JABAR EKSPRES — PT PGN Tbk as the Gas Subholding of PT Pertamina (Persero) posted a positive operational performance by achieving a net profit attributable to the parent entity in the first quarter of 2023 of 86 million US dollars or equivalent to Rp1.31 trillion.
PGN President Director, M. Haryo Yunianto, said in a statement here on Tuesday (5/2) that the positive performance was achieved amid post-COVID-19 normalization and the uncertainty of global geopolitical conditions.
According to him, in facing these challenges, PGN implemented a targeted strategy to achieve the target by implementing sustainability aspects that are integrated with all business processes and optimizing the expansion of natural gas infrastructure and supply reliability.
Haryo explained that the net profit in the first quarter of 2023 came from revenue of US$933.7 million with gross profit of US$176.8 million, operating profit of US$139.3 million, and EBITDA of US$281.9 million.
Operationally, he continued, oil and gas lifting volume increased seven percent to 27,568 BOEPD from 26,885 BOEPD in the first quarter of 2022 with the addition of the Fasken Block.
Meanwhile, oil and gas production increased by three percent to 28,685 BOEPD, oil transportation also increased to 15,718 BOEPD or a significant increase of 66 percent year to date (ytd), and LPG processing reached 10,846 tons.
“In terms of gas sales to customers during the January-March 2023 period reached 976 BBTUD. Meanwhile, the transmission volume amounted to 1,438 MMSCFD, with an increase for industrial needs, PLN, and fertilizers, including in North Sumatra, South Sumatra, and Kalimantan,” he explained.
Haryo also added that in the midst of the company’s growing business, PGN continues to maintain performance in all aspects by running a cost saving program through innovation, improvement, and increased efficiency in every activity of the company so that national natural gas utilization is increasingly reliable as a clean and environmentally friendly energy during the energy transition towards net zero emission (NZE).
