PT Perusahaan Gas Negara Tbk (PGAS) Q4 2024 earnings summary

Executive summary

• Achieved consolidated revenue of USD 3.789 billion for 12M 2024, up 4% year-over-year, driven by global LNG trading and transmission business growth.

• Net profit increased 22% year-over-year to USD 339 million, supported by higher operating profit, lower finance costs, and increased joint venture contributions.

• Gross profit reached USD 757 million, and operating profit was USD 523 million, despite higher costs.

• Distributed USD 222.5 million in dividends and maintained a healthy debt-to-equity ratio of 0.35.

• Maintained strong credit ratings: Fitch BBB-/Stable, Moody’s Baa2/Stable, and National AA+(idn)/Stable.

Financial highlights

• Revenue: USD 3.789 billion (+4% YoY); Net profit: USD 339 million (+22% YoY); EBITDA: USD 757 million (+3% YoY).

• Gross margin: 20% (USD 757 million); Operating margin: 13.8%.

• Total assets: USD 6.42 billion; Total equity: USD 3.67 billion as of Dec 31, 2024.

• Cash and cash equivalents: USD 1.38 billion at year-end; operating cash flow: USD 785 million.

• CAPEX for 2024: USD 255 million, with 64% allocated to downstream and other segments.

Outlook and guidance

• Strategic projects underway include oil transportation, gas pipeline infrastructure, city gas expansion, LNG hub revitalization, and biomethane projects, with major commissioning targets set for 2025–2027.

• Management expects continued growth in gas trading and transmission, supported by long-term contracts and infrastructure investments.

• Focus on prudent investment, infrastructure expansion, and supporting Indonesia’s energy transition and net zero emission goals.

• Ongoing capital projects and new agreements are expected to enhance capacity and revenue streams.

• The company is monitoring regulatory changes and market volatility, with a focus on maintaining financial stability.