JAKARTA – PT Medco Energi Internasional Tbk (MEDC) recorded a 10.9% year-on-year (yoy) increase in net profit in 2024, supported by the growth of PT Amman Mineral Internasional Tbk (AMMN) and the full contribution of Oman Block 60.

MEDC’s revenue rose modestly by 7% to USD 2.4 billion in 2024, while gross profit declined 10% to USD 933 million.

This was in line with a drop in oil and gas (O&G) production, which fell to 152 million barrels of oil equivalent per day (BOEPD) in 2024, despite increased gas distribution from its South Sumatra and Corridor assets.

Additionally, electricity sales declined to 4,108 GWh in 2024, with 20% coming from renewable energy sources.

Nevertheless, EBITDA edged up 1% to USD 1.3 billion. “With the full contribution from Oman 60, offsetting the reduced working interest in Corridor,” management stated in its public presentation at the Indonesia Stock Exchange (IDX).

As a result, consolidated net profit landed at USD 367 million in 2024, supported by recurring net profit from AMMN, which surged to USD 133 million.

"I am very pleased with our operational and financial performance, which demonstrates MedcoEnergi’s agility and discipline," said Hilmi Panigoro, President Director of MEDC.

For 2025, MEDC has allocated USD 400 million in capital expenditure for its O&G segment, including the extension of the Natuna, Sampang, and Bangkanai PSCs. However, the company has set a moderate O&G production target for this year, aiming for 145-150 million BOEPD.

On the other hand, in the renewable energy sector, MEDC has budgeted USD 30 million to target the commercial operation of the Ijen geothermal power plant (PLTP) in Q1 2025 and the East Bali solar power plant (PLTS) in Q2 2025. These projects are expected to support an increase in electricity sales to 4,500 GWh this year. (ZH)