JAKARTA - PT Perusahaan Gas Negara Tbk (PGAS) posted a profit growth of 22.05% in 2024 from 2023. This achievement was in line with the increase in revenue and profit before income tax.

In the 2024 Financial Report published on Wednesday (26/3), Arief Setiawan Handoko, President Director of PGAS said that revenue grew 3.89% to US$3.78 billion, from US$3.64 billion in 2023.

The largest contributor to revenue was from third parties, but the highest contributor to revenue growth was from related parties. Revenue from related parties rose 10.34% to US$1.37 billion from US$1.24 billion and revenue from third parties was US$2.41 billion, up slightly by 0.58% from US$2.39 billion.

Gross profit was US$757.30 million, up 3.24% from US$733.57 million and gross profit margin of 20% was slightly corrected from the previous level of 20.11%. Operating profit was US$522.65 million, down 3.64% from US$542.41 million.

However, profit before income tax rose 10.38% to US$578.28 million from US$523.88 million on the back of higher profits from joint ventures, finance income, foreign exchange gains, and lower finance costs, including provisions for loss-making contracts.

Meanwhile, profit for the year was recorded at US$439.63 million, up 16.73% from US$376.61 million and net profit at US$339.42 million, up from US$278.09 million.

In line with the strengthening of PGAS's performance, the issuer's shares strengthened 4.33% or Rp65 to Rp1,565 per share at 11.40 WIB. The price opened at Rp1,505, peaked at Rp1,580, and hit the lowest at Rp1,505.

In a week, the company's shares rose 4.32% or Rp65, yet in a month, were corrected 3.10% or Rp50. (LK/LM)