JAKARTA - PT Citra Nusantara Gemilang Tbk (CGAS) will put in investment worth IDR 161.5 billion to build an LNG station with a capacity of 1.5 million standard cubic feet per day (MMSCFD). This LNG station will enhance the portfolio of the source of revenue growth of the company.

Andika Purwonugroho, President Director of CGAS, mentioned that his company joins hands with PT GT Ladang Teknik and Jianyang Greenfir New Energy Equipment Co Ltd to build this LNG Station. “The groundbreaking of LNG station will take place in Q1 2024 in Galian Field Tambun Zone 7 Regional 2 Pakis, Karawang," added him in the press release quoted Monday (26/2).

According to Purwonugroho, the company expects to be able to rake in IDR 135 billion of revenue in the first year the LNG Station Karawang operates.

It is mentioned that the company’s revenue will rise to IDR 658 billion, and the profit to IDR 36.7 billion this year. The volume of sales is expected to reach 82 million standard cubic (Sm3), 81.3% higher than the 2023 sales volume of 45.23 million Sm3.

In 2023, the company estimated total sales to reach IDR 373 billion and net profit growing to IDR 12.2 billion. Then, 30% of said profit will be allocated as dividend to shareholders.

Last Thursday (22/2), the stock was closed at IDR 132 per share, bringing the market capitalisation to IDR 233.82 billion. (LK/ZH)