Jakarta, CNBC Indonesia – PT Perusahaan Gas Negara Tbk (PGAS) alias PGN, managed to book a profit for the year attributable to owners of the parent entity of US$ 303.82 million in 2021.
As revealed in the financial report released on Tuesday (15/3/2022), this profit turned the situation around from a loss in 2020 which amounted to US$ 264.77 million.
The financial performance is inseparable from the increase in income. In 2021, revenue was recorded at US$ 3.04 billion, up 5.2% from US$ 2.88 billion in 2020.
In 2021, the company posted a foreign exchange gain of US$ 27.35 million, compared to a foreign exchange loss of US$ 25.57 million in 2020.
In 2020, the company is known to suffer a decline in the value of oil and gas properties by US$ 75.68 million and a decrease in the value of exploration and evaluation assets of US$ 3.26 million. Meanwhile in 2021, there will be no such decline in value.
“As Subholding Gas for PT Pertamina (Persero), PT Perusahaan Gas Negara Tbk (PGN) managed to maintain operational performance which has a positive impact on financial performance in 2021, by recording revenues of US$ 3,036.1 million, Operating Profit of US$ 420.32 million. , Net Profit for the Year Attributed to the Parent Entity US$ 303.8 million and EBITDA of US$ 855 million,” said PGN management in a press statement, Tuesday (15/3/2022).
PGN President Director M. Haryo Yunianto said: PGN has succeeded in maintaining a positive 2021 performance. The recovery of operational performance from economic recovery through the Company’s strategic efforts in the midst of the pandemic has succeeded in supporting PGN’s 2021 financial performance.
“This performance achievement was obtained from the performance of gas distribution volume for the period January to December 2021 which increased to 871 BBTUD from the previous period. amounting to 828 BBTUD. Meanwhile, the transmission volume during 2021 is 1,352 MMSCFD,” he explained.
In addition, there is also an increase in the flow of gas to power plants through the use of LNG itself (TUA FSRU Lampung Contract) to 29 BBTUD so that the total gas distributed through the gas trading scheme and TUA is 900 BBTUD.
Furthermore, for the performance of oil & gas lifting volume of 24,086 BOEPD and improvement in the average ICP price of US$ 68.8 / BBL, oil transportation of 3,543 MBOE and LPG of 33,831 Tons.
“The company was also able to increase its market share by increasing the number of customers in various sectors to 663,877 customers with a pipeline network coverage of 10,776 km,” he explained.
PGN’s consolidated financial position as of December 31, 2021, still shows a good financial position and the Company’s ability to meet its short-term obligations is still very good.
Similarly, from the Debt Service side, it also shows the Company’s ability to meet the payment of interest and loan principal which is still sufficient.
“The realization of CAPEX in 2021 is US$ 308.6 million, of which comes from the construction of the Rokan Oil Pipeline, Gresik-Semarang Pipeline, Pangkah WK, Ketapang WK, as well as other investment activities that are already in the execution stage such as Jargas, Senipah-Balikpapan Pipeline, and LNG RU IV Cilacap,” he explained.
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