PGN Earns IDR 1.31 Trillion Net Profit In The First Quarter Of 2023

Illustration. (Photo: Doc. Antara)

PT Perusahaan Gas Negara Tbk (PGN) recorded a positive operational performance in the first quarter of 2023 by posting a net profit of 86 million US dollars or IDR 1.31 trillion (assuming an exchange rate of IDR 15,243).

PGN President Director, M. Haryo Yunianto explained that net profit in the first quarter of 2023 came from revenue of 933.7 million US dollars, by recording Gross Profit of 176.8 million US dollars, Operating Profit of 139.3 million US dollars and EBITDA of 281.9 million US dollars.

"Operatively, oil & gas lifting volume increased 7 percent to 27,568 BOEPD from 26,885 BOEPD in the first quarter of 2022 with additional production & lifting of Fasken Block," he told the media, Tuesday, May 2.

As for oil & gas production, up 3 percent by 28,685 BOEPD, oil transportation also showed a significant increase in performance which reached 15,718 BOEPD, an increase of 66 percent YTD. Likewise, LPG's performance in processing reached 10,846 tons.

"In terms of gas sales to customers during the January-March 2023 period, it has reached 976 BBTUD. Meanwhile, the transmission volume is 1,438 MMSCFD, which has increased gas transmission for industrial, PLN, and fertilizer needs, including in North Sumatra, South Sumatra, and Kalimantan sections," he explained.

He added, in the midst of the company's growing business, PGN continues to maintain performance in all aspects by running cost saving programs through innovation, improvement and efficiency improvement in every company's activity so that national natural gas utilization is more reliable as clean and environmentally friendly energy during the energy transition to Net Zero Emission (NZE).

"Through the performance of the Sub Holding Gas Group, PGN optimizes the fulfillment of gas supply and oil and gas service performance with the HSSE commitment to prevent fatal incidents, one of which is by conducting an assessment asset integrity management and increasing supervision of all activities that have high risk," concluded Haryo.