PGN's Net Profit Still Accelerates, Up 8.49% in Q3 2022

PT Perusahaan Gas Negara Tbk (PGN) still recorded positive performance in the third quarter of 2022. PGN booked growth in revenue and net profit until September 2022.

This company, with the stock code PGAS, achieved a net profit of US$310.52 million or equivalent to Rp4.86 trillion (assuming an exchange rate of Rp15,863/US$) in the first nine months of 2022. This profit increased by 8.49% from the same period the previous year, US$286.21 million or equivalent to Rp4.48 trillion.

The increase in net profit was driven by PGAS's revenue, which also increased by 17.18% to US$2.64 billion or equivalent to Rp41.42 trillion from the previous total revenue of US$2.25 billion, equivalent to Rp35.35 trillion.

The soaring revenue was contributed by natural gas sales of US$625.98 million from the previous US$511.72 million. In addition, the company's revenue was also contributed by the sale of oil and natural gas of US$181.97 million compared to US$19.03 million in the same period the previous year.

Revenue was also derived from gas transmission of US$116.92 million in the third quarter of this year. Then, revenue from natural gas processing of US$90.11 million and oil transportation of US$13.43 million.

Along with the increase in revenue, the cost of goods sold also surged by 12.15% to US$2.03 billion in the third quarter of 2022, from the cost of goods sold of US$1.81 billion in the same period the previous year.