Pertamina to increase net profit by 6% next year

By Godang Sitompul

State-owned oil and gas firm PT Pertamina has set a target for next profit to increase by 6 percent to US$3.04 billion next year, from the estimated $2.88 billion for this year.

?Next year will be full of challenges. Pertamina must be more aggressive than what have been achieved in 2016,? said Pertamina President Commissioner Tanri Abeng following company shareholders meeting on Friday.

Tanri said that revenue is targeted to increase by 15.01 percent to $42.59 billion next year from $37.03 billion estimated for this year. Meanwhile, EBITDA is projected to rise by 6 percent to $7.43 billion, while EBITDA margins to decline from 18.9 percent to 17.4 percent.

Pertamina plans to allocate capital expenditure of $6.67 billion next year, a slight 3 percent decline from $6.90 billion this year.

Editing by Reiner Simanjuntak