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State-owned gas distributor PT Perusahaan Gas Negara (PGN) has revealed the impact of the extension of the Specific Natural Gas Price (HGBT) program in 2025.
The government has earlier set two different HGBT rates, namely US$7 (Rp114,975) per Million British Thermal Units (MMBtu) for state electricity company PT PLN and US$6.5 per MMBtu for industry. The rate increase was based on the increase in world gas prices.
Meanwhile, the extension of the HGBT program until 2025 is predicted to have an impact on the decline in PGAS's gross profit margin (GPM). This is caused by the new HGBT tariff set between US$6.5 to US$7 per MMBtu.
PGN President Director, Arief Setiawan Handoko, said the policy would reduce PGN's GPM. Because the HGBT rate is set at around US$6.5 to US$7 per MMBtu.
"We hope that the increase will also have a positive impact on PGN," Arief said on Wednesday, March 12, 2025.
Meanwhile,as of the Third Quarter of 2024, PGN recorded a net profit of US$263.38 million (Rp4,326 trillion) throughout January-September 2024. This net profit figure increased 32.69 percent Year-on-Year (YoY) from the same period the previous year at US$198.49 million.
Based on its financial report, PGN posted revenue of US$2.81 billion, up 4.67 percent from the same period the previous year of US$2.69 billion. This revenue came from transactions with related and third parties with contributions reaching US$913.97 million and US$1.9 billion respectively.
Meanwhile, PGN's revenue is also supported by natural gas trading and sales of oil and natural gas to third parties with values of US$1.38 billion and US$212.46 million respectively.
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