PGN's Net Profit Reaches US$186.6 Million in the First Half of 2024

PT Perusahaan Gas Negara (PGN) reported a net profit of US$186.6 million, or Rp2.87 trillion (assuming an exchange rate of Rp15,412 per US$), in the first half of 2024.

According to the company's financial report published by the Indonesia Stock Exchange (BEI), the profit attributable to the parent entity's owners grew by 28.4% year-on-year (yoy) from US$145.32 million, or Rp2.23 trillion, in the first half of 2023.

This Pertamina subsidiary also recorded revenue of US$1.83 billion, or Rp28.34 trillion, a 3.12% yoy increase from US$1.78 billion, or Rp27.48 trillion, in the first half of 2023.

PGN's President Director, Arief S Handoko, stated that the net profit was achieved not only from consolidated revenue but also from operating profit of US$293.2 million (Rp4.51 trillion) and EBITDA of US$578.1 million (Rp8.9 trillion).

"The new revenue segment, LNG trading, contributed US$93.7 million (Rp1.44 trillion) to the increase in revenue in the first half of 2024," said Arief on Tuesday (August 27, 2024).

Furthermore, other contributing factors include increased revenue from gas transmission (US$14.4 million or Rp221.93 billion) and oil transmission (US$0.9 million or Rp13.87 billion). Operationally, gas sales volume reached 841 BBTUD and transmission reached 1,479 MMSCFD. Arief continued, stating that several subsidiaries/affiliates also contributed, including oil and gas lifting of 3.9 MMBOE, LPG processing of 19,000 tons, and oil transmission of 27.4 MMBOE.

In the LNG business, achievements included terminal usage agreement (TUA) volume of 65 BBTUD, regasification of 133 BBTUD, and LNG trading of 50 BBTUD. LNG trading is a new achievement, commencing in 2024.

"This achievement reflects our efforts to provide a balanced supply of natural gas to customers while maintaining operational reliability and safety, and delivering optimal value to shareholders and stakeholders," he said.

He added that in these challenging times, supply provision, LNG gas trading, bond repayment, and loan restructuring with more competitive interest rates were approaches and solutions to the ongoing business dynamics.

In the first half of 2024, PGN successfully optimized the utilization of domestic gas through the delivery of one LNG cargo from Tangguh, or approximately 3,000 BBTU. At the end of the first half of 2024, PGN served 3,154 industrial and commercial sectors, 2,017 small customers, and 816,063 household customers across its operating areas.

The assets of the issuer with the code PGAS amounted to US$6.14 billion (Rp94.72 trillion) in June 2024. This represents a 6.86% decrease from December 2023, when assets totaled US$6.59 billion (Rp101.7 trillion). Liabilities amounted to US$949.4 million (Rp14.63 trillion), and equity to US$1.46 billion (Rp22.53 trillion).