PT Perusahaan Gas Negara Tbk (PGAS) Q3 2024 earnings summary

Executive summary

• Revenue for 9M 2024 reached USD 2,817 million (up 5% YoY), with net profit rising 33% to USD 263 million and EBITDA up 5% to USD 852 million.

• Operational gas sales volume declined 9% YoY due to supply shortages, while gas transmission volume increased 6% YoY.

• Major bond repayments in May 2024 strengthened the balance sheet and reduced leverage.

• Strategic projects advanced, including Tegal–Cilacap gas pipeline, Cikampek–Plumpang oil pipeline, city gas expansion, Arun LNG Hub revitalization, and a biomethane joint venture.

• Key legal and tax disputes were resolved or are in advanced stages, with provisions recognized for ongoing cases.

Financial highlights

• Revenue: USD 2,817 million (+5% YoY); Net profit: USD 263 million (+33% YoY); EBITDA: USD 852 million (+5% YoY).

• Gross profit: USD 815 million (+12% YoY); Operating profit: USD 523 million (+33% YoY).

• Total assets: USD 6,333 million; Total equity: USD 3,570 million; Ending cash: USD 1,186 million.

• CAPEX for 9M 2024 was USD 157 million.

• Revenue growth driven by LNG trading and regasification; net profit supported by lower finance costs and higher JV contributions.

Outlook and guidance

• Focus on prudent investment amid challenging conditions, with positive operating cash flow supporting strong liquidity.

• Management expects continued growth in gas trading and transmission, supported by new contracts and infrastructure projects.

• Strategic infrastructure projects expected to expand gas access and support energy transition initiatives.