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Restructured Pertamina targets revenue of $93 billion in 2024
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The Pertamina headquarters in Central Jakarta is pictured in this undated photo. (Courtesy of Pertamina)
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ajor restructuring completed recently at Pertamina is expected to help the state-owned energy giant achieve US$93 billion in revenue and $21 billion in net profit within three years.
State-Owned Enterprises (SOEs) Minister Erick Thohir said given that the company was aiming for a valuation of $100 billion in 2024, booking $93 billion in revenue was not an impossible task.
“I think it is possible to achieve the target,” he said in an interview with CNBC Indonesia on Thursday.
Fajriyah Usman, Pertamina’s acting senior vice president of corporate communications and investor relations, said the creation of six subholding companies would allow Pertamina to improve its operational and financial performance, as well as optimize spending.
“Still, Pertamina faces challenges, including the energy transition from fossil fuels to new and renewable energy,” Fajriyah told The Jakarta Post on Friday.
Pertamina, which is Indonesia’s biggest oil and gas company, booked net profit of $182.81 million in the first half of the year, which marks a turnaround from a $767.92 million net loss in the same period last year, according to its latest financial report.
Read also: Pertamina turns around net loss in H1 as oil prices rise
