Pertamina's Profit Plunges 58% in 2020

PT Pertamina (Persero)'s 2020 financial performance plummeted 58.44% compared to the previous year. In 2019, Pertamina earned a profit of USD 2.53 billion, equivalent to Rp 35.8 trillion.

Meanwhile, in 2020, Pertamina's audited consolidated net profit was recorded at USD 1.05 billion, or approximately Rp 15.3 trillion.

The COVID-19 pandemic is cited as a contributing factor affecting the entire global economy and the world's oil industry. This coincided with a decrease in energy demand and a decline in global oil prices.

Based on Pertamina's 2020 financial report, total sales and revenue amounted to US$ 41.46 billion. In 2019, the total reached US$ 54.79 billion, a decrease of 24.32%.

Pertamina's 2020 revenue was mainly contributed by domestic sales of crude oil, natural gas, geothermal energy, and oil products, valued at US$ 33.03 billion. This revenue decreased by 24.56% compared to 2019, which was US$ 43.78 billion.

Meanwhile, revenue from the export sales of crude oil, natural gas, and oil products by Pertamina in 2020 amounted to US$ 3.83 billion, a 5.76% increase from US$ 3.62 billion in 2019.

The decrease in Pertamina's total revenue also occurred due to a reduction in government subsidy compensation, which in 2020 was only US$ 3.42 billion. This compensation recorded a decrease of 29.68% compared to 2019, which reached US$ 4.87 billion.