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Throughout 2016, PT Pertamina (Persero) recorded a net profit of US$3.14 billion (approximately Rp 42 trillion), a 121.1 percent surge from the previous year's US$1.42 billion (approximately Rp 19 trillion). Although the state-owned company's revenue decreased by 12.7 percent to US$36.45 billion, Pertamina's profit increased sharply due to efficiency improvements.
In 2016, Pertamina achieved US$2.67 billion in financial efficiencies. Several initiatives and efficiency measures, such as renegotiating existing contracts, optimizing inventory, and decentralizing materials, supported the company's profits.
Furthermore, this was aided by the alpha difference in crude oil procurement reform, procurement efficiency, and efficiency in LPG purchases from Iran. Other contributing factors include increased sales volume of Pertalite and the new solar variant (Dexlite), and the control of losses within the Marketing Directorate.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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