PGN Books A Net Profit Of IDR 2.89 Trillion In Semester I-2024

PGN Gas Pipe (Photo: PGN)

PT Perusahaan Gas Negara Tbk (PGAS) posted a net profit of USD 186.6 million or approximately IDR 2.89 trillion (exchange rate of IDR 15,472 per US dollar) for the first semester of 2024. This value was obtained from consolidated revenues of USD 1.84 billion, operating profit of USD 293.2 million and EBITDA of USD 578.1 million.

"This achievement is the realization of our efforts to simultaneously provide natural gas services for customers while maintaining reliability and operational security and providing the best value for shareholders and relevant stakeholders," said PGN President Director Arief S. Handoko in an official statement, Tuesday, August 27.

Meanwhile, the realization of an increase in revenue in the first semester of 2024 was mainly due to the new revenue segment, namely LNG trading amounting to 93.7 million US dollars.

In addition, another driving performance was an increase in gas transmission revenue by 14.4 million US dollars, and oil transmission by 0.9 million US dollars.

In terms of operating performance, the distribution of natural gas trading volume was recorded at 841 BBTUD and transmission of 1,479 MMSCFD.

Then for the performance of several subsidiaries/affiliates that contributed, including oil and gas lifting of 3.9 MMBOE, LPG 19 thousand tons process, and oil transmission 27.4 MMBOE. In the business in the field of LNG, the achievement is the volume of distribution of the Usage Agreement Terminal (TUA) 65 BBTUD, regasification of 133 BBTUD and LNG trading 50 BBTUD. Especially for LNG trading is a new achievement that has started running since 2024.

Under quite challenging conditions in this period, supply supply supply, LNG gas trading, bond repayment and loan restructuring with more competitive interest rates are approaches and answers to ongoing business dynamics.

In the first semester of 2024, PGN succeeded in optimizing the use of domestic gas through the distribution of 1 LNG cargo from Tangguh or around 3000 BBTU.

For the number of customers served by PGN, the number recorded at the end of Semester I 2024 was 3,154 industrial and commercial sectors, 2,017 small customers and 816,063 household customers spread throughout the PGN operating area.