Reduce Burden And Encourage Company Performance, PGN Saka Performs Liability Management

PGN (ANTARA)

JAKARTA - PT Saka Energi Indonesia (PGN Saka) will resume its Liability Management in 2023. This is done as an effort to continue the company's positive performance, after successfully achieving the target capacity management in 2022. PGN President Director Saka Avep Disasmita explained, corporate action in the liability management through the Tender Offer Bonds PGN Saka mechanism this year, will be held from July to August 2023. With the implementation of this action, it is hoped that it will have a positive impact on the company's performance as well as increasing investor confidence as well as reducing the company's financing burden in 2023-2024. "PGN Saka managed to manage its liabilities in a balanced manner with aggresivity to growth with positive performance results in 2021 and 2022," said Avep Disasmita, quoted Thursday, August 17. According to him, the success of the liability management through Bond Tender Offer and Open Market Repurchases in 2022 will have a positive impact on the Company as investor confidence increases and the decline in financing costs in 2024. "After the 2023 liability management, the value of PGN Saka's bond debt remains to around 156 million US dollars from the value of the original bond issuance of 625 million US dollars," continued Avep. In addition, the company's debt-to-equity ratio (DER) has increased from 1.21 times in 2021 to 0.63 times in 2022 and increased investor confidence. In addition, the company will receive a reduction in the Company's financing burden in 2023-2024 later. "PGN Saka continues to review the best scheme as a strategy for responsibility management of global bonds while continuing to strengthen synergy and collaboration with Subholding Gas in order to achieve optimal financial targets. This is in line with PGN Saka's efforts to expand exploration, so that it can contribute to additional energy in the country," Avep added. The synergy of collaboration carried out by PGN Saka includes through a consortium of rig contracts with Pertamina to get competitive prices and secure the availability of rigs for the next three years. The increase in PGN Saka's performance in 2022 strengthened positive signals in PGN Saka's operating activities in the coming years. PGN Saka's outstanding production performance in 2022 has had a significant impact on the Company's revenue and profit achievements.

After successfully increasing the Company's profit from minus 180 million US dollars to 6.6 million US dollars at the end of 2021, PGN Saka's financial performance showed brilliant performance in 2022. Just so you know, PGN Saka's revenue until the end of 2022 was recorded at 611.48 million US dollars, an increase of 169 percent from 361.84 million US dollars in 2021. Meanwhile, PGN Saka's net profit in 2022 was recorded at 86.17 million US dollars or 136 percent of the target set by shareholders of 36.49 million US dollars.