ENRG books 30 percent profit growth in 2012
Monday, May 13 2013 - 06:30 AM WIB
The company said in a press statement on Monday that based on its consolidated 2012 financial results, its net sales, and EBITDA reached US$ 654 million, and US$ 342 million respectively. The company?s net sales and EBITDA rose by 171 percent and 201 percent in 2012 from the previous year.
ENRG CEO Imam Agustino said that the improvement was due to the combination of increased gas price and higher production rate. ?Our newly acquired 18.73 percent stake in the Offshore North West Java (ONWJ) PSC block added another 12,400 barrels equivalent per day in 2012. Our newly commissioned Kangean PSC block?s Terang gas field also contributed some 10,400 barrel equivalent per day in the same year. Our realized gas price also rose by 30 percent from last year,? he said.
During the second half of 2012, from July to December, the Kangean PSC block had been producing at the average rate of 270 million cubic feet gas per day on 100 percent basis. The block can produce gas up to maximum capacity of 300 million cubic feet per day (100 percent basis).
Kangean PSC is 50 percent owned by ENRG?s subsidiary, 25 percent by Japex Co., Ltd. (Japan), and 25 percent by Mitsubishi Corporation (Japan).
| ? | 2011 | 2012 | Growth |
| Net Sales* (US$ ?000) | 241,894 | 654,585 | +171% |
| EBITDA* (US$ ?000) | 113,646 | 342,476 | +201% |
| Net Income before Minority interest* (US$ ?000) | 23,743 | 27,570 | +16% |
| Net Income (US$ ?000) | 11,737 | 15,286 | +30% |
| Cash, Restricted Cash, S-T Investment (US$ ?000) | 151,073 | 167,046 | +10% |
| Oil Price | US$ 112.3/ bbl | US$ 104.8/ bbl | -6% |
| Gas Price | US$ 4.0/ mcf | US$5.22/ mcf | +30% |
| Oil Production | 7,200 barrel/ day | 12,383 barrel/ day | +72% |
| Gas Production | 56.4 milliion cubic feet/ day | 155.7 million cubic feet/ day | +176% |
Editing by Benget Besalicto Tnb.