Whoa! PGN’s First Half Profit Soared by 2,800% to Rp 2.8 T

Jakarta, CNBC Indonesia – PT Perusahaan Gas Negara Tbk (PGAS) or PGN, as Pertamina Gas Subholding, has just released its financial report for June 2021 or semester I-2021.

As a result, the company recorded a net profit of US$ 196.51 million or equivalent to Rp. 2.81 trillion (exchange rate of Rp. 14,300/US$), rocketing 2.824% from last year’s June period of US$ 6.72 million.

However, the company’s revenue slightly decreased 0.68% to US$ 1.464 billion or equivalent to Rp 21 trillion from the same period last year of US$ 1.469 billion.

The principal burden rose to US $ 1.01 from the same period last year to US $ 1 billion.

Management revealed that the company continues to improve operational and financial performance in the midst of the Covid-19 pandemic and economic recovery.

“PGN managed to record revenues of US$ 1.464 billion, with an operating profit of US$ 210.7 million. PGN also managed to achieve an increase in profit attributable to its parent to US$ 196.5 million in the first semester of 2021, an increase compared to the same period last year. in 2020 amounting to US$ 6.7 million,” wrote PGN management, in an official statement, Friday (1/10/2021).

President Director of PGN, M. Haryo Yunianto, stated that the performance was recorded from operational performance with a positive trend.

Gas trading volume has increased during the January-June 2021 period by 867 BBTUD from the target of 850 BBTUD and compared to the first semester of 2020 of 811 BBTUD (YoY, year on year).

The increase was due to the volume of the commercial industrial sector which has begun to recover and the electricity sector which is the main customer. The transmission volume for the same period in 2021 is 1,232 MMSCFD.

PGN recorded an upstream volume of 3.84 MMBOE, Regasification of 91 BBTUD, LPG Processing of 114 TPD, and Oil Transport of 9,321 BOEPD.

In addition, performance is also driven by the addition of the number of customers in various sectors, which until the first semester of 2021 have served more than 500,000 customers with a natural gas pipeline network of more than 10,600 km and a market share of 92%.

“PGN tries to optimize every opportunity so that natural gas can become energy for Indonesia’s economic recovery with the spirit of energizing you. Gasification programs for gas, refineries, power plants, certain industries, retail and certain industries, maritime and land sectors, are the company’s current focus and forward,” said Haryo.

[Gambas:Video CNBC]

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