PLN Profits Soar 2,500% in the First Half of 2021

State-Owned Electricity Company (Persero) or PLN reported a net profit of Rp 6.60 trillion in the first half of 2021. This figure increased by approximately 2,500% from the same period the previous year, which was Rp 251.60 billion.

Based on PLN's financial report, the surge in net profit achieved by PLN in the first half of 2021 was triggered by several factors. Firstly, due to increased electricity sales, which rose by 3.7% in the January-June 2021 period to Rp 140.49 trillion.

Furthermore, PLN also received compensation income from the government amounting to Rp 8.88 trillion in the first half of 2021. In the same period last year, the company did not receive any compensation. Similarly, exchange rate losses decreased to Rp 4.43 trillion in the first half of 2021. In the same period of 2020, exchange rate losses were recorded at Rp 7.79 trillion.

Meanwhile, revenue from customer connections in the first six months of this year decreased to Rp 202.19 billion from the same period last year, which reached Rp 2.96 trillion. Similarly, government subsidies in the first half of 2021 decreased slightly to Rp 24.55 trillion from Rp 25.02 trillion in the first half of 2020.

Then, other income increased by 28.7% to Rp 1.79 trillion from Rp 1.39 trillion in the first half of 2020. As a result, PLN's operating revenue in the first half of 2021 reached Rp 175.92 trillion. This is a 6.7% increase from the first half of 2020, which was recorded at Rp 164.80 trillion.

Operating expenses increased slightly to Rp 151.89 trillion from Rp 149.92 trillion in the same period last year. Therefore, the company's operating profit reached Rp 24.02 trillion, up 61.5% compared to the first half of 2020, which reached Rp 14.87 trillion.