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LISTED COMPANY - JAKARTA. PT Citra Nusantara Gemilang Tbk (CGAS), a leading developer of compressed natural gas (CNG), is aiming for a sales increase of 20% - 30% this year compared to last year, with net profit growth projected at 4%-5%.
CGAS Corporate Secretary, Ferina Tyas Hapsari, stated that this target was set after the company observed a performance increase in the first quarter of this year, as well as growing customer demand for clean energy.
“CGAS sales increased by 34.95% in Q1 2024 compared to Q1 2023, indicating a high demand from customers for cleaner energy,” she revealed in an interview with Kontan on Wednesday (08/05).
The company's CNG sales specifically surged in the first quarter of this year, bolstered by the rise in new industrial and retail customers and increased gas consumption.
Read Also: CEO of CGAS Andika Purwonugroho: Limiting Investment Risks to Avoid Failure Again
This year, CGAS also plans to carry out a series of expansions related to CNG distribution equipment. The funds will come from a capital expenditure (capex) budget of IDR 50 billion.
“The capex budget for CGAS in 2024 is IDR 50 billion, which is allocated for adding CNG distribution equipment such as machines, gas transport modules (GTM), CNG cylinders to increase revenue, and partly for the initial construction costs of the LNG Station in Karawang,” explained Ferina.
Furthermore, CGAS's distribution network is divided into CNG Stations and CNG Depots spread across Java and Sumatra, managed by CGAS and its subsidiaries. Here is the list:
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Cikarang CNG Station with a capacity of 5 MMSCFD
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Grobogan CNG Station with a capacity of 2 MMSCFD (under construction)
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Waru CNG Station with a capacity of 1.5 MMSCFD, is managed by CGAS subsidiary PT Cipta Nusantara Energi.
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Palembang CNG Station with a capacity of 1.2 MMSCFD
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Manyar CNG Station with a capacity of 2 MMSCFD (under construction), managed by CGAS subsidiary PT Cipta Nusantara Energi.
In addition, CGAS currently operates four CNG Depots, with one more in progress. These include the Bandung CNG Depot, the Klaten CNG Depot (under construction), the Kediri CNG Depot managed by CGAS subsidiary PT Cipta Nusantara Energi, the Malang CNG Depot managed by CGAS subsidiary PT Cipta Nusantara Energi, and the Lampung CNG Depot managed by CGAS subsidiary PT CNG Hilir Raya.
