PGAS Non-Oil And Gas Revenue Contribution Grows 88 Percent

Illustration (Photo: Doc. Antara)

JAKARTA - Pertamina's gas subholding, PT Perusahaan Gas Negara Tbk (PGAS) recorded an increase in revenue from non-oil and gas businesses.

Until the third quarter of 2023, the business of the three PGAS subsidiaries has posted revenues of 51.6 million US dollars.

"This number has actually grown at 88.7 percent compared to the same period last year of around 27.34 million US dollars," said PGAS Director of Finance and Risk Management, Fadjar Harianto at a Public Expose Live 2023 press conference, Wednesday 29 November.

Fadjar said, in Quarter III, the main contributor to the company's revenue from the natural gas trade, transmission and transportation business was the main contributor.

Revenue from the segment said it contributed 93.24 percent or 2.51 billion US dollars from the Company's total revenue which was recorded at 2.69 billion US dollars.

"However, the contribution of the PGN non-oil and gas segment continues to grow," added Fadjar.

For your information, the three PGAS subsidiaries are PGAS Solution (PGASSOL) which specializes in the field of construction and maintenance, PGAS Telekomunikasi Nusantara (PGASKOM) which is engaged in the telecommunications sector and finally PT Permata Graha Nusantara (PGN Mas) which is engaged in the management and rental business of buildings and equipment.

"This significant growth also shows the contribution of non-oil and gas subsidiaries and as evidence of PGN's ability to optimize business portfolios in groups," concluded Fadjar.

Previously, consolidated revenue recorded by PGAS until the third quarter of 2023 increased by 2 percent or recorded 2.69 billion US dollars.

The largest contribution was obtained from the commercial business and natural gas transmission by 78 percent and the rest were upstream and other businesses.

The cash equivalent position still looks solid for investment needs and working capital of the company, where the recorded value is 1.04 billion US dollars.

This figure decreased from the same period the previous year because the company's efforts to improve its debt structure through corporate actions to buy back its bonds.