The Jakarta Post
Pertagas, a subsidiary of state gas subholding company PT Perusahaan Gas Negara (PGN), announced on Wednesday that it had booked US$146 million in net profit last year, or a 3.54 percent year-to-year (yoy) growth.
"We managed to surpass our 2017 net profit of $141 million to reach $146 million in 2018," Pertagas corporate secretary Fitri Erika said in a press statement.
The higher net profit was attributed to its overall operational activities in 2018, which saw a 2 percent increase in the total volume of gas transportation, from 502.043 million metric standard cubic feet (mmscf) in 2017 to 512.271 mmscf in 2018.
Oil transportation from the Tempino-Plaju pipe section was up 10 percent from last year to 3.71 million barrels of oil (mmbo), while Pertagas’ liquefied petroleum gas (LPG) processing business increased 4 percent to 214,446 tons, the statement said.
Its LNG regasification business increased by 8 percent from 42.132 billion British thermal units (bbtu) in 2017 to 45.624 bbtu in 2018, it said, adding that the highest increase was in Pertagas' gas compression business, which saw a 41 percent increase in terms of volume from 1.791 bbtu in 2017 to 2.531 bbtu in 2018.
Pertagas’ assets also jumped to $2.04 billion in 2018, reflecting a 106 percent surge from 2017, while its total investment in 2018 was at $152 million.
The company’s pipeline projects include the Grissik-PUSRI gas transmission pipeline, Semare gas transmission pipeline, INL and Polytama distribution pipeline and household gas networks (Jargas Program) in Jambi, Balikpapan in North Kalimantan, as well as Bontang and North Penajam Paser in East Kalimantan. (bbn)