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Jakarta Post

Pertamina claims 20% net profit growth in first half

  • Stefanno Reinard Sulaiman
    Stefanno Reinard Sulaiman

    The Jakarta Post

Jakarta   /   Thu, August 8, 2019   /   10:53 am
Pertamina claims 20% net profit growth in first half Logo of state-owned oil and gas company Pertamina (Courtesy of/3dwarehouse.sketchup.com)

State energy giant Pertamina claimed on Wednesday that it booked 20 percent growth in net profit in the first half year-on-year, without disclosing the exact figure.

"It's because of the declining Indonesia Crude Price [ICP]," Pertamina VP corporate communication Fajriyah Usman said in a text message on Wednesday afternoon. 

When asked about the exact figure of the net profit in the first half, Fajriyah only said that Pertamina will only announce the official report next week.

According to government data, the average ICP in the first half was recorded at $63.14 per barrel of oil, down around 5 percent from $66.56 per barrel in the same period last year. 

Previously, Pertamina finance director Pahala Mansury said in June that the net profit in the second quarter was not as good as the achievement in the first quarter "because our profitability is highly sensitive to the ICP," he said shortly. 

In the first quarter, Pertamina booked $677 million in net profit. In 2018, Pertamina booked US$2.53 billion, but did not publish the net profit numbers until June 2018. 

Data shows that Pertamina's revenue in 2015 stood at $45.24 billion, down 12 percent to $39.81 billion the next year. In 2017, the firm's revenue grew 15.5 percent from the previous year to $46 billion, with net profit reaching $2.41 billion.