PLN Manages To Earn IDR 5.9 Trillion In Profit And IDR 345.4 Trillion In Revenue In 2020

Illustration. (Photo: Doc. Between)

JAKARTA - PT Perusahaan Listrik Negara or PLN recorded a 38.6 percent increase in net profit throughout 2020 when compared to the previous year's profit.

President Director of PLN, Zulkifli Zaini, said the positive financial performance was thanks to the technical and operational efficiency and innovations through the PLN Transformation Program which was run since April 2020.

"In 2020, PLN managed to record a net profit of IDR 5.9 trillion. This position increased IDR 1.6 trillion compared to the net profit in 2019 of IDR 4.3 trillion", Zulkifli said in his written statement, quoted from Antara, Tuesday, May 25.

According to him, last year's net profit could increase by IDR 13.6 trillion if it does not consider recording unrealized foreign exchange losses of IDR 7.7 trillion.

In addition, there is also an additional revenue recognition from customer connection of IDR 5.9 trillion, if the recording is done the same as in 2019 which has not implemented PSAK 72 (Revenue from Contracts with Customers).

The transformation program that has been running since last year has strengthened the company's resilience in pandemic situations, even able to record an increase in net profit.

Although most businesses are facing the COVID-19 pandemic which also caused the national economy to decline, PLN managed to record business revenues of IDR 345.4 trillion.

Of these, electricity sales revenue reached IDR 274.9 trillion including COVID-19 stimulus subsidies amounting to IDR 13.8 trillion helping 33 million customers.

In addition, there is also a subsidy income of IDR 48.0 trillion that reaches 37 million customers and compensation of IDR 17.9 trillion for 42 million customers.

"PLN adapts to the challenges to increase the company's revenue while supporting the development of the industrial world, namely through the acquisition of captive power in the industry, electrification of the agricultural and fishery sectors, as well as migration to electric stoves or electrifying lifestyle", said Zulkifli.

To increase revenue and service to customers, this red plate company also develops business lines outside of electricity and optimizes PLN's assets, among others, building internet services and electric vehicle infrastructure, as well as mobile applications.

With all measures of efficiency and savings, PLN was able to reduce operating expenses significantly rp14.4 trillion from the original operating expenses of IDR 315.4 trillion in 2019 to only IDR 301 trillion in 2020.

"With the increase in net profit it is proven that the transformation program can be said to run according to plans and targets", said Zulkifli.