Managing Challenges and Business Dynamics, PGN Maintains Positive Performance in Q3 2024

(Jakarta, 31/10/2024) – PT Perusahaan Gas Negara Tbk (PGN), as Pertamina's Gas Subholding, continues to maintain operational and financial performance by optimizing the use of environmentally friendly natural gas energy. This is reflected in the Consolidated Report for Q3 2024.

As of the end of September 2024, PGN recorded revenue of USD 2.8 billion, an approximate 5% growth compared to the same period in 2023. Operating profit and EBITDA were USD 415.7 million and USD 852.0 million, respectively, while net profit stood at USD 263.4 million.

“In the challenging conditions of 2024, we implemented various strategies and initiatives to sustain the distribution volume of natural gas and maintain consistency in achieving financial performance,” said Arief S. Handoko, President Director of PGN. “Optimization of natural gas volume management amidst the challenges of natural decline in pipeline gas supply has been well mitigated, and the reduction in financial burdens following bond repayment is one of the key factors supporting this financial achievement,” Arief added.

PGN’s operational performance recorded a natural gas sales volume of 854 BBTUD, LNG sales of 57 BBTUD, and LNG Terminal Use Agreements (TUA) and utilization of LNG terminal capacity of 69 BBTUD. The newly launched global LNG trading business this year also contributed to the increase in revenue compared to last year. Additionally, total natural gas transmission volume reached 1,527 MMSCFD, and crude oil transmission was recorded at 150,716 BOEPD. For other businesses managed by PGN's subsidiaries or affiliates, achievements included hydrocarbon lifting of 20,074 BOEPD, LNG regasification at 144 BBTUD, and LPG processing at 105 tons per day.

Efforts to grow industrial customers were successful, with a 3.8% increase compared to the end of 2023, totaling 3,222 industrial and commercial customers. Small business customers grew by 32% to 2,608. Meanwhile, the number of household customers reached 808,334 by the end of September 2024.

To enhance the utilization of domestic natural gas energy, PGN hopes for continued growth in customers across all sectors to increase natural gas volumes as part of the national energy self-sufficiency initiative. “We are striving to secure supply from various sources, including pipeline gas, CNG, and LNG, utilizing multiple natural gas transportation modes, both pipeline and non-pipeline. With the support of all stakeholders, regulators, and the government, we are confident that national natural gas services and utilization will continue to grow and become the primary solution during the national energy transition,” Arief concluded.

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