Up 1,658 Percent, Medco Energi's Net Profit Of The Late Conglomerate Arifin Panigoro Reaches 90.04 Million US Dollars In Three Months This Year

Photo: Doc. Medco Energi

JAKARTA - The oil and gas company owned by the late conglomerate Arifin Panigoro, PT Medco Energi Internasional Tbk (MEDC) has further strengthened its financial performance after successfully turning a loss in 2020 into a profit in 2021. This time, the company also managed to continue its positive performance in the first three months of this year.

In Medco Energi's financial report quoted on Thursday, June 16, the company earned a net profit of US$ 90.04 million in the first quarter of 2022. This figure rose 1.658 percent from the same period in 2021 which was US$ 5.12 million.

One of the triggers for the profit growth was the increase in total revenue which reached 489.34 million US dollars. Medco Energi's revenue during this period rose 62.06 percent from US$ 301.95 million.

On the other hand, the cost of revenue and other direct costs only grew 35.99 percent from 181.87 million US dollars to 247.34 million US dollars. As a result, the company's gross profit became US$241.99 million.

In addition, in the first quarter of 2022, Medco also received additional profits from associates and joint ventures worth US$47.1 million. Including the discount purchase profit which reached 13.69 million US dollars.

Meanwhile, Medco Energi's assets in this period reached 6.99 billion US dollars with total equity of 1.29 billion US dollars.