Managing Challenges And Dynamics Of The Business Environment, PGN Maintains Positive Performance In The Third Quarter Of 2024

President Director of PGN Arief S. Handoko,. (IST)

JAKARTA - PT Perusahaan Gas Negara Tbk (PGN) as Pertamina Gas Subholding continues to maintain the company's operating and financial performance in optimizing the use of natural gas environmentally friendly energy. This is reflected in the Consolidation Report for the Triwulan 3 2024 Period.

Until the end of September 2024, PGN posted revenues of USD 2.8 billion or grew by around 5% compared to the same period in 2023. Then in operating profit and EBITDA each was obtained at USD 415.7 million and USD 852.0 million, and net profit was recorded at USD 263.4 million.

"In a challenging situation in 2024, we implemented various strategies and initiatives to maintain natural gas volume distribution and consistency in achieving financial performance," said Arief S. Handoko, President Director of PGN. Optimizing natural gas volume management amid natural decline challenges, pipeline gas supply can be properly mitigated and lowering financial expenses after bond repayment is one of the main factors that support the achievement of this financial performance," Arief added.

PGN's operating performance recorded the performance of the sales volume of natural gas trading 854 BBTUD, 57 BBTUD in LNG trading and the Use Agreement Terminal (TUA) and the utilization of LNG terminal capacity of 69 BBTUD. Global LNG trading is a business that just ran this year so it also contributes to the increase in revenue to last year. Then the total natural gas transmission volume was recorded at 1,527 MMSCFD and oil was 150,716 BOEPD. For other businesses managed by subsidiaries or PGN affiliates, the achievement was recorded from the 20,074 BOEPD oil and gas lifting, LNG 144 BBTUD regasification and 105 tons LPG process per day.

Efforts to increase industrial customers have been achieved with 3.8% growth compared to the end of 2023 or 3,222 industrial & commercial customers and 2,608 small customers or 32% growth. Meanwhile, for households until the end of September 2024, the number is 808,334 customers.

In increasing the use of domestic gas energy, PGN hopes that customer growth in all sectors can continue so that the increase in natural gas volume as a national energy self-sufficiency effort can be realized. "Our efforts to fulfill supply continue to strive from various sources, both pipeline gas and CNG, through various modes of natural gas transportation, both pipeline and non-pipeline. With the support of all stakeholders, regulators and governments, we believe that national natural gas services and utilization will continue to grow and become the main solution during the national energy transition," concluded Arief. (ADV)