TEMPO.CO, Jakarta - State-owned oil and gas company PT Pertamina (Persero) gas director Yenni Andayani said the general meeting of shareholders held yesterday views that the company performed very well in 2016, including in financial management.
“Despite a decrease in earnings, net income increased by over two-fold,” Yenni told Tempo at Pertamina office in Central Jakarta on Thursday, March 16, 2017.
Yenni noted that Pertamina’s revenue in 2016 was USD36.49 billion (IDR485.5 trillion) or decreased compared to that of 2015 and 2014 at USD70 billion and USD41.76 billion, respectively.
Yenni added that the company’s net income in 2016 was USD3.15 billion (IDR41.9 trillion), an increase compared to that of 2014 and 2015 at USD1.45 billion and USD1.42 billion, respectively.
According to Yenni, Pertamina saw declining trend particularly from October to December, in which the company suffered sluggish growth. “Unlike earlier that year; [the company] must be wary.”
Yenni said that Pertamina, as an energy company, relies heavily on global oil prices. Consequently, the company’s performance is highly affected by oil price movement, which it could not control of.
The financial performance, Yenni said, show that Pertamina is capable of performing efficiently considering its overall financial performance.
Pertamina financial and company strategy director Arief Budiman said that the company managed to generate high net income thanks to efficiency. Last year, Pertamina could save up to USD2.67 billion (USD35.5 trillion).