PT Energi Mega Persada Tbk (ENRG), a publicly listed Bakrie Group company in oil & gas, is looking for opportunities to acquire additional assets to add value to the company’s shareholders.
Established in 2001, the company focuses on oil & gas, exploration, development, and production of oil & gas; located in East Java, Sumatra, Borneo, and Mozambique. The company is part of the Bakrie Group.
ENGR’s financial work rate & concerns
The company will focus on adding more value to the company’s shareholders by acquiring additional assets and optimizing 11 working aspects, including maintaining the company’s reserves replacement ratio.
“Therefore, we hope that the increase in production from all of these assets will be reflected in an increase in financial performance going forward,” said Mega Syailendra S. Bakrie, President Director of ENRG, on March 31, 2023.
The company’s performance looks good, judging from the latest books, where net profit reached 65.92% from US$ 40.23 million in 2021, increasing to US$ 66.75 million in 2022. This growth is in line with the company’s revenue which reached US$ 406.09 million, increasing to US$ 451.93 million.
The company also recorded Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) from US$ 273.95 million to US$ 295.59 million in 2022. Meanwhile, long-term debt has fallen from US$ 42.93 million to US$ 39.84 million.
Bakrie, through an official explanation on the Indonesia Stock Exchange (IDX) said the increase in net profit and fund income will be facilitated by an increase in oil production in 2022.
Growth is also supported by the company’s success in the efficiency of operational costs in order to increase profitability.
“The company can still carry out its operations well amidst the challenges of the pandemic, which has an impact on increasing the company’s production,” he concluded in the official explanation.
