to more than 5 times compared to Pertamina’s net profit in the same year period.

Also read: China-Japan Flashback to Grab the Jakarta-Bandung High Speed ​​Rail Project

Comparing the performance of net income, of course, cannot be separated from the comparison of the number of assets.

As of December 31, 2021, Petronas’ total assets were recorded at RM 635 billion or equivalent to 2,113.87 trillion.

Meanwhile, Pertamina’s assets according to the 2021 financial report that have been audited are US$78.05 billion or around Rp. 1,156.35 trillion.

Although the total assets of Petronas are about 2 times the assets of Pertamina, this Malaysian oil and gas company was able to record a net profit of more than 5 times the profit of Pertamina.

Also read: China Asks the Indonesian State Budget to Swell the Cost of Fast Trains, This is the Government’s Clarification

Get updates featured news and breaking news every day from Kompas.com. Let’s join the Telegram group “Kompas.com News Update”, how to click the link https://t.me/kompascomupdate, then join. You must first install the Telegram application on your cellphone.–