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Pertamina's 2021 net profit soars 95%
Indonesia’s energy giant saw its profit soar as oil prices surged last year.
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Pertamina headquarters in Central Jakarta is pictured in an undated stock photo. (Courtesy of Pertamina)
P
ertamina saw its net profit soar 95 percent last year amid surging oil prices, the state-owned energy holding company said on Friday.
The oil and gas giant said in a statement that it booked a net profit of US$2.05 billion in 2021, almost double the $1.05 billion it recorded in 2020. It also recorded a 39 percent increase in last year’s revenue to $57.51 billion.
Heppy Wulansari, the acting vice president of corporate communication, said the figures represented the combined profits of six subholding companies and their subsidiaries. Its upstream businesses contributed the most due to a windfall from a sharp rise in the Indonesian Crude Price (ICP), the national benchmark used for calculating the state budget.
Heppy also attributed the growth to “Pertamina’s integrated upstream to downstream business model, which allows cross subsidization between upstream and downstream businesses”, she said in the statement.
However, the company saw its cost of revenue rise 50.14 percent year-on-year (yoy) to $41.06 billion in the same period, mainly due to the rising fuel costs.
Read also: High oil prices put new strains on state budget
The prices of gas, oil, coal, electricity and carbon all soared last year, in large part as a result of rising geopolitical tensions between producers and consumers. Crude oil prices also rallied in 2021, gaining more than 50 percent as demand recovered from easing pandemic restrictions across the world.
