Managing Challenges in Downstream Gas Business Dynamics, PGN Posts Net Profit of USD 186.6 Million in First Half of 2024

Jakarta – PT Perusahaan Gas Negara Tbk (PGN), the Gas Subholding of PT Pertamina (Persero), recorded a Net Profit Attributable to the Parent Entity of USD 186.6 million for the first half of 2024. This achievement stems from consolidated revenue of USD 1.84 billion, Operating Profit of USD 293.2 million, and EBITDA of USD 578.1 million.

The revenue growth in the first half of 2024 was primarily driven by a new revenue segment, LNG Trading, which contributed USD 93.7 million. Additional contributors included increased gas transmission revenue of USD 14.4 million and oil transmission revenue of USD 0.9 million. Operationally, gas sales volume reached 841 BBTUD, while gas transmission achieved 1,479 MMSCFD.

Several subsidiaries and affiliates also contributed to PGN’s performance, including 3.9 MMBOE from oil and gas lifting, 19,000 tons from LPG processing, and 27.4 MMBOE from oil transmission. In the LNG sector, achievements included Terminal Usage Agreement (TUA) volumes of 65 BBTUD, regasification of 133 BBTUD, and LNG trading of 50 BBTUD. Notably, LNG trading is a new milestone that began operations in 2024.

“This achievement reflects our efforts to provide balanced natural gas services to customers while maintaining operational reliability and safety and delivering optimal value to shareholders and stakeholders,” said PGN’s President Director, Arief S. Handoko.

In a challenging period, PGN has adopted strategies such as ensuring supply, LNG trading, bond repayments, and restructuring loans with more competitive interest rates to address current business dynamics. In the first half of 2024, PGN successfully optimized the use of domestic gas by delivering one LNG cargo from Tangguh, equivalent to approximately 3,000 BBTU.

PGN served a total of 3,154 industrial and commercial customers, 2,017 small business customers, and 816,063 household customers across its operational areas by the end of the first half of 2024.

As the Gas Subholding, PGN continues to carry out its operations and investments to create a multiplier effect for the national economy. Furthermore, PGN focuses on developing environmentally friendly natural gas utilization during the energy transition toward renewable energy.

“We are undertaking a challenging role during the transition from fossil fuels to renewable energy. As a key aggregator of natural gas in Indonesia, we aim to support this transitional phase by providing natural gas as a clean energy source to the community,” Arief concluded.

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