PGN reports 12% increase in first-half net profit

IDX- listed gas distribution company PT Perusahaan Gas Negara (PGN) reported on Monday net profit of US$457.5 million in the first half of this year, a 12 percent increase from $409.8 million in the same period of last year.

The company attributed the increase in the net profit to a 26 percent growth in net revenue to $1.18 billion in the Jan-June period, compared to the first six-mont period of last year. The company?s EBTIDA reached $573.6 million with total assets of about $3.67 billion in the six-month period.

PGN?s president director Hendi Prio Santoso said that most of the revenues came from the company?s gas distribution and transmission businesses, as well as contribution from subsidiaries.

In the first semester of this year, PGN distributed 827 million standard cubic feet per day (MMSCFD) of gas, rising from 800 MMSCFD in the same period last year, while the transmission volume totaled 876 MMSCFD.

The distribution volume rose due to an increase in the gas supply from gas providers. But, the distribution for strategic business unit (SBU) 3 Medan showed a decline due to the depletion of the gas reserves of the providers.

?PGN will continue to expand and increase gas supply in line with the development of gas infrastructure in the country. It is part of PGN?s mission to meet the people?s needs, and to support the energy transformation into natural gas as part of the government?s program,? he said.

Editing by Reiner Simanjuntak