PGN’s Positive Performance Amidst Business Environment Challenges
Jakarta, October 31, 2024 – PT Perusahaan Gas Negara Tbk (PGN), a subholding of Pertamina Gas, continues to showcase strong operational and financial performance in the optimization of environmentally friendly natural gas energy. This is evident in their Consolidated Report for the Third Quarter of 2024.
Financial Growth and Operational Achievements
By the end of September 2024, PGN reported a revenue of USD 2.8 billion, marking a growth of approximately 5% compared to the same period in 2023. Furthermore, the company achieved operating income and EBITDA of USD 415.7 million and USD 852.0 million, respectively, with a net profit of USD 263.4 million.
Director Arief S. Handoko expressed, “In the challenging environment of 2024, we have implemented various strategies and initiatives to maintain the distribution of natural gas volume and consistency in achieving financial performance.” He highlighted the effective management of natural gas volume amidst the natural decline in pipeline gas supply and the reduction in financial burdens post-bond repayment as key factors supporting their financial achievements.
Operational Highlights and Industry Expansion
PGN’s operational performance included the sale of 854 BBTUD of natural gas, 57 BBTUD of LNG, as well as Terminal Use Agreements and LNG terminal capacity utilization of 69 BBTUD. The global LNG trading business, a new venture this year, also contributed to the revenue increase compared to the previous year.
Additionally, the total volume of natural gas transmission amounted to 1,527 MMSCFD, with 150,716 BOEPD of crude oil. Subsidiary-managed businesses recorded achievements in oil lifting of 20,074 BOEPD, LNG regasification of 144 BBTUD, and LPG processing of 105 tons per day.
Customer Growth and Future Outlook
Efforts to increase industrial customers led to a 3.8% growth compared to the end of 2023, totaling 3,222 industrial and commercial customers, as well as a 32% increase in small customers to 2,608. The number of household customers stood at 808,334 by the end of September 2024.
In advancing the utilization of domestic gas energy, PGN aims for continued growth across all sectors to achieve increased natural gas volume and contribute to national energy self-sufficiency. Director Arief emphasized, “Our efforts to meet supply come from various sources, including pipeline gas, CNG, and LNG through various gas transportation modes. With the support of all stakeholders, regulators, and the government, we believe that national gas services and utilization will continue to grow and become a primary solution during the national energy transition.”
This is a significant achievement for PGN in maintaining positive performance amidst the challenges of the business environment, setting a strong foundation for future growth and sustainability.