Extraordinary! Pertamina Prints Rp29.3 Trillion Profit, Up 95 Percent

JAKARTA - PT Pertamina (Persero) recorded an increase in net profit of 95 percent in 2021 by 2.05 billion US dollars or IDR 29.3 trillion.

This number increased rapidly from profit in 2020 which amounted to 1.05 billion US dollars or IDR 15 trillion.

Pertamina also recorded a 39 percent increase in revenue from USD 41.47 billion in 2020 to USD 57.51 billion in 2021.

"We recorded an increase in net profit which almost doubled from last year. We recorded IDR 29 trillion, our net profit last year was IDR 15 trillion, this is IDR 29.3 trillion," said Pertamina Director Nicke Widyawati in a written statement, Thursday, September 8.

Meanwhile, Pertamina's income before interest, taxes, depreciation, and amortization (EBITDA) also grew 19 percent from 7.95 billion US dollars in 2020 to 9.45 billion US dollars.

"This is the result of our hard work in the midst of very difficult conditions in 2021," Nicke said.

Furthermore, Nicke said, the increase in net profit almost doubled due to cost savings in 2021 which helped improve the company's financial performance.

Some of the savings made were through the Cost Saving program which amounted to 1.3 billion US dollars, the Cost Optimization program which managed to save 2.2 billion US dollars, the Cost Avoidance program of up to 350 million US dollars, and the Revenue Enhancement program which reached 0, 5 billion US dollars.

In 2021, Pertamina experienced a very significant decline in fuel demand due to the Implementation of Community Activity Restrictions (PPKM).

He explained that Pertamina was able to survive during the COVID-19 pandemic by increasing efficiency.

"How do we do massive efficiency in 2021. Because we say that there is only one way to survive in this condition, efficient," concluded Nicke.