In the first semester of 2018, PGN posted a net profit of US $ 145.94 million

By : Hariyanto And Aldo Bella Putra | Wednesday, August 22 2018 - 22:00 IWST

INDUSTRY.co.id - Jakarta - Natural gas distribution and infrastructure company, PT Perusahaan Gas Negara Tbk (PGN) posted a net profit of US $ 145.94 million in the first half of 2018, surging 190.21% compared to the same period of 2017 of US $ 50.28 million.

The increase in net profit was driven by an increase in revenue of 14.98% to US $ 1.62 billion compared to the first semester of 2017 of US $ 1.41 billion.

As well as the success of suppressing administrative and general expenses, financial burdens and no longer recording a decline in the value of oil and gas properties which in the first semester of 2017 amounted to US $ 16.72 million.

Based on the company's financial report released Tuesday (08/21/2018), PGN's revenue came mostly from the gas distribution segment, both to related parties and third parties, which reached US $ 1.26 billion in the first six months of 2018, compared to the same period of the year Then US $ 1.16 billion.

In addition, the sale of oil and gas from its subsidiary, PT Saka Energi Indonesia helped boost PGN's revenue. Oil and gas sales were recorded at US $ 307.77 million, up from US $ 212.22 million in the first half of 2017.

PGN also recorded revenue from the gas transmission segment, optical fiber leases, financial income from finance leases and others.

PT PLN (Persero) and government-related entities were recorded as the main contributors to PGN's revenues, namely 23.14% and 17% of total revenue, respectively.

Along with the increase in revenue, PGN's main expenses rose 12.2% to US $ 1.15 billion compared to the six-month period of 2017 of US $ 1.03 billion.

With an increase in cost of goods that was lower than revenue, PGN managed to record a 22.54% increase in gross profit to US $ 464.13 million in the first half of 2018 compared to the same period last year of US $ 378.76 million.

News Comment

Today's Industry

NORD-DuoDrive.jpg: The innovative and patented DuoDrive geared motor reaches outstanding system efficiency Image: NORD DRIVESYSTEMS

Selasa, 17 Mei 2022 - 14:00 WIB

NORD DRIVESYSTEMS at LogiMAT in Stuttgart From 31st May to 2nd June 2022 NORD will present innovative drive solutions for intralogistics

The specialist LogiMAT exhibition in Stuttgart offers as comprehensive overview of the intralogistics and process management market. As one of the market leaders for drive technology, NORD presents…

President Jokowi attends the meeting between ASEAN leaders and American entrepreneurs at Intercontinental the Willard Hotel, Washington DC, Thursday (05/12). Photo by: Laily Rachev

Selasa, 17 Mei 2022 - 13:00 WIB

President Jokowi Invites US CEOs to Boost Cooperation with Indonesia

President Joko “Jokowi” Widodo has invited company CEOs in the United States to boost cooperation with ASEAN countries, particularly Indonesia.

President Jokowi, President Biden, and ASEAN Leaders on a group photo prior to the dinner, at the White House, Washington D.C., Thursday (05/12)

Selasa, 17 Mei 2022 - 12:28 WIB

President Jokowi, ASEAN Leaders Attend Dinner Hosted by US President

President Joko “Jokowi” Widodo Thursday (05/12) attended a dinner with the leaders of ASEAN countries hosted by President of the United States Joe Biden at the White House, Washington D.C.

(Photo: © 2022 KRAIBURG TPE)

Selasa, 17 Mei 2022 - 11:23 WIB

TPE unleashes benefits for pet accessories

The pet care market is rapidly expanding as pet ownership increases, as does spending on pet food, grooming tools, and accessories. Pet owners are significantly concerned about the prevalence…

Sergey Sedov, Founder and CEO of Robocash Group

Jumat, 13 Mei 2022 - 16:15 WIB

Robocash Group reached 2 BN USD of disbursement and issued audited financial report of 2021

Robocash Group publishes the audited combined financial statements for the year ended 31 December 2021. The Group reached an all-time high 2 BN USD of issued financing and is expected to increase…