State-owned gas company PT Perusahaan Gas Negara (PGN), a Gas Subholding of PT Pertamina, booked a net profit of US$186.6 million for the first semester of 2024, which was obtained from consolidated revenue of US$1.84 billion, operating profit of US$293.2 million, and Earnings before interest, taxes, depreciation, and amortization (EBITDA) of US$578.1 million.
The realization of the increase in revenue in Semester I 2024 was mainly due to a new revenue segment, namely LNG Trading of US$93.7 million. In addition, other driving performance was an increase in gas transmission revenue of US$14.4 million, and oil transmission of US$0.9 million. In terms of operating performance, the distribution of natural gas trading volume was recorded at 841 BBTUD and 1,479 MMSCFD transmission.
Then for the performance of several subsidiaries or affiliates that contributed, including oil and gas lifting of 3.9 MMBOE, LPG processing of 19 thousand tons, and oil transmission of 27.4 MMBOE. In the LNG business, the achievements were Terminal Usage Agreement (TUA) distribution volume of 65 BBTUD, regasification of 133 BBTUD and LNG trading of 50 BBTUD. Especially for LNG trading is a new achievement that started running since 2024.
“This achievement is the realization of our efforts to provide balanced natural gas services for customers while maintaining operational reliability and security and providing the best value for shareholders and related stakeholders,” PGN President Director, Arief S. Handoko, said on Tuesday, August 27, 2024.
In the first semester of 2024, PGN managed to optimize domestic gas utilization through the distribution of 1 cargo of LNG from Tangguh or around 3,000 BBTU.
For the number of customers served by PGN, the number recorded at the end of Semester I 2024 was 3,154 industrial and commercial sectors, 2,017 small customers and 816,063 household customers spread throughout PGN’s operational areas.
PGN is set to continuously carry out operational and investment activities in order to create a multiplier effect on the national economy. In addition, PGN also focuses on developing environmentally friendly natural gas utilization during the energy transition to renewable energy. “We play a challenging role in the era of energy transition from fossil to renewable energy. With a key position as one of the natural gas aggregators in Indonesia, we hope to fill this transition period by providing natural gas as clean energy to the community,” Arief concluded.
