Medco Energi, Owned By Conglomerate Arifin Panigoro, Earns IDR 802.51 Billion Profit From Previously Loss IDR 2.58 Trillion

Illustration. (Photo: Doc. Medco Energi)

JAKARTA - PT Medco Internasional Tbk (MEDC) managed to score a positive performance in the third quarter of 2021. The oil and gas mining company owned by conglomerate Arifin Panigoro managed to record a net profit of 56.12 million US dollars or IDR 802.51 billion in nine months. first this year.

This realization is in contrast to conditions in the same period last year, where MEDC posted a loss of up to 180.50 million US dollars or around IDR 2.58 trillion.

In Medco's financial report, quoted on Tuesday, December 21, the improvement in MEDC's bottom line was accompanied by good revenue performance. Medco recorded revenues of USD 955.92 million, up 12.7 percent from revenues in the same period last year of USD 846.90 million.

In detail, revenue from customers that exceed 10 percent of the total reported revenue comes from Glencore Singapore Pte Ltd worth 134.18 million US dollars. Followed by PT Electricity Company PT Perusahaan Listrik Negara (Persero) worth 132.02 million US dollars, Sembcorp Gas Pte Ltd at 114.18 million US dollars, PT Pertamina (Persero) 98.33 million US dollars, and Lukoil Asia Pacific Pte Ltd. worth 79.22 million US dollars.

However, the increase in revenue was followed by a decrease in a number of MEDC's expenses, one of which was the cost of goods sold and other direct costs which slightly decreased by 0.34 percent from the original 582.8 million US dollars to 580.11 million US dollars.

Selling, general and administrative expenses also decreased 1.8 percent from the original 123.08 million US dollars to 120.77 million US dollars. MEDC also posted an increase in the fair value adjustment gain of financial assets, from the original 1.55 million US dollars to 22.86 million US dollars.

As of the third quarter of 2021, Medco Energi also posted a gain from the fair value measurement of USD 47.22 million. Profit from associates and joint ventures also rose rapidly, from 4.97 million US dollars to 46.84 million US dollars at the end of September 2021.