Supported By Amman Mineral Profit, Medco Energi Earns IDR 3.1 Trillion Net Profit In Semester I-2024

Rupiah (Photo: Antara)

JAKARTA - PT Medco Energi Internasional Tbk (MedcoEnergi) announced its net profit during the first semester of 2024.

Director & Chief Operating Officer of Medco Energi Ronald Gunawan said MEDC posted a net profit of US$201 million or equivalent to Rp3.1 trillion (exchange rate of Rp15,438 per US dollar) throughout the first semester of 2024.

"In the first half of 2024, our net profit was 201 million US dollars or higher than the first half of the previous year," he said in a Public Expose, Monday, August 26.

Ronald said that the winning profit was supported by an increase in Amman Mineral's profit of 99 million US dollars.

"In addition, it is a good contribution from the oil and gas business due to higher prices," Ronald continued.

On the same occasion Ronald also explained, MEDC managed to complete the divestment of oil and gas blocks in Vietnam and Libya with cash proceeds of 120 million US dollars.

"The results of the first half of 2024 are very good supported by strong operational performance so that higher commodities and of course increasing profit contribution from Amman, our EBITDA amounted to USD 650 million for the first half of 2024 higher than the same period in 2023 of USD 634 million," he explained.

Ronald said this was influenced by better prices for petroleum and natural gas so as to cover the reduction in corridor management rights after the extension of the Product Sharing Contract (PSC) scheme.

"In the first half of 2024, the average realization of petroleum prices that we achieved was 81 US dollars per barrel," concluded Ronald.