Pertamina allocates Rp7.95 trillion of 2018 net profit as dividend
Saturday, June 1 2019 - 05:59 AM WIB
State energy company PT Pertamina said the company's shareholder, i.e., the government, has approved the allocation of Rp9.95 trillion of the 2018 net profit of US$2.53 billion or Rp36 trillion as dividend.The dividend represents 22.1 percent of the company's 2018 net profit.
The decision was part of the results of Pertamina's annual shareholders meeting held on May 31.
Finance Director of Pertamina Pahala N. Mansury explained the results was partly due to relatively higher oil price (ICP), which at average of US$67.47 per barrel and relatively stable rupiah exchange rate of Rp14,246 per US dollar.
Last year, the company allocate one-price fuel to 123 points in remote areas in Indonesia, the distribution of which usually cost higher. The policy is part of Pertamina's drive to support the government's policy to enable people in remote areas buying affordable fuel (kerosene, diesel oil and 3-kg LPG cylinders) price.
The company last year posted revenues of US$57.93 billion, increased from US$46 billion in the previous year.
Realized EBITDA (earnings before interest, tax, depreciation and amortization) reached US$9.20 billion, increased 27 percent from US$7.26 billion in previous year.
In 2018, Pertamina paid taxes of Rp112.6 trillion, while revenues from gas sales from the government's stake in PSCs and signature bonus reached US$11.2 billion.
Pahala said among factors that lifted Pertamina's positive performance in 2018 are the increase in operational performance, including higher sales of crude oil, gas, geothermal and fuel oil.
In 2018, Pertamina produces 921.36 MBOEPD of oil, up 33 percent from 2017 of 693 MBOEPD, while lifting oil and gas reached 757.26 MBOEPD or up 36 percent from previous year of 556.33 MBOEPD.
Pertamina also reported an increase in oil and gas reserves to 426.25 MMBOE or up 36 percent from previous year.
In processing oil sector, Pertamina's refineries production (yield valuable product) rose 79.57 percent from the previous year at 78.13 percent.
Realized crude oil processing rose to 333.28 million barrels, up 4 percent from 320.50 million in previous year.
In marketing area, sales volume increased 4.5 percent in 2018 to 86.5 million kilo liters from 82.76 million kl in previous year.
Gas sales in 2018 reached 1,122.62 thousand BBTU, while transportation of gas reached 777.01 BSCF, up 2 percent from 2017.
Editing by Roffie Kurniawan
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