PGN Focuses on Gas Utilization Optimization, Appoints New Management, and Distributes USD 222.43 Million Dividend at 2023 AGM

Jakarta, May 30, 2024 — PT Perusahaan Gas Negara Tbk ("PGN"), a Subholding Gas of Pertamina, held its Annual General Meeting of Shareholders (AGM) for the 2023 fiscal year at the PGN Headquarters Auditorium in Jakarta.

The AGM covered seven main agenda items, including the approval of the Company's Annual Report and Supervisory Board's report, the approval of the Audited Financial Statements, the approval of net income usage, the setting of remuneration for management, the appointment of public accounting firms, the approval of special assignments, and the appointment of new management. The AGM's resolutions followed the Notice of AGM sent to the Indonesia Stock Exchange in PGN's Public Disclosure on May 8, 2024.

The shareholders approved the Company's Annual Report, including the Supervisory Board’s report, and granted full discharge from liability, provided that these actions were not criminal and were reflected in the Company’s reports. Additionally, the shareholders approved the audited Consolidated Financial Statements and the audited Financial Statements for the Micro and Small Business Funding Program.

Regarding the net income use, PGN reported USD 278.09 million in net income for 2023, of which USD 222.43 million was allocated as dividends, equivalent to IDR 148 per share, an increase from IDR 141 per share in the previous year. The remaining USD 55.62 million will be retained for business development activities.

The shareholders also authorized PT Pertamina (Persero), the largest Series B shareholder, to determine performance bonuses and incentives for the management based on the 2023 fiscal year performance and to set salaries, benefits, and facilities for the Board of Directors and Commissioners for 2024, in consultation with the Ministry of BUMN (State-Owned Enterprises).

In terms of audits, the AGM confirmed Purwantono, Sungkoro & Surja (a member of Ernst & Young) as the appointed auditor for the 2024 Consolidated Financial Statements, compliance audits, and the financial reports for the Social and Environmental Responsibility Program, including the Corporate and Individual KPIs.

The shareholders approved PGN's special assignment to undertake the Gas Network Project in the new capital city, Nusantara, based on the Ministry of Energy and Mineral Resources’ Decree No. 36.K/HK.02/MEM.S/2023 dated February 23, 2023. They also approved PGN’s assignment to provide natural gas distribution for households, small customers, and for the use of Compressed Natural Gas (CNG) for road transportation.

New Board of Commissioners and Directors Appointed:

In line with the AGM decisions, the following changes were made to PGN’s management:

Resignations:

Luky Alfirman as Commissioner
Beni Syarif Hidayat as Director of HR and Business Support
Christian H. Siboro as Independent Commissioner

Appointments:

Rachmat Hutama as Director of HR and Business Support
Arief Kurnia Risdianto as Director of Risk Management
Luky Alfirman as Commissioner (second term)
Christian H. Siboro as Independent Commissioner (second term)
Tony Setyo Boedi Hoesodo as Independent Commissioner
Fadjar Hariyanto Widodo as Director of Finance
Ratih Esti Prihatini as Director of Commercial

Directorate Title Changes:

Director of Finance and Risk Management to Director of Finance and Director of Risk Management
Director of Sales and Operations to Director of Commercial

The new Board of Commissioners and Directors at PT Perusahaan Gas Negara Tbk is as follows:

Board of Commissioners:

President Commissioner and Independent Commissioner: Amien Sunaryadi
Commissioner: Warih Sadono
Commissioner: Luky Alfirman
Independent Commissioner: Christian H. Siboro
Independent Commissioner: Dini Shanti Purwono
Independent Commissioner: Tony Setyo Boedi Hoesodo
Independent Commissioner: Abdullah Aufa Fuad

Board of Directors:

President Director: Arief Setiawan Handoko
Director of Strategy and Business Development: Rosa Permata Sari
Director of Infrastructure and Technology: Harry Budi Sidharta
Director of Commercial: Ratih Esti Prihatini
Director of Finance: Fadjar Harianto Widodo
Director of HR and Business Support: Rachmat Hutama
Director of Risk Management: Arief Kurnia Risdianto

PGN’s Commitment to Optimizing Gas Utilization During Energy Transition:

PGN has successfully navigated the uncertainties and dynamics of the industry in 2023, maintaining its position as a key player in the natural gas sector while focusing on optimizing gas utilization, enhancing infrastructure connectivity, and diversifying its business. According to Rachmat Hutama, Corporate Secretary of PGN, the company’s consolidated financial performance for 2023 reported revenue of USD 3.65 billion, an operating profit of USD 542.42 million, and net income of USD 278.1 million attributable to the parent entity.

PGN’s gas management volume grew positively, with a 6% increase in trading gas and TUA to 977 BBTUD, and a 8% increase in gas transported through pipelines to 1,458 MMSCFD. Additionally, PGN’s gas network pipeline length grew by 10%, reaching 12,692 km in 2023. The company’s oil and gas lifting volumes reached 9.16 MMBOE in 2023.

PGN also experienced strong growth in its business segments, such as oil transportation, regasification, and LPG processing. The company is expanding its customer base, including new household and industrial customers, while continuing to support government programs like household gas network development, pipeline transmission projects, and the infrastructure development in the new capital city.

In 2024, PGN aims to maintain supply reliability and integrate its existing infrastructure to meet demand in new economic zones, industrial areas, and the transportation sector, including LNG services. PGN has also secured additional gas supplies, including from the FSRU Lampung, supporting the LNG supply point integration. PGN remains committed to LNG as a sustainable solution for domestic gas supply.

PGN’s strategy also includes efficient cost management, liability management, and actively supporting the government's strategic energy programs.

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