Net Profit Increases 86 Percent In 2022, Pertamina Deposits The State Of Up To IDR 307 Trillion

Illustration of Rupiah (photo: dock. Antara)

PT Pertamina (Persero) recorded a net profit of US$3.8 billion or Rp56.6 trillion, an increase of 86 percent from the company's profit in 2021.

President Director of PT Pertamina (Persero) Nicke Widyawati said, in the midst of the volatility of oil prices and the dynamics of the Rupiah exchange rate, Pertamina was proven to still be able to improve performance in 2022 by making various efforts both operationally and financially.

Throughout 2022, Pertamina Group has contributed to state revenues reaching IDR 307.2 trillion consisting of taxes, dividends, PNBP, Crude Oil and/or State Condensate, and bonus signatures.

The number of deposits to this country has increased by 83 percent compared to 2021. As for the special tax deposit, Pertamina in 2022 has paid taxes of IDR 219.06 trillion, an increase of 88 percent compared to 2021.

"This achievement is of course thanks to the joint work of all Pertamina Officers. This positive performance is also certainly inseparable from the support of the Government, especially the Ministry of Finance, the Ministry of SOEs, and the Ministry of Energy and Mineral Resources," said Nicke, quoted on Tuesday, April 18.

Pertamina with a commitment to always grow, he continued, has succeeded in improving operational performance in all Subholding.

Oil and gas production reached 967 thousand barrels of oil equivalent per day (MBOEPD) or grew 8 percent from the 2021 achievement, refinery production reached 313.9 million BBL or grew 6 percent, sales realization of BBM and Non-BBM products reached 97.86 million KL or grew 5 percent, the effectiveness of Pertamina's ship cargo transportation reached 89 percent or grew 3 percent, electricity production from Geothermal and other new renewables reached 4,659 GWh, installation of household gas networks reached 254,063 household connections or grew 4,760 percent.

Pertamina really appreciates the government's support through the Ministry of Finance for amending the Minister of Finance Regulation (PMK) No.159/2022 concerning procedures for providing, disbursing, and accountability for compensation funds.

With the change in PMK, the Government accelerated the payment of fuel oil compensation funds (BBM) of IDR 319.81 trillion (including taxes) consisting of 2019-2021 receivables of IDR 83.41 trillion (including taxes) and periods up to the third quarter of 2022 of IDR 236.40 trillion (including taxes). Payment of these compensation funds has an impact on improving operating cash flow so that financial ratios can be well maintained in performance in 2022.

In mitigating the dynamic exchange rate movement, Pertamina has actively carried out hedging and balancing transactions on monetary accounts that have successfully mitigated the risk of an exchange rate of US$657 million. Pertamina has also made efforts to reduce interest costs on loans that have increased due to the impact of the fluctuations in Indonesia Crude Price (ICP) by optimizing consolidated fund management and carrying out early compensation funds when compensation funds have been received.

"This effort resulted in savings on consolidated interest costs of 466.75 million US dollars," he said.