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PGN profits drop 77.84 percent in 2019
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A technician inspects a PGN mobile refueling unit in Bandung, West Java, on Dec. 5, 2019. (Antara/Raisan Al Farisi)
Indonesia’s top gas distributor, PT Perusahaan Gas Negara (PGN), experienced a significant drop in profit last year.
The state-owned company booked a US$67.58 million profit in 2019, down 77.84 percent from the previous year’s $304.99 million. Profit was pinched between a decrease in revenue and an increase in cost of revenue.
PGN’s revenue decreased by a slim 0.55 percent year-on-year (yoy) to $3.84 billion in 2019, mainly due to lower oil and gas sales. In comparison, the cost of revenue, particularly related to gas transmission and distribution, rose 2.3 percent to $2.62 billion in the same period.
“As a state-owned enterprise, our commitment remains spreading the utilization of gas in various regions around Indonesia,” PGN corporate secretary Rachmat Hutama said in a statement on Friday (20/3).
The statement added that PGN had constructed 253 kilometers of new pipeline last year, which brings the company’s total network to 10,169 km. Going forward, the company will continue developing liquefied natural gas (LNG) plants, household gas pipe connections and new pipelines.
PGN stocks, traded on the Indonesia Stock Exchange (IDX) under PGAS, fell 6.47 percent on Monday against the benchmark Jakarta Composite Index’s (JCI) fall of 3.83 percent, Bloomberg data shows.
