Medco Energi, Owned By Conglomerate Arifin Panigoro, Earns IDR 531.8 Billion Profit From IDR 1.79 Trillion Loss Previously

Illustration. (Photo: Doc. Medco Energi)

JAKARTA - The mining and energy company PT Medco Energi Internasional Tbk managed to reverse a loss position in the first semester of 2020, to become a profit in the first six months of 2021.

In Medco Energi's financial report, quoted on Tuesday, October 26, the company owned by conglomerate Arifin Panigoro posted revenues of USD  636.29 million. The realization was up 11.66 percent compared to the same period last year valued at USD 569.80 million.

The issuer with the stock code MEDC also posted a profit for the current year attributable to owners of the parent entity of USD 37.16 million or around IDR 531.8 billion, reversing from a loss position in the first semester of 2020 which was valued at USD 125.27 million.

Director & CEO of Medco Roberto Lorato said the increase in first-half performance results was supported by improvements in domestic gas prices and demand after the economic lockdown in Indonesia.

"Currently we have published the Climate Change Strategy along with the initial steps to fulfill Medco Energi's commitment to achieving Net Zero emissions for Scope 1 and Scope 2 by 2050 and Scope 3 by 2060," Roberto said in a press release.

Meanwhile, President Director Hilmi Panigoro added that the company's performance improvement is highly appreciated. Meanwhile, the announcement of the Solar Power Project on Pulau Bulan will be the next step towards the company's Climate Change Strategy.

"I fully support Medco Energi's commitment to achieving Net Zero by 2050," said Hilmi.

Furthermore, MEDC's EBITDA in the first half of 2021 was USD 318 million, an increase of 15 percent on an annual basis, mainly supported by rising commodity prices.

Meanwhile, the price of crude oil valued at USD 62.3 per barrel rose 61 percent on an annual basis and the average price of gas was valued at USD 5.9 per MMBtu aka up 8 percent on an annual basis.