Collaborating With GT Ladang Teknik And GreenFir Bangun LNG Station, CGAS Targets Revenue Of IDR 658 Billion

Photo: (Aris Nurjani/VOI)

JAKARTA The company engaged in the trade and distribution of natural gas, PT Citra Nusantara Gemilang Tbk (CGAS) will cooperate with PT GT Ladang Teknik and Jianyang Greenfir New Energy Equipment Co Ltd (GreenFir) to build an LNG Station.

President Director of CGAS Andika Purwonugroho said that his party will collaborate with PT GT Ladang Teknik and GreenFir to build an LNG Station with a capacity of 1.5 million cubic feet per day (MMSCFD) standards, with an investment value of IDR 161.5 billion.

"The investment value for the construction of the LNG Station with a capacity of 1.5 MMSCFD reaches IDR 161.5 billion," said Andika at the Sultan Hotel, Jakarta, Friday, February 23, 2024.

Andika explained, in the first quarter of 2024, the Company will start the groundbreaking for the construction of the Liquefied Natural Gas Station (LNG) at the Field Tambun Zone 7 Regional 2 Galian in Pakis, Karawang, West Java.

According to Andika, in the first year after the operation of the LNG Station, the sales value to be obtained by the Company could reach 8.7 million US dollars or equivalent to Rp135 billion per year.

In addition, Andika estimates that CGAS' revenue in 2024 will increase 76.4 percent year on year (yoy) to around Rp658 billion, the same net profit is projected to jump 200.8 percent (yoy) to around Rp36.7 billion.

Meanwhile, sales volume for this year is estimated to reach 82,000,711 standard cubic meters (Sm3) or equivalent to an 81.3 percent increase compared to sales volume in 2023 which is estimated at 45,235,193 Sm3.

"The increase in CGAS performance this year also involved several CNG Station projects in Grobogan-Central Java, Manyar-East Java and Majalengka-West Java," said Andika.

Andika emphasized that the improvement in CGAS' performance as a natural gas trading and distribution company is ensured to be able to provide added value for the Company's shareholders in the form of dividends.

"In 2023 we estimate that the Company will successfully record profit growth to Rp12.2 billion, so we plan to distribute dividends to shareholders of 30 percent of net profit," he said.

He conveyed that the estimated achievement of CGAS's net profit in 2023 was supported by an estimated revenue of Rp373 billion, with an estimated sales volume of 45 jt Sm3.

"We are optimistic that the financial performance and operational performance this year will experience positive growth," said Andika.