Pertamina Targets USD 2 Bln Profit in 2021
Translator
Editor
15 June 2021 19:52 WIB
TEMPO.CO, Jakarta - Pertamina president commissioner Basuki Tjahaja Purnama also known as Ahok, said to Tempo on Tuesday, June 15, 2021, that the state-energy firm is targeting to record USD 2 billion profit in 2021, which is twice the amount Pertamina managed to book in 2020.
"For this year we are eyeing to optimize costs up to USD`1.9 billion and looking to record a profit of up to USD 2 billion," said the former Jakarta governor on Tuesday, June 15, 2021.
The company had just recorded a net profit of USD 1.05 billion (equals to approximately IDR 15.3 trillion) for the 2020 budget year. Compared to two years prior in 2019, the company's net profit during the early year of the Covid-19 pandemic, dropped 58 percent from USD 2.35 billion (Rp35.8 trillion).
Meanwhile, the earnings before interest, taxes, depreciation, and amortization (EBITDA) in 2020 was recorded at USD 7.6 billion with a 18.3 percent margin.
Ahok explained that last year's performance remains on a positive track which he attributes to the efficiencies implemented in a number of aspects. He claims the company was able to implement savings up to 15 percent in upstream procurements by centralization and aways from the use of third parties.
Ahok said efficiencies will continue this year by slashing the credit card facilities for members of the board of directors, commissioners, managers, and senior vice president. This step in saving costs, he added, has been communicated in Pertamina's recent general shareholders' meeting.
FRANCISCA CHRISTY ROSANA
