Medco Energi Reports 480% Profit Growth in the First Half of 2022

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Reza Pahlevi 23/08/2022 14:00 WIB

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In the first half of 2022, Medco Energi recorded revenue of Rp17.1 trillion with a net profit of Rp4.03 trillion.

Medco Energi Internasional Net Income and Profit/Loss (First Half 2021 vs 2022)

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Medco Energi Reports 480% Profit Growth in the First Half of 2022

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Medco Energi Internasional Net Income and Profit/Loss (First Half 2021 vs 2022)

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PT Medco Energi Internasional Tbk recorded revenue of US$1.15 billion, or Rp17.1 trillion (using an exchange rate of Rp14,925 per US dollar as of June 31, 2022) in the first half of 2022. This revenue surged 80% year-on-year (YoY) from US$636.3 million in the first half of 2021.

Medco's oil and gas (O&G) production reached 153 million barrels per day. This production increased by 63% (YoY) compared to the same period last year.

Furthermore, electricity sales increased by 45% (YoY). Copper production also increased by 103% (YoY), and gold production increased by 538% (YoY).

The increase in O&G production was driven by Medco's acquisition of the Corridor block. Meanwhile, the increase in electricity sales was fueled by the commencement of operations of the Riau PLTGU and Sumbawa PLTS this year.

Finally, Medco was able to increase its copper and gold production thanks to improved operations at Phase 7 of the Batu Hijau Mine.

The company also recorded a net profit of US$270.1 million, or Rp4.03 trillion. This net profit increased by 480% (YoY) from US$46.49 million in the same period last year.

Editor : Annissa Mutia

"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."