It's Not! PGN Loses 'Jumbo' Rp3.8 Trillion In 2020

JAKARTA - The performance of PT Perusahaan Gas Negara Tbk (PGN) has deteriorated throughout 2020. The PGAS stock-coded red plate company posted a net loss attributable to the owner of the parent entity of $264.77 million.

The figure is equivalent to Rp3.8 trillion (exchange rate Rp14,500 per US dollar). Quoted from PGN's financial report, Monday, April 12, this realization is inversely proportional to the net profit of 67.58 million achieved by PGN in 2019.

This decrease in net profit is in line with the decrease in revenue. PGN posted revenues worth USD2.88 billion, down 25.02 percent from the realization of revenue in 2019 of USD3.85 billion.

PGN's revenue was dominated by the gas trading segment, both from related parties and third parties, at US$799.34 million and US$1.5 billion, respectively.

The natural gas commercial income consists of gas commerce to the industrial and commercial segments worth USD2.28 billion (-23.% yoy), households worth USD14.35 million (+55.18 percent yoy) and gas refueling stations (SPBG) worth USD2.64 million (-15.56 percent).

While revenue from customers exceeding 10 percent of the total consolidated revenue is revenue from the State Electricity Company (PLN) and its subsidiaries (related parties), amounting to USD782.88 million.

PGN recorded a decrease in a number of cost lines throughout 2020. Cost of revenue decreased 12.20 percent, from $2.26 billion to $2.30 billion.

Commercial and infrastructure expenses decreased 19.85 percent yoy to 351.93 million U.S. dollars. General and administrative expenses also decreased 34.55 percent to $176.57 million.

Nevertheless, PGN experienced a decrease in the value of oil and gas properties worth USD75.68 million. Provisions on tax disputes also increased from $127.72 million to $278.37 million.

As of December 31, 2020, PGN's total assets amounted to USD7.53 billion, consisting of liabilities worth USD4.57 billion and equity of USD2.95 million. The amount of cash and cash equivalents of PGAS as of December 31, 2020 is worth USD1.17 billion, up from USD1.04 billion at the end of 2019.