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PLN's net profit surges in 2016
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An employee of state-owned electricity firm PLN checks an electricity meter at a low-cost apartment in Pejompongan, Jakarta, on March 3. (Antara/Wahyu Putro A)
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tate-owned electricity firm PLN recorded an increase in both its bottom line and electricity sales in 2016, according to its latest financial report.
The report shows that the company’s net profit surged by almost 75 percent on an annual basis to Rp 10.51 trillion (US$788.51 million) in 2016.
The company attributed the positive result to improvements in its overall performance, including electricity sales value and volume.
(Read also: PLN expedites financial closure of Tanjung Jati B power plant expansion)
Sales value grew 2 percent year-on-year (yoy) to Rp 214.14 trillion, while sales volume increased 6.5 percent yoy to 216.0 terrawatt hours (TWh) in 2016.
"Sales revenue increased due to PLN's success in increasing power plant capacity to 3,714 megawatts [MW] in 2016, 1,932 MW of which was from PLN and 1,782 MW from independent power producers," PLN corporate planning director Nicke Widyawati said in a press conference on Wednesday.
The number of consumers also increased to 64.3 million at the end of 2016 from 61.2 million in the previous year.
As a result, the country's electrification ratio increased to 91.2 percent in December from 88.3 percent, meaning PLN exceeded its 2016 target of a ratio of 90.1 percent, which is contained in its 2015 to 2019 strategic plan (Renstra). (tas)
