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ISSUER NEWS - JAKARTA. PT Pertamina Gas Negara Tbk (PGAS) recorded a decrease in profit in 2023.
According to the information disclosure of the Indonesia Stock Exchange, PGAS recorded a profit of US$ 278.09 million in 2023, down 14.75% from the previous year which was US$ 326.23 million.
PGAS revenue was recorded to increase by 1.89% to US$ 3.64 billion in 2023. At the end of 2022, PGAS's revenue was US$ 3.56 million.
Despite the increase in revenue, PGAS also experienced an increase in cost of revenue to US$ 2.91 billion in 2023. This figure is up 4.47% from 2022 which was US$ 2.78 billion.
As a result, PGAS gross profit was corrected by 6.01% to US$ 733.57 million last year. As of December 2022, PGAS's gross profit was US$ 780.54 million.
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PGAS revenue was dominated by sales to third parties with a total of US$ 2.39 billion. Meanwhile, sales to related parties amounted to US$ 1.24 billion.
The sales that contributed the most to PGAS's revenue were natural gas trading, both to related parties and third parties.
PGAS recorded a total liability of US$ 3.05 billion in 2023, lower than the previous year which was US$3.75 billion.
PGAS total equity was recorded at US$3.54 billion as of December 31, 2023, higher than the end of 2022 which was US$3.44 billion. PGAS also booked total assets of US$6.59 billion in 2023.
