2023 Achievements: Pertamina Earns IDR 72 Trillion Profit
Jakarta, June 12, 2024 – Throughout 2023, PT Pertamina (Persero) recorded a total profit of USD 4.77 billion, or approximately IDR 72.7 trillion (assuming an exchange rate of IDR 15,255 per USD). This profit increased by 17% compared to the profit in 2022.
Pertamina's positive financial performance is also reflected in its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), which amounted to USD 14.36 billion. This figure rose by six percent compared to the EBITDA in 2022. Meanwhile, consolidated revenue for 2023 was USD 75.79 billion.
Nicke Widyawati, the President Director of PT Pertamina (Persero), explained that since the organizational restructuring, Pertamina's consolidated financial performance has been positive and continues to improve year by year. Additionally, the operational performance across all lines, both holding and sub-holding, has become increasingly solid and reliable.
“Pertamina has successfully managed its operations to sustain profit growth. Financial performance in 2023 improved compared to 2022 due to efficiency management, cost optimization, liabilities, and compensation payments,” said Nicke.
According to Nicke, the holding and sub-holding restructuring successfully emphasized active collaboration through several strategic initiatives in the financial sector. In addition to cost optimization efforts, interest cost savings, foreign exchange hedge transactions, interest rates, and commodities strategies, as well as efforts to mitigate foreign exchange and credit risks, successfully avoided potential losses and contributed approximately USD 1.1 billion.
Nicke added that Pertamina's positive financial performance was also supported by the government, as reflected in the compensation payments for prices during 2023, which reached IDR 119.31 trillion (excluding taxes). “We highly appreciate the government's consistent support for Pertamina through regulatory revisions that allow for faster payments, product price adjustments, and increased budgets,” she added.
Not only from a financial perspective, Pertamina's operational performance, supported by six Sub-holdings and their subsidiaries, also grew.
In the ESG (Environmental, Social, Governance) sector, Nicke also reaffirmed Pertamina's commitment to achieving a 32% reduction in greenhouse gas emissions by 2030. It is intended to contribute to climate change mitigation and to support the Indonesian Government's Net Zero Emission (NZE) target. Pertamina's ESG growth achievement was reflected in its score as of December 1, 2023, which improved to 20.7 (Medium Risk) from the previous score of 22.1 (Medium Risk). A lower Sustainalytics score indicates a better risk level.
“Pertamina's ESG risk rating has risen to number one in the world within the Integrated Oil and Gas sub-industry out of 61 global companies,” she said.
Fadjar Djoko Santoso, Vice President of Corporate Communication of Pertamina, added that Pertamina overcame various challenges in 2023 through numerous efforts, demonstrating Pertamina's commitment to maintaining both operational and financial performance while ensuring national energy resilience.
“With the support of all stakeholders, Pertamina achieved growth performance in 2023. In 2024, we will continue to strive to maintain positive performance and provide benefits to society,” concluded Fadjar.
Pertamina, as a leading company in the energy transition, is committed to supporting the Net Zero Emission 2060 target by continuously promoting programs that directly impact the Sustainable Development Goals (SDGs) achievement. All these efforts align with Environmental, Social & Governance (ESG) implementation across all Pertamina's business lines and operations.**