Jakarta, TAMBANG,- PT Perusahaan Gas Negara (Persero) Tbk (PGN), Pertamina Gas Subholding, recorded solid financial performance in the first quarter of 2026. PGN posted a profit for the current period attributable to owners of the parent entity of US$ 90.4 million or growth of around 46% on an annual basis (YoY). This profit growth was mainly supported by an increase in gross profit of around 12% YoY, along with a decrease in cost of goods of around 7% (±US$ 54 million), as well as improvements in financial costs and foreign exchange differences.
During January–March 2026, PGN posted revenues of US$ 929.6 million and EBITDA of US$ 240.6 million. Revenue performance remained supported by the core business business and natural gas infrastructure which remained strong, amidst operational dynamics, including the absence of LNG sales in the international trading segment in this period.
This reflects the Company’s ability to maintain profitability through operational efficiency, financial discipline and a balanced business portfolio.
From the operational side, the volume of natural gas distribution was recorded at 777 BBTUD, with a gas transmission volume reaching 1,539 MMSCFD. Gas distribution management is carried out optimally with the main focus on maintaining continuity of gas supply to customers amidst dynamic macro and global conditions.
PGN infrastructure reliability is maintained at the level of 99.9%, supporting services to more than 825 thousand customers throughout Indonesia, consisting of 822,561 households, 2,842 small customers, and 3,310 industrial and commercial customers.
PGN Finance Director, Catur Dermawan, said that PGN’s business model which is based on the domestic ecosystem is the main foundation in maintaining the stability of the Company’s performance.
“PGN’s main focus is to ensure energy services to customers remain reliable through integrated infrastructure management and gas distribution. This approach is key in maintaining operational stability amidst the dynamics of domestic energy supply and demand,” said Catur.
PGN maintains supply flexibility through measurable use of LNG as part of distribution system management. LNG is used as a complementary supply to ensure service continuity, especially in areas experiencing supply dynamics.
The volume of regasification services was recorded at 115 BBTUD through the Lampung FSRU, as well as 148 BBTUD through the Arun LNG facility and 292 BBTUD through the West Java FSRU. All of these facilities are managed in an integrated manner to maintain the reliability of the national natural gas distribution system.
In the midst of global dynamics, including movements in exchange rates and energy prices, PGN continues to implement prudent liquidity management through optimizing cash utilization and efficient financing strategies. In Q1 2026, PGN reduced financial expenses to US$ 13.7 million and maintained key financial ratios at a healthy level, including EBITDA to interest expense of 20.75x and debt to equity ratio of 29%.
In addition, PGN recorded positive operational cash flow of US$ 86.9 million, which reflects the Company’s operational resilience and ability to maintain financial resilience to support future operations and business development.
The Company’s performance is also supported by a balanced business portfolio. In conditions of global energy price volatility, the contribution from the upstream segment is one of the pillars in maintaining overall performance stability.
“The domestic-based business model and balanced portfolio enable PGN to maintain stable performance amidst global energy dynamics,” added Catur.
In the future, PGN will continue to strengthen infrastructure reliability and supply flexibility by strengthening pipeline networks and developing beyond pipeline services such as LNG and CNG. The company also continues to develop the household gas network (jargas) to expand access to cleaner and more affordable energy.
PGN also promotes the role of natural gas as transitional energy in supporting the Net Zero Emission target, in line with national energy policy.
“PGN will continue to maintain a balance between service reliability, operational efficiency and prudence in financial management to support national energy security,” concluded Catur.
Source: tambang.co.id
