Gegara This, Bakrie Group Oil and Gas Issuers Print Profit of IDR 405 Billion

Jakarta, CNBC Indonesia – Oil and gas mining services company owned by the Bakrie Group, PT Energi Mega Persada Tbk (ENRG) recorded a net profit of US $ 27.34 million or equivalent to IDR 405 billion (exchange rate of IDR 14,800 / US $) in the first semester of 2020.

This number is up 3% from the same period last year of US $ 26.62 million or around Rp 394 billion.

Based on financial report data published this Tuesday (29/9/2020), the company’s revenue is led by Syailendra Surmansyah Bakrie rose 28% to US $ 148.93 million or equivalent to Rp 2.20 trillion.

This income is up from the same period last year of US $ 116.35 million.

Meanwhile, EBITDA (earnings before interest, taxes, depreciation and amortization) rose 59 percent to US $ 96.33 million, from US $ 60.70 million previously.

Meanwhile, operating profit also rose to US $ 61.86 million, from US $ 42.23 million previously.

“We are lucky enough because more than 90% of our total production and reserves are gas,” said Syailendra S Bakrie, Managing Director of EMP, in a press release, Tuesday (29/9/2020).

“In recent years, the selling price of gas has been seen to be more consistent than the more volatile selling price of oil,” he said Indra Bakrie’s son.

On the same occasion, Adinda Bakrie, Chief Communication EMP, also said that the company will continue to strive to increase oil and gas production from its current asset portfolio.

“At the same time, we are also reviewing the possibility of acquiring new assets in the future,” said Indra Bakrie’s youngest daughter.

EMP Finance Director Edoardus Windoe, explained the company’s financial performance improvement was supported by the increase in oil and gas production.

“The Malacca Strait Block, Riau, Sumatra, is our main oil producer and the Bentu Block, Riau, Sumatra and Kangean Block, East Java, are the biggest contributors to our gas production,” he explained.

EMP is an oil and gas company that currently operates 8 blocks of coal methane oil and gas in Indonesia and Mozambique (Africa).

In the first semester of 2020, the company produced around 2,556 barrels of oil per day and 172 million cubic feet of gas per day. EMP currently operates 18.68 million barrels of oil and 788 billion cubic feet of gas in proven, measurable and probable reserves.

[Gambas:Video CNBC]

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