PGN Prints A Net Profit Of 145 Million US Dollars In Semester I 2023

Illustration (Photo: Doc. Antara)

JAKARTA - The state-owned company in the oil and gas sector of PT Perusahaan Gas Negara Tbk (PGAS) posted a net profit of 145.32 million US dollars in the first semester of 2023, down 39 percent year on year (yoy) compared to the previous 238.56 million US dollars in the same period in 2022.

On the other hand, the company's revenue recorded an increase of 2.5 percent (yoy) to US$1.78 billion in the first semester of 2023, compared to the previous US$1.74 billion in the same period last year 2022, according to financial reports on the Indonesia Stock Exchange (IDX), Jakarta, Saturday.

Meanwhile, the company's revenue was mostly contributed by the trade and transmission segment which recorded a contribution of US$1.56 billion during the first semester of 2023.

Then, the oil and gas exploration and production segment (oil and gas) was recorded to have contributed US$218.78 million, and other operating segments recorded a contribution of US$175.26 million during the first semester of 2023.

Along with rising revenues, the cost of revenue was recorded to have increased by 8 percent (yoy) to US$1.41 billion in the first semester of 2023, compared to the previous US$1.31 billion in the same period in 2022.

During the first semester of 2023, the company posted an increase in provision costs for adjustments to the Purchase Price of Certain Natural Gas (HGBT) to US$208.33 million, or an increase of 20 percent (yoy) compared to the previous US$172.91 million in the first semester of 2022.

Meanwhile, the provision will be reserved regularly based on estimation, along with the addition of untilished gas volume, namely gas purchased by Groups from gas suppliers using special prices that have been determined by the Ministry of Energy and Mineral Resources (ESDM) for certain customers, but distributed to customers who do not receive special allocations and prices.

The issuer with the stock code PGAS posted a net profit per basic share of US$0.006 per share in the first semester of 2023, compared to the previous US$0.010 per share in the first semester of 2022.

The company's total assets were recorded at US$6.93 billion in the first semester of 2023, compared to the previous US$7.19 billion in the same period in 2022.

The company's equity was recorded at US$3.35 billion, while total liabilities were recorded at US$3.57 billion in the first semester of 2023.