Oil And Gas Company Owned By The Bakrie Conglomerate Family Raises Sales Of IDR 5.8 Trillion In 2021

Illustration. (Photo: Doc. Antara)

JAKARTA - The oil and gas company owned by the Bakrie conglomerate family, PT Energi Mega Persada Tbk (ENRG) posted sales of USD 406 million or around IDR 5.8 trillion in 2021. This achievement increased by 25 percent compared to 2020 which amounted to USD 324.8 million.

The company's sales growth was supported by the increase in oil and gas production. Director and CFO of Energi Mega Persada Edoardus Ardianto explained that the increase in sales in 2021 was contributed by the increase in gas production from the Kangean and Bentu Blocks as well as oil production from the Malacca Strait Block.

During 2021, ENRG will produce 198 million cubic meters of gas per day and 4.829 barrels of oil per day. This number increased from the previous year, where oil and gas production were respectively 171 million cubic per day and 3.444 barrels per day.

"In addition to increasing production, high selling prices have also contributed to our sales increase. Even net profit in 2021 should be bigger than last year, if there is no repayment and debt write-off in 2020," said Edoardus in a written statement, quoted Monday 11 April.

During 2021, ENRG managed to pocket natural gas sales worth USD 307.63 million or grew 8.26 percent compared to 2020 which amounted to USD 284.16 million. Then from the sale of crude oil, the company earned 97.78 million US dollars or grew 67.03 percent from 2020 which was 58.54 million US dollars.

Sales, which contributed more than 10 percent to the company's total net sales, were obtained from Lukoil Asia Pacific Pte Ltd of USD 74.16 million, PT Petrokimia Gresik of USD 79.99 million, PT Perusahaan Listrik Negara (PLN) of 79.05 million US dollars, PT Pertamina 63.16 million US dollars, and PT Riau Andalan Pulp and Paper 30.73 million US dollars.

Furthermore, Edoardus said that the company's financial condition is getting better, as can be seen from the company's debt to equity ratio. This follows an increase in the company's equity and a decrease in debt after a limited public offering (PUT) in July 2021.

As of December 30, 2021, ENRG's total liabilities fell 2.82 percent to US$614.6 million from the previous USD 632.4 million. In the same period, the company's total assets were recorded at 1.06 billion US dollars, consisting of current assets of 162.95 million US dollars and non-current assets of 900.61 million US dollars.

"We hope that our investment in existing assets and the results from last year's acquisition can immediately produce results and add value to the company's shareholders," said President Director and CEO of Energi Mega Persada Syailendra S Bakrie.