Up 10 Times, Medco Energy Owned By The Late Conglomerate Arifin Panigoro Earns IDR 7.96 Trillion Profit

JAKARTA - PT Medco Energi Internasional Tbk (MEDC) recorded performance growth in 2022. Medco's net profit rose up to 10 times.

Based on the audited financial report, the issuer owned by the late Conglomerate Arifin Panigoro earned a net profit of 531 million US dollars equivalent to Rp7.96 trillion (exchange rate of Rp14,995 per US dollar). This achievement rose 1,029.55 percent from the previous year at 47.01 million US dollars equivalent to Rp704.91 billion.

Medco Energi CEO Roberto Lorato said in his statement that the increase in net profit was in line with the increase in revenue, where in 2022 MEDC posted revenues of US$2.31 billion, an increase of 84.66 percent from revenue in 2021 which was only US$1.25 billion.

"Medco Energi has reached a new level, showing strong core operating performance with increased production after Corridor's acquisition and the operation of new projects in the oil and gas and electricity segments well, and supported by high commodity prices," he said in an official statement, Monday, April 3.

Medco also recorded EBITDA worth USD 1.59 billion, up more than double on an annual basis.

He further detailed that total oil & gas production throughout 2022 is 163 Billion Barrel Oil of Equivalent Per Day (moepd), up 73 percent on an annual basis, with a production unit cost of 6.9 US dollars per barrel of oil equivalent.

Meanwhile, for the electricity sector, Medco Power resulted in electricity sales of 3,993 GWh up 47 percent year-on-year after the operation of IPP Riau 275MW in February and Sumbawa 26MWp solar power facilities in June.

As for the mineral segment, copper production through PT Amman Mineral Nusa Tenggara was recorded at 464 Mlbs, an increase of 99 percent and gold production of 731 Koz, up 367 percent year-on-year, following an increase in Phase 7. The average realized copper price was 3.56 US dollars per pound.