JAKARTA – Despite the revenue surge, PT Perusahaan Gas Negara Tbk (PGAS) reported a decline in its net profit in 2023. It scored net profit attributable to parent entity of IDR 278.09 billion, down 14.7% year-on-year (yoy) from IDR 326.23 billion in 2022.

Based on Financial Report 2023 quoted today (13/30, PGAS’s revenue grew 2.18% yoy to IDR 3.64 trillion from IDR 3.56 trillion. Its gross profit, however, dropped 6.01% yoy to IDR 733.57 billion from IDR 780.54 billion. The gross profit margin was reported arriving at 20.11% in 2023, lower than 21.87% in 2022.

The component of PGAS’s revenue was dominated by third parties’ sales of IDR 2.39 trillion, while related parties only generated revenue of IDR 1.24 trillion. In terms of business lines, natural gas trading led the number of sales, followed by gas transmission, regasification service, oil transport, oil and gas sales, and natural gas processing. (LK/ZH)