PGN's Net Profit Increases 437 Percent To Rp4.07 Trillion In The Third Quarter Of 2021

Illustration. (Photo: Doc. PGN)

JAKARTA - PT Perusahaan Gas Negara Tbk (PGN) as Pertamina's Gas Subholding continues to strengthen its position in the industry. One of them is by consolidating the national natural gas industry through various activities to achieve the target of 23 percent of the domestic energy mix and becoming the main choice in the energy transition period according to the government's roadmap and is an effort of this PGAS stock coded issuer in driving the national economy through the fulfillment of natural gas services. .

As the motor of the domestic gas industry, PGN managed to record a net profit growth of 286 million US dollars or equivalent to Rp. 4.07 trillion (exchange rate of Rp. 14,243 per US dollar) as of September 2021. This figure skyrocketed 437 percent compared to the same period last year or year on year. (yoy).

This performance was obtained from revenues of US$ 2.25 billion or Rp. 32.04 trillion. Meanwhile, Earnings Before Interest, Taxes, Depreciation (EBITDA) in the same period reached US$ 618 million or Rp. 8.8 trillion.

With a market share of 92 percent of the gas trading market share in the country, Pertamina as an Energy BUMN Holding relies on Pertamina's Gas Subholding to build the gas pipeline network.

"To achieve the 2021 target, Subholding Gas has seven strategic policies throughout 2021," said PGN President Director, M. Haryo Yunianto, in his presentation, Wednesday, November 17.

With these seven strategic policies, PGN's business can run well, which is reflected in its operational performance with a positive trend.

"The Gas Subholding Group managed to record gas trading volume during the January - September 2021 period of 873 BBTUD and an increase compared to the gas trading volume in the third quarter of 2020 of 812 BBTUD (yoy). For transmission volume in the same period in 2021 it was 1,238 MMSCFD," said PGN's Director of Sales & Operations, Faris Aziz.

Meanwhile in the Oil and Gas Lifting business, PGAS also recorded an upstream volume of 6.46 MMBOE, which grew from the same period in the previous year of 5.3 MMBOE. This is due to the improvement in operational activities and the success of drilling and exploration activities which have a positive impact on increasing the volume of oil and gas lifting, especially from the Pangkah, Muriah, Ketapang and Muara Bakau Blocks.

"The increase in revenue was mainly contributed by the increasing contribution from the upstream business segment," said Director of Finance & Risk Management, Fadjar Harianto Widodo.