World Oil Prices Skyrocket, Boss Medco Hopes To Boost Company Performance

President Director of PT Medco Energi Internasional Tbk Hilmi Panigoro. (Photo: Maria Trisnawati/VOI)

JAKARTA - President Director of PT Medco Energi Internasional Tbk Hilmi Panigoro has opened his voice about the recent increase in world oil prices.

Hilmi assessed that this increase in oil prices would have an impact on the growth in the performance of the company he worked on.

"Yes, if oil prices go up, then the company is good," said Hilmi when met by reporters at the Pullman Hotel, Jakarta, Friday, October 13.

As a commodity company, he said, with the increase in world mintyak prices, it will certainly have an impact on improving the company's performance.

Although he did not specify the target improvements obtained, Hilmi believes Medco's performance will be boosted.

"Anyway, if the commodity company goes up, the company's performance will be better," concluded Hilmi.

Just so you know, PT Medco Energi Internasional Tbk (MEDC) recorded a decrease in net profit of up to 60.58 percent to 119 million US dollars in Semester I-2023. This amount is compared to the same period the previous year at 303.05 million US dollars.

Medco CEO Roberto Lorato said the company's declining net profit was due to a lower contribution from PT Amman Mineral Internasional Tbk (AMMN).

In addition, the realization of lower oil and gas prices, which are partly offset by higher oil and gas volume.

The average oil and gas price is 75.2 US dollars per barrel and 7.2 per mmbtu, or down 29.1 per barrel compared to 2022 which is 104.4 per barrel.

On the other hand, the revenue of the issuer made by Hilmi Panigoro was recorded to have slightly increased by 0.72 percent (yoy) to US $ 1.11 billion, compared to the previous US $ 1.10 billion in the first semester of 2022.

In detail, the company's revenue consists of an oil and gas sales contract worth US$941.99 million, a construction contract worth US$ 106.26 million, and an electricity sales contract worth US$24.22 million.

In addition, the company also posted revenue from operating contracts and services worth 12.72 million US dollars and other service sales contracts worth 8.91 million US dollars.