Maintain Performance Of Natural Gas Services, PGN Achieves A Net Profit Of IDR 4.84 Trillion

Photo: Doc. PGN

JAKARTA - As a Gas Subholding of PT Pertamina (Persero), PT Perusahaan Gas Negara Tbk (PGN) maintains operational performance in 2022 in the post-COVID-19 normalization period and the uncertainty situation due to global geopolitical conditions. PGN continues to optimize the expansion of natural gas infrastructure and supply reliability, especially during the transition to Net Zero Emission.

President Director of PT PGN Tbk, M. Haryo Yunianto said that in dealing with existing external conditions, in 2022, PGN developed a policy of implementing an integrated sustainability strategy with all business processes, optimization and efficiency.

To maintain the company's margin, PGN increased natural gas trading activities to new sectors and beyond pipes through the initiation of the LNG Retail project and the development of gas distribution via the Compressed Natural Gas mode. By carrying out this strategy, PGN managed to record a Net Profit for the Year attributable to the Main Entity of 326.2 million US dollars (or Rp4.84 trillion, with an IDR/USD exchange rate: Rp 14,850) or 7 percent higher than the previous year.

Net profit came from revenue of US$3.6 billion. From this revenue, PGN recorded that Gross Profit of US$780.5 million, Operating Profit of US$592.2 million and EBITDA of US$1.216 billion.

PGN managed to continue its positive performance in 2022, with the performance of gas trading volume for the January to December 2022 period reaching 896 BBTUD. Meanwhile, the transmission volume in 2022 is 1,190 MMSCFD," explained Haryo, in a written statement, Friday, April 14.

In terms of operations, oil & gas lifting volume in 2022 increased to 28,870 BOEPD from 24,086 BOEPD as well as a high increase in ICP, including a significant contribution to financial performance in 2022. As for oil transportation, it also showed a very significant increase in performance which reached 38,471 BOEPD compared to the same period the previous year which only reached 9,706 BOEPD.

For LPG's performance, the processing reached 134 tons per day, a significant increase compared to the previous year's period of 92.7 tons per day.

PGN continues to increase the acquisition of new customers and capture opportunities for synergy as seen from the increase in natural gas network pipeline infrastructure rising 6.94 percent or 748 km to 11,524 km in 2022 and total PGN customers reaching 838,953 customers.

"In 2023 we are committed as Pertamina Gas Subholding to realize energy independence in the country through strengthening gas utilization and expanding natural gas infrastructure, especially increasing roles during the energy transition to Net Zero Emission (NZE)," concluded Haryo.