Up 480 Percent, Medco Energi's Net Profit Of The Late Conglomerate Arifin Panigoro Reaches Rp3.9 Trillion

Illustration (Photo: Doc. Antara)

JAKARTA - PT Medco Energi Internasional Tbk recorded an increase in net profit in the first half of 2022 by 480 percent in the same period.

The oil and gas company owned by the late conglomerate Arifin Panigoro recorded revenues of US$1.14 billion, equivalent to Rp.16.74 trillion, up 80.34 percent compared to US$636.29 million in the same period last year.

The revenue came from contracts with customers amounting to 1.12 billion US dollars, up from 617.43 million US dollars, as well as financial income which grew to 20.85 million US dollars.

CEO of Medco Energy International, Roberto Lorato, said: "We are pleased with the strong operational and financial performance report in the second quarter of 2022.

"In the second quarter, our first project in Natuna and our first PV project in Sumbawa have started operations and both projects will contribute to the performance of the second half," he said in an official statement, Monday, August 22.

Roberto added, the profit for the period attributable to owners of the parent entity was US$270.1 million equivalent to Rp3.94 trillion in the first half of 2022 or grew 482.11 percent from US$46.48 million.

"Net Profit reached 270 million US dollars, up 480 percent yoy and EBITDA of 806 million dollars, both due to strong oil, gas and copper volumes and improving commodity prices," he continued.

While EBITDA in the second quarter was USD492 million, above the first quarter as a result of higher commodity prices and full-quarter contribution from the Corridor.

The average oil price for the first half was 104.4 dollars per bbl, and the weighted average selling price of gas was 7.7 US dollars per mmbtu.

Consolidated debt of 3.2 billion US dollars, restricted group debt of 2.8 billion US dollars with 208 million US dollars repaid since the corridor acquisition.

Meanwhile, net debt reached USD 2.4 billion and the Limited Group's Net debt to EBITDA increased to 1.6 times.

Oil and gas production stood at 153 mboepd, up 63 percent yoy including new Corridor contributions since March.

Production costs are US$6.5 per boe and proforma3 production is 181 mboepd.

Capital expenditure of 102 million US dollars, mainly for the development of several development projects in the South Natuna Sea Block B PSC.