PT Perusahaan Gas Negara Tbk (PGAS) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached USD 967 million, up 2% year-over-year, mainly from gas trading and regasification services.

• Net profit declined 33% year-over-year to USD 62 million, primarily due to higher gas costs, lower gross profit, and higher impairment losses.

• EBITDA stood at USD 205 million, down 37% year-over-year.

• Total assets increased to USD 6.54 billion as of March 2025, with equity of USD 3.77 billion.

• Cash and cash equivalents rose to USD 1.55 billion, reflecting strong operating cash flow and liquidity.

Financial highlights

• Revenue: USD 967 million (+2% YoY); Net profit: USD 62 million (-33% YoY); EBITDA: USD 205 million (-37% YoY).

• Gross profit and operating profit declined, reflecting margin pressure from higher gas costs.

• CAPEX for Q1 2025 was USD 39 million, focused on LNG, pipeline, and infrastructure projects.

• Financial ratios remain within covenant requirements, indicating financial stability.

• Cash flow from operations was USD 244.4 million, with net cash used in investing activities of USD 47.3 million.

Outlook and guidance

• Management expects continued demand for gas trading and regasification, with ongoing capital projects in LNG and pipeline infrastructure.

• Indonesia's economic growth for 2025 is projected below 5%, with inflation at 2.5% and a higher Rupiah exchange rate of IDR 16,562/USD.

• Oil and gas lifting targets for 2025 are 605 MBOPD and 5,596 MMSCFD, respectively.

• The company is monitoring regulatory changes and market volatility, especially in LNG pricing and government-mandated gas prices.

• No material impact is expected from ongoing legal and arbitration cases as of the reporting date.