PGN Maintains BBB- Rating with Stable Outlook from Fitch Ratings

Jakarta – PT PGN Tbk has successfully maintained its 'BBB-' rating with a "Stable" outlook from Fitch Ratings (Fitch). Fitch also affirmed PGN's Long-Term Rating at 'AA+(idn)' with a "Stable" outlook.

PGN's ability to maintain the financial health and stability of the company has been a key factor in securing this international rating. As of 9M-2024, PGN's consolidated revenue reached USD 2.817 billion, marking a 5% increase from USD 2.691 billion in the same period last year.

In terms of revenue contribution, the gas trading and transmission business segment remains the largest contributor to PGN's consolidated revenue at 74%. The upstream business segment contributed 9%, while other business segments accounted for 17%. Cost of revenue increased by 3% to USD 2.229 billion, mainly due to gas supply costs, trading expenses, and infrastructure costs.

PGN's financial position as of September 30, 2024, remains stable, following the repayment of bonds in Q2, with total assets amounting to USD 6.3 billion. Total liabilities stood at USD 2.7 billion, and equity amounted to USD 3.6 billion.

The consolidated cash flow demonstrates a strong position, with a positive operating cash flow of USD 576 million as of September 30, 2024. After repaying PGN's bonds amounting to USD 396 million and Saka's bonds amounting to USD 156 million in Q2-2024, PGN reported a cash balance of USD 1.186 billion.

"By adhering to a cautious approach in executing investment plans amidst the dynamics of the national and global economy, PGN achieved capital expenditures of USD 157 million by September 2024, with 59% of the spending allocated to the downstream segment and others, and 41% directed towards the upstream segment," said PGN's Finance Director, Fadjar Harianto Widodo (December 6, 2024).

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