PGN’s revenue up 8.40%

IDX-listed gas distribution firm PT PGN Tbk reported on Thursday that revenue last year increased by 8.40 percent to US$3.87 billion from $3.57 billion in the previous year.

PGN said in a statement that last year’s revenue was mainly obtained from gas sales worth $2.79 billion, and oil and gas sales of $585 million.

The company said that consolidated operating profit last year reached $645 million, and net profit stood at $304.9 million. The company did not provide comparative figure for 2017, but a statement made by the company in March of last year revealed 2017 net profit of $143.1 million.

PGN said that EBITDA last year increased to $1.91 billion from $1.08 billion in the previous year.

“We carried out various efficiency measures thus allowing us to book profit amid slowing down economic condition,” said PGN Corporate Secretary Rachmat Hutama in the statement.

PGN said that last year it distributed a total of 3,102 mmscfd of gas, comprising of 963 mmscfd gas distribution volume and 2,139 mmscfd of transmission volume.

Last year, the company said it developed 2,456-km of new gas pipelines. The company now owns 9,909-km of gas pipelines, or 95 percent of total downstream gas pipelines in the country.

Rachmat said that PGN will be more aggressive in developing new pipelines going forward.

Editing by Reiner Simanjuntak